Banco Popular de Puerto Rico

The 82-year-old company’s strategy has helped secure net inflows in all but one of the five years through 2018.

“Wells Fargo does not appear close to putting its Washington troubles behind it,” Cowen analyst Jaret Seiberg wrote in a note.

“Everything’s on the table for consideration,” the bank's chief financial officer told investors. “He’s certainly not beholden to decisions that we made previously.”

Average management fees will be cut 8% on an asset-weighted basis.

Investors are pulling money at an accelerated pace as high fees and mediocre returns send them searching for yield elsewhere.

Some 225 funds traded for the first time over the past 12 months, down for a second-straight year.

Although passive has steadily lured cash from active, this year assets in indexed equity funds topped those in active stock funds for the first time ever.

ETFs tracking themes — such as robotics, blockchain and cannabis — closed the year just 1% higher than where it started.

The changes are the firm's latest steps in a broad reorganization of its wealth management business since it hired Iqbal Khan from rival Credit Suisse.

The advisor was charged with overbilling clients by hundreds of thousand of dollars and diverting millions from the company’s payroll to his own account.