If approved, the firm would be able to issue its own ETFs, although they haven’t registered any individual funds yet.

Three of the quartet join the South Dakota office, while the fourth is in Washington state.

Mike Santomassimo is succeeding John Shrewsberry, who has held the role for the past six years.

The shift comes after the bank reported its first quarterly loss since 2008.

The bank has been in turmoil relative to peers for years. The economic fallout from the coronavirus pandemic only made matters worse.

“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.

The firm set aside a record $9.5 billion for credit losses, about $4 billion more than analysts had expected, as it braces for a wave of coronavirus-related defaults.

U.S. officials have raised questions about the security of TikTok, which is owned by Chinese company ByteDance.

The move would potentially set a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.

Some of the defecting advisors had been long-time advisors at their former wirehouse before making the move.