Financial institutions

The bank has lost a net 1,300 advisors since a fake accounts scandal came to light three years ago.

Anthony Guadagnino allegedly solicited at least 10 clients after his departure from the retail brokerage.

The venture would mark a return to private banking on U.S. soil after an agreement to transfer its U.S. brokerage to Wells Fargo in 2015.

Charlie Scharf’s most immediate priorities include mending fences with regulators and getting the bank out from under a Fed-imposed asset cap.

Charles Scharf will replace interim chief Allen Parker at the bank.

The new advisors have joined the firm from rivals including Wells Fargo and Morgan Stanley, according to an internal memo.

The solo practitioner is becoming an endangered species as firms concentrate on tailoring tech for mega teams.

The wirehouse is ballyhooing once below-the-radar hires. Now it should rejoin the Broker Protocol.

“We are looking at those issues about consolidation as one part of the equation,” Chief Executive Officer Sergio Ermotti said.

UBS Global Wealth Management, which oversees more than $2.48 trillion in invested assets, has gone underweight on equities for the first time since the euro-zone crisis.