Financial institutions

One of the bank's new recruits comes from the wirehouse's elite Private Banking & Investment Group, which serves ultrawealthy clients.

Their attorney said he would instead file claims in arbitration.

An ongoing heavy focus on the business unit has benefited the overall firm.

Growth will be “in line with what we did in the last few years,” says the bank's group CEO.

One of the new recruits says his group was attracted to the firm's platform and culture.

The spat between the firms started when the regional BD recruited a group of advisers who collectively oversaw about $1.1 billion in client assets.

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

Coding and other billing system errors were to blame, according to the regulator.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

Revenue increased 4% from 2015 even as the number of advisers fell by 10%.

The changes are the first under David Kowach, who became president of the wirehouse's traditional employee broker-dealer late last year.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

Silicon Valley-based Addepar says it is in talks with other wirehouses for use of its software, too.

The wirehouse alleges two arbitrators failed to disclose key information about their professional and personal histories.

Advisers will create strategies and communicate the advice. Software will handle the execution and maintenance of the strategies.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

Black employees at the firm say lucrative client accounts were often steered toward financial advisers who weren’t black.