Andrew Welsch

Morgan Stanley’s chief investment officer says inflation could remain stubbornly elevated and suggested allocations to commodities and large-caps with pricing power.

Charles Schwab’s asset-management unit cut fees today on four equity index exchange-traded funds, a move that comes amid increasing investor demand for ETFs. The operating expense ratios for Schwab U.S. Mid-Cap ETF and are dropping to 0.03% from 0.04%. The company says that 16 of Schwab Asset Management’s 24 market-cap weighted, index equity and fixed income ETFs are now offered at only three basis points (0.03%).

The company hauled in $49.9 billion in core net new assets for the month of May, a 42% increase from a year earlier.

The company’s asset management unit lowered costs for investors on four equity index funds.

The wealth manager is building its mortgage offering a time of high interest rates.

A higher-for-longer interest rate environment is a headwind for Wealthfront’s efforts to grow its nascent mortgage business, but it may benefit the company’s high-yield cash savings accounts and give it some breathing room to refine its mortgage strategy. In February, investors expected the Federal Reserve would cut interest rates several times this year, but higher inflation, in part a result of higher energy prices because of the Iran War, reduced expectations for a rate cut this year. Wealthfront CFO Alan Imberman says that high rates aren’t “helpful” to the mortgage offering, but the company is using a slower rollout to fine-tune the user experience.

More Americans have been dipping into their retirement savings, about half of them do so multiple times.

The crypto exchange is striving to serve more financial needs of its customers, a strategy that may help diversify its sources of revenue.

The fund company announced it agreed in December to a deal with Nelson Peltz’s Trian Fund Management and General Catalyst Group Management.

Jane Fraser isn’t the first CEO to try to turn around Citigroup But she might be the first to succeed where others have stalled. Under her leadership, the bank has shed some overseas banking units, cut costs, and restructured its strategy around five units: services, markets, banking, consumer cards, and wealth. Fraser, 58, has recruited talent from competitors to help spearhead her strategy.