Mason Braswell

Sal Tiano, a former First Republic broker who led his team to Merrill Lynch on Friday from J.P. Morgan Advisors.

JPMorgan Chase & Co.’s cadre of traditional brokers endured a round of defections on Friday as Citizens Financial Group, Cresset Capital Management, Wells Fargo Advisors and Morgan Stanley scooped up a total of five teams with roughly $12.5 billion in combined assets.

Screenshots presented in the complaint quote Burt White, who took over as CEO in a reorganization last month, complaining about the firm’s founder-based culture.

Morgan Stanley is exploring expanding sales of Bitcoin exchange-traded funds by allowing its roughly 15,000 brokers to solicit customer purchases, according to two senior executives familiar with the company’s plans.

Stifel Financial cut pay for Chairman and Chief Executive Ronald J. Kruszewski for the second time in as many years, according to an annual proxy filing on Friday.

Independent broker-dealer Sanctuary Wealth is adding a new channel for independent advisory firms.

The firm seeks a court order to bar brokers’ counterclaims in arbitration, where they are fighting to avoid repaying $92 million in outstanding loans.

(L to R) Adam Landau, Ramy Georgy, Garland Neal and Karla Lavin joined Rockefeller on Friday from Morgan Stanley.

DayMark Wealth Partners, whose 2022 launch has drawn at least two lawsuits from the wirehouse, recruited a Connecticut team from Wells on April 30.

UBS CEO Sergio Ermotti sought to tamp down a question about whether stricter regulatory requirements in Europe could prompt a sale of foreign units.