Reuters Money: May 2, 2017

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Tuesday, May 2, 2017

Morgan Stanley lowers commissions on ETFs, stocks in brokerage accounts

NEW YORK (Reuters) - Morgan Stanley's wealth management business said on Monday it is lowering the commissions that brokers earn on stock trades, exchange-traded funds and annuities amid pressure to lower costs for clients.

Wells Fargo CEO sees benefits to putting employees before shareholders

BEVERLY HILLS (Reuters) - Wells Fargo & Co Chief Executive Officer Tim Sloan said recruiting and retention have improved dramatically in the wake of a sales scandal, as the third-largest U.S. bank has made big changes to how it pays and evaluates employees in its branches.

YOUR MONEY - How to win the family data usage battle

NEW YORK (Reuters) - If it were possible to develop Post-Traumatic Stress Syndrome because of texts from your mobile provider, Brett Anderson would be suffering from it.

AllianceBernstein parent abruptly removes CEO Kraus, directors

BOSTON (Reuters) - The French parent of asset manager AllianceBernstein fired its longtime leader Peter Kraus, replacing him with a new chief executive and and new chairman, and overhauled the firm's board, according to a filing Monday that offered little explanation for the unexpected changes.

Guggenheim Investments attract broad fixed-income flows in April

NEW YORK (Reuters) - Guggenheim Investments, overseen by Global Chief Investment Officer Scott Minerd, had positive net flows of more than $944 million into its fixed-income mutual funds and exchange-traded funds in April, the firm said on Monday.

U.S. economic growth slower than France, 'terrible': BlackRock's Fink

CHICAGO (Reuters) - BlackRock Inc Chief Executive Officer Larry Fink on Friday sounded another warning on the U.S. economy after the government reported anemic growth in the first quarter.

NRG director wins strong shareholder support despite NYC opposition

BOSTON (Reuters) - A director at NRG Energy Inc was elected to its board with a strong margin of votes cast, a securities filing showed on Friday, overcoming concerns about his comments on climate change and the intentions of the activist investors who backed him at the New Jersey power company.

BlackRock's Fink a 'big believer' in Wells Fargo CEO

CHICAGO (Reuters) - BlackRock Inc Chief Executive Officer Larry Fink said on Friday he is a "big believer" in Wells Fargo & Co Chief Executive Tim Sloan and that the scandal-hit bank is now on a good path.

UBS's U.S. wealth business sees profits rise on client activity, lower recruiting

NEW YORK (Reuters) - Swiss bank UBS AG reported Friday that profits for its Wealth Management Americas business rose 8 percent over last year as higher operating income, client activity and cuts to recruiting offset higher employee pay doled out to top brokers.

Pimco shutters RAE Worldwide Fundamental Advantage PLUS Fund

NEW YORK (Reuters) - Pacific Investment Management Co on Friday liquidated its RAE Worldwide Fundamental Advantage PLUS Fund, a global-neutral fund which had more than $4 billion in assets under management in 2014, according to the Newport Beach, California-based firm's website.

Reuters Money: May 2, 2017

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