RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
November 3, 2022 at 1:59 AM
Fidelity Investments' plan to hire 12,000 by October hit wall of macro-headwinds; no problem, it landed at 15,000; Schwab keeps hiring, too
The Boston giant's people grab could be derailed by indigestion -- the inability to assimilate staff -- an analyst says; but it has yet to materialize so the hiring spree rolls on.
October 29, 2022 at 12:02 AM
Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership
The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.
July 30, 2022 at 12:41 AM
With no-holds-barred perks, Fidelity Investments hit bullseye on its 'monstrous,' single-quarter, 9,000-employee hiring spree and keeps recruiting on overdrive
The $11-trillion-plus giant will also likely achieve its overarching task to net 7,000 employees but growth means the hiring machine needs to keep churning.
January 11, 2022 at 2:04 AM
Abby Johnson hires Canadian whiz and possible successor to head up, monetize and automate Fidelity retail to close early digital deficits with Schwab, Robinhood and Vanguard-- and maybe win institutionally embedded 401(k) millionaires
With the $11.2 -trillion Boston giant hiring 9,000 by year end after opening 5 million new retail accounts in six months, Joanna Rotenberg will be asked to rationalize, unify, digitize and monetize low- or no-revenue millennial accounts.
September 21, 2021 at 2:38 AM
Fidelity Investments pulls out stops on perks to raise headcount by 7,000 -- by hiring 9,000 -- to shrug off labor shortages, escalating wages and call center attrition
The 53,000-employee Boston firm is offering Google-type benefits and Merrill Lynch-style training--no financial experience necessary-- to reach 60,000 staffers by Christmas to meet crushing demand for service and still advance mega-projects like crypto and youth accounts
September 4, 2021 at 12:57 AM
Fidelity Investments is paying 2,000 employees to hasten their corporate exits, including high-profile RIA overseer, Sanjiv Mirchandani, as part of its shift to a digital future
The Boston giant offered voluntary buyout packages and the 4% of staff who accepted will leave by June 30 to give other staff room to grow careers and make room for hires.
June 24, 2021 at 5:39 PM
Fidelity Investments is set to make 4,000 new hires at the same time senior staff may accept buyouts, an arbitrage to match talent with digital needs
The Boston giant is now advertising approximately 2,500 'client-facing' roles, in addition to the 5,150 it filled last year. It will also bump its technology headcount by 10% and hire 1,000 new financial planners.
April 20, 2021 at 9:06 PM
Fidelity Investments applies its proven Peter Jubber to its unproven bitcoin unit and its launch of Fidelity Digital Funds signals it's all in on blockchain currency
By launching Fidelity Digital Funds under an 18-year seasoned exec, the Boston giant is signalling no let-up by putting something scarcer than capital into the crypto-pot -- its seasoned talent
September 9, 2020 at 2:20 AM
Oisín's Bits: Wealthfront drops old mission statement, declares war on institutions and emphasizes banking future • Seeking Utah charter, Edward Jones may become largest bank in US by branch count • After Advent chief leaves, Black Diamond head steps up
Andy Rachleff cans the old 'democratizing' mission statement at his robo; The 14,200 one-man Ed Jones branches may become branch banks; Steve Leivent consolidates power at SS&C.
July 3, 2020 at 1:12 AM
A last lion of the Ned Johnson era, Gerry McGraw, vacates the Fidelity CFO spot for Maggie Serravalli, and makes evident Abby Johnson's 'phenomenal' women strategy
McGraw was credited with steely leadership during the 2008-2009 financial crisis but also bridged the management revamp toward a big bet on what women can do better in the next decade.
June 12, 2020 at 3:52 AM
Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology
The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.
March 11, 2020 at 7:58 AM
Headhunters rejoice after Fidelity axes invincible (but expensive) executive bonus program to more narrowly focus rewards on productivity and execution
Watchers of the Boston-based firm presume CEO Abby Johnson's play connects to revenue hits from 'zero' programs but also a strategic rethinking of how to unify the company silos and motivate managers with a more merit-based system