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Wednesday Express: Morgan Stanley cuts staff in London; wealth advisers merging


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Wednesday Express: Morgan Stanley cuts staff in London; wealth advisers merging

* Morgan Stanley is cutting jobs at its equities business in London, and at least five people were affected, sources told Bloomberg News.

* JPMorgan's shareholders approved the bank's executive compensation plan at the annual shareholders meeting, although the percentage of voters that were in favor fell to a four-year low.

* A federal court granted the U.S. Securities and Exchange Commission's request to halt an ongoing $30 million Ponzi scheme at cryptocurrency company Argyle Coin LLC.

* The SEC wants U.S. stock exchanges to be more transparent in proposing price changes to their market data products, including the use of "plain English" and presenting cost-benefit data analyses.

* Registered investment adviser Dakota Wealth Management agreed to acquire Springside Partners, an investment adviser managing about $258 million in assets, InvestmentNews reports.

* LPL Financial Holdings agreed to acquire investment adviser Allen & Co. of Florida in a deal expected to close by the end of 2019.

* Shareholder activist Voce Capital Management withdrew its director nominees for Argo Group's board after two states revoked their proxy solicitation approval.

* The Federal Reserve's move to take a wait-and-see approach is "roughly appropriate" amid the ongoing trade tensions between the U.S. and China, according to Boston Fed President Eric Rosengren.

* In a speech, former Fed Governor Daniel Tarullo warned about the "truly worrisome" impact of easing postcrisis financial regulations, such as relaxing banks' capital requirement and stress tests.

* U.S. Treasury Secretary Steven Mnuchin will face the House Committee on Financial Services in a hearing at 8:30 a.m. ET today.

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