Merrill frustration mounts - Wall Street's cannabis wins - Morgan Stanley nabs Vanguard exec

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Merrill frustration mounts - Wall Street's cannabis wins - Morgan Stanley nabs Vanguard exec
Keith Bedford/Reuters

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On the agenda today:

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Morale is lagging for some Merrill advisor trainees

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Frustrations are mounting for some of Merrill Lynch Wealth Management's apprentice advisors as it overhauls its training program. Employees are irritated by micromanagement and mixed messaging - and some are actively searching for different jobs. Here's what employees are saying.


People are pouring money into retirement accounts

Workers are flooding their retirement accounts with record amounts of cash - pushing balances to unprecedented highs in the second quarter. The soaring IRA balances highlight signs of ebbing stress about the pandemic. See how much balances are rising.


Wall Street is making a killing on cannabis

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Wall Street banks have pulled in over $577 million in fees from cannabis deals since 2017. Canaccord Genuity has led the pack, raking in $170 million, with Goldman Sachs at a distant second. Here are the other top bankers raising money, cutting deals, and raking in millions.


Morgan Stanley tapped a Vanguard exec as new CISO

Morgan Stanley just chose Vanguard's Alonzo Ellis to serve as the firm's new global chief information security officer. Ellis has spent more than eight years at Vanguard, most recently as its top information security exec, and will join Morgan Stanley in September. More on his new role.

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Retail investors spoke up on Robinhood's earnings call

Retail investors had a rare chance to have their voices heard during Robinhood's second quarter earnings call this week. Investors wanted answers on everything from the company's cryptocurrency plans to how to get branded merch. Here's what went down on the call.


BlackRock and Pimco's hedge funds are trailing

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Hedge funds from two massive money managers, BlackRock and Pimco, are trailing the average fund this year. See how the hedge funds are doing so far in 2021.


White-collar workers are secretly working two jobs

Some white-collar workers have found a way to use remote work to their advantage - by working two full-time jobs without either employer knowing. Some people are putting in less than 40 hours per week at each job, but taking home salaries upwards of $600,000. Everything you need to know about being "overemployed."


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