FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
The cities whose residents have the worst credit scores (WalletHub)
WalletHub compared the average credit scores of residents from 2,570 cities across the United States. It found residents in Camden, NJ (565.62), East St. Louis, IL (571.41) and Harvey, IL (573.61) fared the worst. On the flip side, The Villages, FL (779.51), Sun City West, AZ (758.08) and Saratoga, CA (755.70) scored the best.
Jamie Dimon’s 2015 compensation has been announced (Business Insider)
JPMorgan Chase CEO Jamie Dimon made $27 million in total compensation for 2015. The compensation was broken down into a $1.5 million salary, a $5 million cash bonus and $20.5 million in performance share units. The total represented a 35% pay raise from last year.
The commodities rout could lead to a bunch of downgrades (Investment News)
Moody’s Investor Services has placed 175 energy and mining companies on review for downgrade due to the commodities rout. Investment News says, 120 of the 175 names on the list were linked to the energy industry while the other 55 were mining-related. Royal Dutch Shell, BP, Alcoa and Barrick Gold were among the more notable names placed on review. “Today’s review for downgrade considers that much weaker industry fundamentals have potential to warrant rating changes,” Moody’s wrote.
Larry Roth resigned as RCS Capital CEO (Financial Advisor)
Larry Roth announced he is stepping down as CEO of RCS Capital after just two months on the job, Financial Advisor reports. Ceteras Financial spokesman Joseph Kuo said, “Having accomplished his primary objective of reaching an agreement with RCS Capital lenders to financially restructure and transform into a Cetera-only entity, Larry is now eager to focus all of his attention and energies on the continuing success of Cetera and the financial advisors served by the network.” Bradley Scher, an independent director and the chair of the executive committee, has replaced Roth as RCS Capital’s CEO.
Raymond James saw earnings plunge 17% (Wealth Management)
On Thursday, Raymond James announced earnings of $0.74 per share, a 17% drop from a year ago. Revenue edged up 2% to $1.27 billion. According to Wealth Management, Raymond James attributed the disappointing earnings to weakness in the equity market, higher advisor costs and increased reserves for legal and regulatory matters. The firm added 351 advisors over the past year, bringing their total headcount up to 6,687.
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