Reg BI, at odds with Section 913 of the Dodd-Frank Act, cannot stand, the congressmen argue.
A hearing in Boston this morning brought out advocates and opponents to Massachusetts Commonwealth Secretary William Galvin's proposed standard.
The bank is looking to move away from taking stakes with its own money and is trying to raise more client funds.
The jobs UBS is planning to cut represent about 2% of the workforce in its global wealth management.
Prosectors claim that Richard T. Diver misused his position as manager of M&R Capital Management's payroll and billing to divert about $6 million to his own account.
Pinkerton Private Wealth has been rebranded as FourThought Private Wealth.
