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Avesco said it had been hurt by an outbreak of foot-and-mouth disease in Britain and the terrorist attacks in the United States, both of which caused clients to cancel conferences.
It clearly stinks to withhold information that may well have caused clients to change their minds — in effect, for the bank to treat clients' money with less care than it treats its own.
The purchasing managers' index for services fell to 50.4 from 52.2 in the previous month, the weakest reading since the aftermath of the 2016 referendum, as businesses said that Brexit uncertainty had caused clients to delay investment decisions.
A former hedge fund manager was convicted Wednesday of leading an investment scheme that caused clients, ranging from former NFL players to his mother, to lose millions of dollars while he spent the money on jewelry, real estate and a $500,000 wedding.
Morgan Stanley had to prop up its money-market funds in September after fears regarding the deteriorating credit market caused clients to pull billions from their accounts.
That enraged Cooper & Scully, which has sued Summy and Baron for $14 million, alleging the duo wrongfully caused clients to leave.
Similar(54)
The perfectionist tendencies of some HPE software-testing pods have caused client organizations to raise their game and stop viewing certain common problems as inevitable.
The NBBO caused client orders to be routed to more exchanges than would otherwise have been necessary, which worked to the HFT firms' advantage.
This is where trust supersedes disclosure and causes clients not to probe more deeply into what their adviser has told them.
But this strategy of wearing different hats for different people should cause clients to question the trust they have placed in that broker.
In the eighties and early nineties, Ovitz was often described as the most powerful man in Hollywood, but A.M.G. had been weakened by enormous overhead, and a run of bad publicity was causing clients to leave.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com