Christopher Cline, a former Wells Fargo executive, has joined the management of a community bank in Vancouver, Wash., to help it build up its wealth management business.
Royal Bank of Canada named Jefferies Group's Michael Armstrong as head of its U.S. wealth-management business.
Bank of New York Mellon and Northern Trust are charging money market investors more fees after previously cutting them major breaks in the low-rate environment.
The scramble to cut costs at State Street continues as the custody bank seeks to make up for declining fees and add revenue-generating businesses.
The Fed's December interest rate hike helped PrivateBancorp's first-quarter profit, as yields rose on its variable-rate loans.
Bank of New York Mellon, the custody bank under pressure from activist investors to improve results, reported a 5% increase in first-quarter profit as it cut expenses and benefited from higher interest rates in the U.S.
Wells Fargo has hired Kristi Mitchem, formerly of State Street, to be the president and chief executive of its asset management division.
An improvement in fees collected for trust and investment services at Northern Trust contributed to an increase in first-quarter profit.
Profits soared at First Republic Bank in San Francisco thanks to lending growth in several categories and its expansion in wealth management.
Boston Private Financial Holdings appointed its bank president, George Schwartz, to the newly created position of chief executive of its private banking group.
Wells Fargo's chief financial officer John Shrewsberry has been named to Yale University's committee overseeing its $25.6 billion endowment. Shrewsberry has an MBA from the Yale School of Management.
The custody bank's $485 million purchase of GE Asset Management is consistent with its plan to invest in higher-growth, higher-return business lines. But analysts say the deal won't move the needle enough to alleviate short-term pressure on top-line growth.
Banc of California in Irvine has agreed to sell its wholly owned investment adviser subsidiary, The Palisades Group.
The deal to buy TradeKing would allow the online-only bank to offer wealth-building products to its roughly 1.1 million depositors. The additional low-cost deposits could also help fund loan growth as it looks to expand beyond auto lending and into mortgages and credit cards.
Wealth management units have been a surefire source of fees for banks over the last few years, as low rates dragged down spread income. But a policy change will likely be a crucial test to the business model.