JPMorgan Chase (JPM) has named former U.S. Bancorp executive Michael Boardman as the head of its wealth management business.
U.S. Bancorp (USB) in Minneapolis has named a new head of its asset management business for wealthy clients.
A successful prosecution of JPMorgan would throw into disarray the banks substantial and highly lucrative asset management business, among other disincentives for the government to pursue a criminal case.
Morgan Stanley and Bank of America, owners of the world's largest brokerages, say the days of paying big bonuses to lure each other's brokers and keep their own in place may be ending.
Banks of all sizes are looking to ramp up wealth management operations as other businesses sputter. Along with the promise of high fee income come high risks-including the regulatory and reputational varieties. American Banker editors discuss.
Northern Trust said third-quarter profit rose 15 percent as cost cuts combined with rising stock markets pushed revenue higher.
About 80% of Bank of the West's wealth management customers are existing customers from elsewhere in the bank, according to John Bahnken, head of wealth management for the San Francisco bank. In a joint interview, Bahnken and Sofia Merlo, co-head of wealth management for parent company BNP Paribas, discusses customer acquisition strategies and how the business works with Bank of the West's retail bank.
The San Francisco unit of French bank BNP Paribas is in the "early part" of its plans to enlarge its asset-management operations, but Bank of the West already has tripled its number of financial advisors and has doubled its number of wealth-management customers, according to executives. In a joint interview, Bank of the West's John Bahnken and BNP Paribas' Sofia Merlo discuss their future growth plans and how the parent company works with its U.S. subsidiary to determine wealth-management strategy.
Wealth management has reached a critical juncture. The pressure to expand and cross-sell could encourage employees to cut corners and regulators to crack down on questionable practices. All this applies to big banks, which thirst for sources of growth, and small banks, which are jumping headlong into the business and catering to the less affluent clients ignored by large banks.
Regional and community banks are carving out niches as asset managers by offering perks and personal services to affluent customers whom bigger rivals often overlook.
The Fed's Janet Yellen and optimism about the future were hot topics at American Banker's Women in Banking awards dinner on Thursday.
Accepting her award as American Banker
's Most Powerful Women in Finance, Mary Callahan Erdoes of JPMorgan Chase delights her audience with a humorous anecdote, and unapologetic pride, about working in the industry today.
Related: The Most Powerful Women in Banking
A group that includes the co-founder of Sandler O'Neill & Partners has started a new investment bank aimed at community and regional banks.
JGWPT Holdings Inc., the firm that offers cash for settlements under the J.G. Wentworth brand, filed to raise $200 million in an initial public offering.
Royal Bank of Scotland's U.S. subsidiary is adding staff in lending and wealth management under new CEO Bruce Van Saun as it looks looks to boost its loan portfolio and improve its revenues ahead of its widely anticipated public stock offering.