Bank of New York Mellon is hiring as many as 100 people in its wealth-management unit as it seeks to counter lackluster earnings in other businesses.
Since being forced out of Bank of America in 2011, Krawcheck has been talking a lot about the business case for gender diversity on boards and in top management. Now she's putting her money where her mouth is and hopes other women will, too.
Many banks are joining the crowded field of companies targeting the investment savings of the so-called mass affluent.
JPMorgan Chase named Erik Bisso to run the bank's chief investment office for North America, filling a vacancy created last year when Irene Tse left to start a hedge fund.
Citigroup named Steven Wieting global chief strategist of its private bank, the unit that claims relationships with a third of all billionaires.
It's difficult to identify the victims of money laundering, other than the bank shareholders that must expend millions of dollars for the proactive compliance required as the state's deputized enforcers.
Wells Fargo is the latest big bank to try to get more revenue from its wealthiest clients by offering them fee-intensive investment-management products. But Wells and its wealth-management competitors, including JPMorgan Chase and PNC, also have to overcome their reputations and customers' reluctance to trust big banks.
Related article: Wells Fargo Mines Wealth Business for Fee Riches
U.S. Bancorp Investments, the brokerage affiliate of U.S. Bank, is reaping the benefits of a major makeover that began soon after William Benjamin joined the firm as its CEO almost five years ago.
Consumer advocate Jennifer Openshaw is launching a new company that offers financial advisors a platform in which to build social media communities, with some compliance features built in.
Wells Fargo now gets a third of its fee revenue from its relatively small investment-management and brokerage businesses. Executive David Carroll explains how Wells is getting more business from its wealthy but not too wealthy customers and is seeking acquisitions in this market.
Bank of New York Mellon, the world's largest custody bank, reported a first-quarter loss after the U.S. Tax Court disallowed certain tax credits.
BNY Mellon had a net loss of $266 million, or 23 cents a share, compared with a profit of $619 million, or 52 cents, a year earlier, the New York-based bank said today in a statement. Earnings were cut by $854 million, or 73 cents, because it wasn't allowed to take foreign tax
BlackRock, the world's biggest money manager, said first-quarter earnings rose 10 percent as its exchange-traded funds drew client cash and assets increased.
Canadian Imperial Bank of Commerce agreed to buy Atlantic Trust Private Wealth Management from Invesco Ltd. for $210 million to expand its wealth-management business in the U.S.
"Financial literacy" typically means educating the unbanked. For Wells Fargo's David Carroll, it means turning the already-banked into prospective wealth-management clients.
Fiserv has upgraded its asset-management system, making improvements to its trading capabilities, user interface and model-data reporting.