Unionbancal Corp., San Francisco, this month changed the name of its
The switch is designed to capitalize on the HighMark Funds brand name.
The unit had been called Pacific Alliance Capital, but the existence of
Highmark aims to sign more institutional clients and add offshore funds,
Unionbancal, which is mostly owned by Bank of Tokyo-Mitsubishi, manages
Federal Reserve Governor Michelle Bowman said she believes there is a feasible path forward for the revised capital reform proposal, emphasizing the importance of making broad changes informed by industry feedback to achieve broad consensus among Federal Reserve board members.
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
The Office of the Attorney General in New York says the bank violated the state's Exempt Income Protection Act, illegally transferring customers' money to debt collectors.
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
After the Minneapolis-based company reported stubbornly high commercial deposit costs, it reduced its full-year forecast for net interest income by $200 million-$500 million.
