Former House Majority Leader Eric Cantor landed a job at investment bank Moelis & Co. that will pay him at least $3.4 million, more than his Tea Party-backed opponent spent to beat him in a Republican primary.
Canadian Imperial Bank of Commerce said third-quarter profit rose 4.9 percent as buoyant markets boosted wealth-management earnings and the lender won investment-banking business from oil and gas companies.
Banks that own broker-dealers need to hold more capital to withstand runs and other shocks, said Eric Rosengren, the head of the Federal Reserve Bank of Boston said Wednesday.
Jennifer Openshaw has been named the executive director of the Financial Women's Association, a nonprofit business forum for women.
Alan C. "Ace" Greenberg, who as chief executive officer of Bear Stearns Cos. transformed a small bond shop into the fifth-largest U.S. securities firm before it collapsed in 2008 in one of the key events of the global credit crisis, has died. He was 86.
Bank of New York Mellon Corp., under pressure from activist Nelson Peltz to lift its share price, said second-quarter net income declined as the world's largest custody bank eliminated jobs to cut costs.
Northern Trust (NTRS) in Chicago has named a new chief financial officer and split the roles of president and chief operating officer as part of series of leadership changes that will take effect on Sept. 1.
Bank of New York Mellon Corp., the world's largest custody bank, said two of its executives, Curtis Arledge and Brian Shea, have been given added duties while another, Tim Keaney, will leave the company.
NCR announced that Morgan Stanley is the latest financial institution to use its mobile remote deposit capture software. The bank will let wealth management customers deposit checks through their handheld devices.
Bank of America Corp. will offer clients with at least $20,000 in deposits and/or investments at the bank certain perks previously available only to wealthier customers.
Pushback by the Securities and Exchange Commission is complicating a regulatory effort to investigate whether large asset managers should be labeled "systemically risky."
Stifel Financial (SF) has agreed to buy a Legg Mason wealth management unit, the two companies announced Wednesday.
SunTrust Banks finalized the sale of its asset management unit RidgeWorth Investments on Monday for $265 million.
UBS Wealth Management Americas, an arm of Switzerland's largest bank, has joined the growing list of lenders in the United States gunning for mortgage volume through the wealth management channel.
Small-business owners are increasingly demanding risk advisory services along with comprehensive wealth management services, creating a potentially new revenue stream for forward-thinking banks.