Wealth management

The Canadian banks' second-quarter profits were also boosted by double-digit income growth at their U.S. operations.

The bank, in conjunction with iCapital Network, is slashing requirements to participate in certain alternative investments that it once offered mainly to institutions or the ultrarich.

The investment bank has asked Rob Rooney, an executive who wore multiple hats at the company, to focus full time on the data-oriented strategy he has devised for its wealth management, capital markets and other functions.

The San Antonio company said that it has scaled back its exposure to energy loans in favor of a greater emphasis on loans of less $10 million.

The Chicago custody bank also benefited from a recent acquisition of a UBS business in Europe and the lower federal income tax rate.

Some clients of Wells Fargo's wealth management division were steered into investments that weren't always in the best interests of clients, according to several people familiar with the unit.

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The Portland, Ore., company has hired four private bankers from City National as part of a broader effort to provide a full range of services to business owners and high-net-worth households in Orange County and San Diego.

Berkery will be succeeded by Michael Blum as the chairman of UBS Bank USA. A Merrill Lynch alum, Berkery was part of the turnaround team at UBS' wealth management unit, and during her tenure, the lending book at its bank more than doubled in size.

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