Wealth management

Bank of America said Terry Laughlin, vice chairman and head of global wealth and investment management, has died. He was 63.

The pressure is on for banks to lean more heavily on capital markets, wealth management and other nonmortgage sources of fee income. That could get tougher in upcoming quarters.

The firm is disbanding its consumer and commercial banking division and will make the Marcus brand one of the new business offerings that can be sold to its wealth management unit’s expanding roster of clients.

Recognizing their members have relationships with multiple institutions, some credit unions are launching personal finance management tools to give consumers a wider view of their financial lives.

At Barclays' fintech accelerator, this year's class has fresh takes on personal financial management, recruiting and trade finance.

The senator wants the Fed to retain its asset cap on Wells Fargo until the CEO is fired; industry groups call on regulators to reconsider or scrap plans to modify Volcker Rule.

The firms' profit reports this week showed they're increasingly rushing into the booming market for lending to high-net-worth individuals. So far, it's paying off: Morgan Stanley has tripled those loans in the past five years, while Goldman Sachs is expanding overseas.

Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.

The custody bank’s linked-quarter net income dipped due to a decline in earning assets and lower transaction volumes.

Parents with small children often don’t know about college savings accounts, according to U-Nest founder Ksenia Yudin.