Wealth management

Banks need to rethink their purpose to serve its younger customers, many of whom are inundated with choices. Banks have a tremendous opportunity to win these overbanked customers if they can figure out a way to become the financial hub.

Northern Trust has agreed to buy Aurora Investment Management, a hedge fund portfolio manager that's owned by Natixis Global Asset Management.

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Two big Canadian banks reported quarterly results on Thursday.

The private-banking prowess of newly acquired City National was the steadying influence Royal Bank of Canada needed amid global and domestic economic shocks in its latest quarter.

Several money managers increased their holdings in banking companies during the fourth quarter and added new investments in other banks.

The Madrid-based bank announced Thursday that it will invest $250 million in Propel Venture Partners.

The Canadian bank's U.S. wealth management arm is moving toward a hybrid digital-human advice platform, partnering with BlackRock's FutureAdvisor to add robo tools for its 1,900 advisers.

HSBC is testing a new money management app that uses push notifications to nudge customers into saving more and spending less.

Bank of New York Mellon, Northern Trust and State Street have all pledged to cut costs as challenging global equity markets, low interest rates, a strengthening U.S dollar and heightened regulatory expectations continue to crimp revenue and profit margins.