Wealth management

Banks worldwide are in danger of losing significant profits in several lending areas to nonbank alternative lenders, according to a McKinsey study.

One woman on the all-male management board is not too much to ask, especially if it can take two years (or 20?) to get there, Deutsche Bank decides; Goldman, Morgan Stanley and Citi try mending their leaky pipeline, with some success (but sadly, 100 more years of this is what we're looking at, ladies); also get updates on Mary Jo White, Sallie Krawcheck and WomenCorporateDirectors.

UBS Financial Services of Puerto Rico has agreed to pay $34 million to settle charges by the Securities and Exchange Commission and Financial Industry Regulatory Authority that it failed to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from an affiliated bank.

Sallie Krawcheck, the former Bank of America and Citigroup executive, is adding a female-oriented investing platform to her ventures meant to promote women in business.

The marketplace lender is paying $30 million in cash plus an undisclosed amount of stock. It plans to use BillGuard’s apps, which come with detailed information about their users’ financial habits, to attract new borrowers.

During the recent market volatility, apps that aim to lure non-typical investors into the market faced a problem with which all digital-only financial products contend: no office to visit for reassurance. Companies turned to emails, tweets and pop-up messages to try to replicate the soothing voice.

Citizens Financial Group in Providence, R.I., has hired John Bahnken as president of the wealth management unit of its bank. Bahnken had been a senior executive vice president of the wealth management group at BNP Paribas' Bank of the West.

Apps that help people manage their money on a day-to-day basis are all the rage among millennials. Here are the most effective of the bunch.

Huntington Bancshares in Columbus, Ohio, has agreed to sell about $1.1 billion of money market fund assets to Federated Investors in Pittsburgh.

Graduate business students — some of whom previously worked at traditional financial services companies — have been organizing fintech clubs at universities to explore the dramatic changes in banking and to find potential employers.