Wealth management

Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank's Canadian parent company say they expect a return to profitability in the first quarter.

Wells Fargo makes a $1.5 million investment in Black entrepreneurship; America Express promotes small businesses through augmented reality; shareholders approve the Banc of California-PacWest merger; and more in the weekly banking news roundup.

Medical debt affects 100 million Americans, totaling approximately $195 billion, according to KFF — here's how EarnIn wants to help.

Analysts have been debating the impact on household finances and the economy as Americans resume student loan payments. There's already a squeeze from higher interest rates, which are expected to slow consumer spending and economic growth.

As CEO, Gary Fukuroku has helped turn the Hawaiian-based institution into one of the largest in the state and has raised significant funds to help those affected by this year's wildfires.

Amid a deal drought that has dragged on for more than a year, Wells Fargo is cutting 40 to 50 jobs in its corporate and investment bank division, say people with knowledge of the decision.  

The new chief financial officer, Chris Doll, is City National's third recent hire from Fifth Third. At yearend, he will succeed John Bai, who spent close to a decade in roles with Royal Bank of Canada and City National.

Flagstar Bank promotes newly hired Jason Birnbaum; Finstar Financial tops $1billion-asset threshold with acquisition of Sitgler; digital platform Bluevine launches checking account for high balances; and more in the weekly banking news roundup.

Officials are looking into the banking giant's anti-money laundering measures with clients outside the U.S.

The brokerage's managing partner talks about AI in wealth management, inflation, and her work on the St. Louis Fed board, in conversation with American Banker Editor-in-Chief Chana Schoenberger.