Wealth management

Varo Money, a mobile-only startup that focuses on financial health, announced Monday it has raised more than $27 million. The global private equity firm Warburg Pincus led the round.

Royal Bank of Canada named Jefferies Group's Michael Armstrong as head of its U.S. wealth-management business.

Bank of New York Mellon and Northern Trust are charging money market investors more fees after previously cutting them major breaks in the low-rate environment.

Two startups are working to educate millennials on the importance of credit and issue them small credit lines. Credit to young adults largely dried up following the CARD Act of 2009, which changed the way banks and others could market to the group.

With the purchase of Sweep, Max Levchin's firm is betting that daily engagement with consumers will pay long-term dividends.

The scramble to cut costs at State Street continues as the custody bank seeks to make up for declining fees and add revenue-generating businesses.

The Fed's December interest rate hike helped PrivateBancorp's first-quarter profit, as yields rose on its variable-rate loans.

Bank of New York Mellon, the custody bank under pressure from activist investors to improve results, reported a 5% increase in first-quarter profit as it cut expenses and benefited from higher interest rates in the U.S.

Wells Fargo has hired Kristi Mitchem, formerly of State Street, to be the president and chief executive of its asset management division.

An improvement in fees collected for trust and investment services at Northern Trust contributed to an increase in first-quarter profit.