Wealth management

Ta is aiming to reduce turnover at Wells Fargo Advisors by revamping the succession planning program.

The company will start to offer insurance planning and risk management services as part of its purchase of Strategic Wealth Group in Valdosta, Ga.

The company, which has faced opposition from a big investor, had to reschedule its shareholder vote after it was unable to secure the legally required two-thirds backing of outstanding shares at an April 27 meeting.

Joe Skarda, who was previously managing director of JPMorgan Chase’s U.S. wealth management central division, will oversee a unit that houses Key’s private bank, family wealth and mass affluent business segments.

The Charlotte, N.C., company and the nonprofit Operation HOPE already partner to provide coaching at nearly two dozen counseling centers within Truist’s branches. They plan to add 26 more counseling hubs, serving 1,000 Truist branches, by 2025.

The San Diego company will pay $55 million to Morgan Stanley for a business that has 200 custody relationships, $23 billion of custodial assets and $1.2 billion of deposits.

After just 45 days on the job, the Citigroup CEO is jettisoning uncompetitive overseas operations, vowing to ramp up wealth management and touting the long-term importance of the company’s Banamex unit. More moves are on the way, she says.

Bank of Montreal agreed to sell its Europe, Middle East and Africa asset management unit to Ameriprise Financial for 615 million pounds ($847 million), marking CEO Darryl White’s biggest move yet to trim the bank’s portfolio of noncore businesses.

Too many Americans lack a sound grounding in personal financial management, which limits their opportunity to build long-term financial independence.

Jordan Summers, formerly the Detroit bank's chief fiduciary officer, succeeds Robert Sajdak as CEO. Sajdak recently retired after leading Credit Union Trust since its 2018 launch.