Wealth management

Citigroup has agreed to refund $4.5 million to global markets customers who were charged excessive fees and did not receive appropriate rebates.

Envestnet's planned acquisition of Yodlee is shedding light on how real-time data about customers' financial data can shape the future of the wealth management and financial advisory business. Jud Bergman, CEO of Envestnet, says the deal will create "an unprecedented level of engagement."

Citigroup agreed to sell its Alternative Investor Services business to SS&C Technologies, a provider of software and investment services to the finance industry, for about $425 million.

The $9.1 billion acquisition of SunGard Data Systems would deepen FIS' bench in banking and asset management services and add products for capital markets, dovetailing with banks' desire to narrow the list of companies that serve them.

The acquisition of Yodlee, considered PFM's pioneering firm, would cement Envestnet's capability to serve an emerging demand for data aggregation and leveraging data insights and behavioral science in wealth management.

Wells Fargo has hired Allianz veteran Jasmine Jirele to head its trust operations team.

MutualFirst Financial in Muncie, Ind., which is under pressure from an activist investor to sell itself, has agreed to buy the trust business of First Bank of Berne in Indiana.

M&T, PNC, SunTrust and other regionals reported strong fee growth thanks to inroads they have made in investment banking, wealth management and other areas. It couldn't have come at a better time for them.

Piper Jaffray has agreed to buy River Branch Holdings, a Chicago investment bank that focuses on financial institutions.

KeyCorp in Cleveland has hired Gary Poth as head of its family wealth division at Key Private Bank.

A growing number of startups and banks are trying to design digital experiences that train users to manage their money more responsibly, starting with small amounts in mundane situations.

First Republic Bank in San Francisco has agreed to purchase Constellation Wealth Advisors for about $115 million.

City National in Los Angeles, which is being acquired by Royal Bank of Canada, has hired three wealth advisers for its New York office.

Stifel Financial, the Missouri-based investment bank known for snapping up regional rivals and Wall Street castoffs, agreed to buy Barclays Plc's U.S. wealth- management business.

First Citizens BancShares in Raleigh, N.C., has hired Brent Ciliano to be its chief investment officer.

BancPlus in Ridgeland, Miss., has hired two Morgan Stanley financial advisers to lead its new wealth-management unit.

The Miami area's economy is on the rebound and expanding beyond sun and fun. A new influx of money, investors and customers with international ties could feed local banks' balance sheets and top-line growth.

itBit, the startup Bitcoin exchange whose backers include former FDIC chairman Sheila Bair, has become the first digital currency firm to receive a trust charter under New York banking law.

The German bank's massive strategic overhaul will include cutting key businesses and leaving 10 countries, but it plans to invest in the U.S. despite all the regulatory troubles it has had here.

With good planning, advisory boards can increase a bank's visibility, credibility and sales.