Wealth management

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.

Regions Financial in Birmingham, Ala., has named Kate Randall Danella as executive in charge of several wealth management functions.

The cloud computing company Salesforce has introduced Salesforce Financial Services Cloud, a series of applications written for financial services firms. The first application in the series is designed to facilitate the relationships between financial advisers and their clients.

Regions Financial in Birmingham, Ala., has hired a former Bank of New York Mellon executive as head of its corporate trust group.

Stock fluctuations will fuel investment banking fees in the short run, but a prolonged shock would complicate bank M&A and could tighten margins, crimp wealth management fees and present other risks.

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.