Wealth management

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.

The Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly loss in almost six years, as costs to absorb Credit Suisse came in at $2 billion. However, client inflows in its wealth management business — which included $3 billion of that was at Credit Suisse's wealth arm — exceeded expectations.

The 16-year-old site struggled to monetize, but experts said personal financial management products should focus on engagement.

Umpqua Bank introduces retail banking in Utah, Kansas City CUSO ex, Huntington Bank looks within for new chief DEI officer and more in the weekly banking news roundup.

Two-thirds of American adults report experiencing financial trauma in their lives, and the vast majority say they are still feeling its negative effects. Improving financial literacy can help.

Pick, 54, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said. Gorman, 65, will stay on as executive chairman.

As Chief Executive Officer Christian Sewing doubles down to lower expenses and increase profitability, a new round of cuts is expected to exceed the 800 announced in April.

Other regional banks are vowing to cut costs, but Huntington Bancshares CEO Steve Steinour says the Columbus, Ohio-based lender is well positioned to "play offense" in 2024.