Wealth management

Citi's head of wealth said the firm is already working with a quarter of the billionaires in the world through its private bank. Now it just needs them to entrust it with managing more of their money.

Titi Cole, a former executive at Citigroup, is now on the company's board of directors; Citizens Financial Group has formed a trust subsidiary as part of its wealth management and private bank expansion efforts; shareholders of Atlantic Union Bankshares and Sandy Spring Bancorp approved the two companies' planned merger; and more in this week's banking news roundup.

Just days after UMB Financial completed its acquisition of Heartland Financial, CEO Mariner Kemper spoke about how the deal came together and the combined bank's future.

The big payday comes after a year in which the bank made progress toward the removal of a federally imposed asset cap.

The avalanche of cases announced Friday included charges against a no-longer registered advisor and firm accused of misappropriating more than $20 million from clients.

The Providence, Rhode Island-based company launched its private bank in 2023 after a spate of bank failures left holes in the market. "It's not like I'm asking anybody to wait for delayed gratification," CEO Bruce Van Saun said Friday.

Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week's banking news roundup.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.

A midweek rally followed robust bottom-line results from JPMorgan Chase, Wells Fargo, Bank of America and several other large banks. But further interest rate cuts may be needed to sustain momentum.

Banks can and should play a key role in giving members of minority groups and other underserved communities the tools they need to navigate an increasingly complicated financial landscape.