Wealth management

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.

The founder of an ETF that tracks all American public companies with female CEOs sits down with American Banker Editor-in-Chief Chana Schoenberger to discuss why it matters if a company has a woman as CEO.

Executives of the $405 billion-asset bank say that they have completed 40% of a cost-cutting strategy begun earlier this year.

What is digital disruption in 2024? Neesha Hathi, shares how Charles Schwab is taking innovation to the next level in wealth management

Rasmussen, a Minnesota native, started her professional career as a dental hygienist. After a series of twists and turns, she now runs Thrivent, a multibillion-dollar fraternal benefit society.

At the Most Powerful Women in Banking conference, asset management leader Jenny Johnson discussed opportunities and risks for portfolio managers in 2023.

Employees are still struggling with their financial obligations, and less than half feel good about their financial situation.

The former employee is accused of shuffling information to two friends.

The $75 million deal between the megabank and the U.S. Virgin Islands includes various commitments, such as terminating customers' accounts if there is credible information that the accounts are involved in human trafficking.

Barry Sommers, the wealth management chief CEO Charlie Scharf brought in, is expanding after fixing up the unit; "Five years from now the independent channel will be our biggest channel."

Northwest Bank starts search for new CFO; Plains State Bank acquires wealth management, tax businesses; Bank of America names new heads for North America industrials banking; and more in the weekly banking news roundup.

Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.