Wealth management

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.

More than half of investment firms for the world's superrich seek opportunistic direct deals based on attractive valuations, Citigroup found in a survey of 268 family offices representing $565 billion in net worth.

After taking incremental steps to bolster its wealth management business, the Rhode Island bank is preparing to roll out a broader strategy focused on high-net-worth clients.

Hybrid working made it easier for some women to pursue a career while balancing family demands but a renewed return-to-office push may reverse some of those gains, a report predicted.

Bessant has served in a variety of leadership positions at the bank, including leading its technology initiatives and European strategy.

Half a year after it swallowed up Silicon Valley Bank during the spring banking crisis, First Citizens Bank is blending the former SVB Private into its wealth business.

Labor Day Weekend saw more than 7,000 advisory firms and millions of clients make the move from "green" to "blue."

UBS is trying to retain many of Credit Suisse's most senior wealth bankers, but the decision to bring Babak Dastmaltschi on board, who catered to tycoons emerging from the collapse of the Soviet Union, may raise eyebrows.

The planned sale marks another step for the Wall Street giant away from previous plans to work more with retail customers.

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

The company's U.S. banking unit, which focuses on wealth management, reported a $38 million quarterly loss. Executives said they're cutting staff in an effort to right the ship, but analysts questioned whether the expense cuts are aggressive enough.

The company is ditching standard account packages and will instead adopt "relationship tiers" that are based on customer's deposit and investment accounts.

No matter how good generative artificial intelligence gets, consumers navigating the purchase of complex financial products will always demand the attention of expert human advisors.

News of the delisting, prompted by ongoing delays related to filing its 2022 annual report, triggered a selloff of the Philadelphia-based company's battered stock.

Goldman Sachs Group is exploring a sale of an investment-advisory business it bought four years ago, undoing another signature deal under CEO David Solomon's ill-fated push to manage money for a broader set of customers.

JPMorgan Chase and Citigroup are funneling more investment into China, even as relations between the countries sour and Washington bans U.S tech investments that could bolster its rival's military capabilities.