Wealth management

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Lehman Brothers Holdings Inc.'s bankruptcy estate sued JPMorgan Chase & Co. Wednesday, alleging it illegally siphoned billions of dollars from Lehman in the days before the troubled investment bank filed the largest bankruptcy in U.S. history.

Sallie Krawcheck, president of Bank of America Corp.'s global wealth division, told the company's Merrill Lynch brokers that neither she, nor their compensation system, are headed out the door.

The company announced Tuesday that Jim Fletcher, a portfolio manager with more than 25 years of experience, has joined First Republic Private Wealth Management in Newport Beach, Calif.

BB&T Corp.'s mutual fund family has had a dramatic gain in assets over the past year, and the bank's asset management arm is laying the groundwork for more expansion.

The Financial Industry Regulatory Authority has censured and fined Piper Jaffray & Co. $700,000 for failing to retain about 4.3 million e-mails over six years and for not alerting it to problems it was having with e-mail retention and retrieval.

BNY Mellon Wealth Management hopes to increase sales this year by pitching its custody services to registered investment advisers.

U.S. Trust plans on adding more than 200 people this year to expand its wealth management team.

Growing up in Honduras, Maria Chrin heard the story of how her grandmother, a widow lacking financial savvy, lost a large amount of money because she could not figure out what to do with the stocks her husband owned in U.S. banks.

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When they talk about the recovery in the bank loan market, many market participants make much of the gains in prices, the drop in yield premiums and the decline in corporate defaults.

Goldman Sachs Group Inc., fighting a lawsuit from U.S. regulators who accuse it of misleading investors, is trying to convince more Americans that they can trust the firm with their retirement funds.

BNP Paribas SA of Paris said Tuesday that it is buying the U.S. boutique investment banking company Hill Street Capital LLC, to increase its heft in the corporate advisory sector in the Americas.

European Union finance ministers approved draft rules to tighten hedge fund regulations as the U.K.'s new chancellor of the exchequer, George Osborne, raised concerns about the law's impact on the industry.

Morgan Stanley shareholders voted against a proposal Tuesday to require that the chairman be an independent director who had not previously been an executive officer of the company.

With the start of a municipal bond underwriting operation, U.S. Bancorp is moving ever so slowly toward the business model of its bigger brethren.

The unit has set goals of contributing 20% to 25% of the company's total revenue within three years and of expanding client assets by 20%, to $1.5 trillion, said David Carroll, its head, at a conference Friday.

Expansive, diverse and home to many wealthy people, Southern California is a tantalizing market for BNY Mellon Wealth Management.

Lawrence E. Gore has joined Wilmington Trust Corp. as a managing director and senior private client adviser for its wealth advisory services business in the Northeast.