Wealth management

UBS Group doesn't plan to make the large-scale job cuts seen at global peers as the business of making investments for wealthy clients continues to see robust growth, Chief Executive Ralph Hamers said.

Across the U.S. financial industry, a pattern is emerging of small lenders plowing into crypto and a variety of other hot niches, sending their stocks soaring and eventually crashing.

The cryptocurrency conglomerate Digital Currency Group closed its wealth management division, the latest sign of trouble amid a deep and prolonged slump in the crypto industry.

The business being sold to Madison Dearborn Partners provides trustee and administrative services to asset managers and retirement plans.

The deal is the banking titan's latest investment in fintech.

Bank of Montreal, which is working to close the largest acquisition in its history, is selling C$3.15 billion ($2.31 billion) in equity to make sure it can meet Canadian regulators' recently increased capital requirements.

After several years when the scandal-plagued bank was focused on cost cutting, CEO Charlie Scharf indicated Tuesday that the company has opportunities to expand revenue across every line of business.

JPMorgan Chase is planning to increase headcount in its Latin American private-banking unit by about 25% next year as the firm looks to attract more clients with $5 million to $25 million to invest at the bank.

The Texas company has set up commercial banking offices in Charleston and Greenville, and it has established a private banking office in Atlanta. Its long-term goal is to build a branch network in some key Southeastern markets.

Silicon Valley Bank named Erin Platts head of its private banking and wealth management arm, which caters to the financial needs of technology and venture capital executives.