Wealth management

UBS Group Chairman Colm Kelleher said the bank will focus on the very richest US clients, backtracking from a plan to serve a broader segment of affluent customers after it abandoned a deal to buy the robo advisor Wealthfront.

Since the start of the month, the San Francisco-based bank has announced the addition of three wealth management teams — one each from Merrill Lynch, JPMorgan Chase and Wells Fargo.

The acquisition will add $8 billion of assets under management to the Illinois bank's wealth subsidiary. It marks another example of U.S. banks bolstering their wealth management businesses in a bid to collect more fee income.

CI Financial Corp. outlined a plan to reduce debt and separate its US and Canadian businesses as the fund manager tries to rebuild investor confidence in its growth strategy.

The Swiss bank is branching out into rural Brazil to find millionaires created by rapid growth in the agribusiness and tech industries who need wealth management services.

Credit Suisse Group is planning a fresh round of job cuts at the global wealth management business starting next week, adding to dismissals that already started at the investment bank, according to people familiar with the matter.

The regional bank's play for a piece of the wealth management pie, under wraps for more than a year, has a unique twist.

Credit Suisse Group executive Yves-Alain Sommerhalder is leaving, adding to top-level departures as the firm seeks to get back on its feet amid a massive restructure.

The bank was worth more than $365 billion by Thursday's close of New York trading, overshadowing the social media giant once valued at more than $1 trillion.

Kristin Lemkau, CEO of J.P. Morgan Wealth Management, discussed the launch of the company's Personal Advisors hybrid advisory channel and the challenges of managing and recruiting talent at American Banker's Most Powerful Women in Banking conference.