Wealth management

Among major investment banks, Citigroup Inc. and Goldman Sachs Group have made the biggest strides to deleverage their balance sheets, according to JMP Securities analyst, but Deutsche Bank AG is a "clear laggard" that may be forced to recapitalize.

Spain's Banco Santander SA has decided to merge its asset management and global private banking divisions and is naming Javier Marin to head the new unit.

Wilmington Trust announced the hiring of D. Jack Sawyer Jr., Michael A. Mohr and Todd A. Tautfest for its wealth advisory services business in the Southeast.

Pacific Investment Management Co. has introduced its first actively managed, exchange-traded fund, the Pimco Enhanced Short Maturity Strategy Fund.

MassMutual Financial Group's retirement services division has recorded a 76% increase in nonprofit retirement plan sales in the first 10 months of this year as compared with the year earlier.

Steve Dowden has big shoes to fill as the new chief executive of Invest Financial Corp., and his strategy is to switch to an older, more comfortable pair.

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After slumping last fall with the rest of the market, technology stocks have made a strong comeback.

New York Life Insurance Co. announced record life insurance sales and solid growth in agent recruiting for the first nine months of the year.

Wilmington Trust Corp. plans to expand its corporate client services globally despite a tough year that has forced it to consolidate some domestic operations.

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Sun National Bank's wealth management business is off to a slow start thanks to the recession, but executives at the Vineland, N.J., bank say they remain committed to the business.

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OptionsXpress Inc. reported lower key metrics for October, noting that it continues to view lower industrywide demand for new accounts "as a result of broader economic weakness, including high unemployment and low consumer confidence."

BNY Mellon Wealth Management announced it has promoted James Hillman to managing director of portfolio management for the Southern California region.

Bank holding company securities brokerage income totaled $16.4 billion in the first six months of the year, up 74.5% from a year earlier, according to the Michael White Bank Securities Brokerage Income Report.

Financial services firms are urging Congress to adopt retirement savings reforms in the next few years and are readying products that could profit from them.

BlackRock Chief Executive Laurence Fink said his firm was hired to manage assets for Swiss Reinsurance and other institutions as investors are moving "record" amounts of funds out of cash.

Colorado has added a Federal Deposit Insurance Corp.-insured bank product to its section 529 college-savings plan, joining the trend toward more conservative products.

Morgan Stanley Smith Barney is raising its recruiting deal for top-producing advisers, according to people familiar with the situation.