Wealth management

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.

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.

The Indiana company reported strong growth in profits and loan income, and it hopes its addition of more than two dozen wealth management and commercial banking specialists will help beef up what one analyst called "softer than expected" noninterest income.

The addition of investment bank Capstone Partners and the wider geographic footprint that resulted from the acquisition of TCF Financial helped drive a 58% increase in net income during the third quarter.