Wealth management

Traditional banks already have the tools they need to win back consumers’ confidence, but they need to be smart about deploying them.

By taking the manual labor out of data management and upkeep, experts can reach new clients and better serve their existing ones.

"It's probably the only asset class where maybe the client knows more than the advisor right now," Maxwell Lane, head of product for Flourish, said at Financial Planning's Invest conference.

The growth opportunity is there, the brand trust is there, the clients are there — it’s the banks that are largely absent.

Hafize Gaye Erkan, whose surprise departure from First Republic Bank disrupted the lender’s succession plans earlier this year, will become chief executive officer of Greystone as the closely held commercial-property lender expands into wealth management and private banking.

Atlantic Union in Virginia made the most of its four-year foray into the registered investment advisory business, but it decided to take a step back after concluding one of its banking clients would do an even better job and that it could invest the proceeds elsewhere.

The U.S. Department of Education agreed to erase nearly $6 billion in student loans for borrowers who filed a class action lawsuit against the government after attending for-profit colleges that were found to have misled students.

Canadian banks fell more than 20% from their record high set in early February as recession fears send investors fleeing.

Bank of America is rolling out a host of travel sweeteners to ultra-high-net-worth customers. It’s partnered with the luxury-travel firm Indagare to offer the experiences to members with more than $10 million in their accounts.

Canadian Imperial Bank of Commerce expects its U.S. commercial banking and wealth management business to provide the fastest sales growth over the next three years.

The North Carolina bank’s wealth arm now operates in nine of the 10 largest U.S. markets.

The Pittsburgh company is adjusting the structure of a unit that has a national reach following the acquisition of most of BBVA’s U.S. operations. PNC has also named Jennifer Lee as the private bank’s head of U.S. markets.

The Biden administration’s continued extension of a student loan payment moratorium and the uncertain future of a debt forgiveness plan are causing confusion and uncertainty.

State Street fell the most in almost two months after declining to comment on a report it’s looking to acquire Credit Suisse Group.

The Alabama bank hopes that its new InvestPath platform, which combines automation and personal interaction, will attract first-time investors.

President Biden is considering forgiving $10,000 in student loans per borrower, but eliminating interest on the debt could be a more effective way to reduce the financial burden, according to experts.

Citigroup is weighing a deal to buy Deutsche Bank's Mexican bank amid plans to set up a new local unit as it exits retail operations in the country, according to people familiar with the matter.

The Congressional Black Caucus is requesting a meeting with President Biden to press the case that canceling student-loan debt is a racial equality issue.