Wealth management

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After announcing a decline in third-quarter earnings Thursday, Bank of New York Mellon Corp.'s chief executive said the financial services company is looking for ways to cut expenses.

Merrill Lynch & Co. Inc., which has agreed to sell itself to Bank of America Corp., posted its fifth straight quarterly loss Thursday, reporting another $9.5 billion in writedowns of troubled assets.

During its earnings conference call Wednesday, State Street Corp. gave a glimpse into its plans for the capital infusion it received from the Treasury.

Charles Schwab Corp.'s third-quarter net income plunged 80%, it said Wednesday, by comparison with the year earlier, when gains from the $3.3 billion sale of U.S. Trust were booked and its customers put $24 billion into their accounts.

Glens Falls National Bank and Trust Co., a unit of Arrow Financial Corp., has announced the signing of a letter of intent to buy Upstate Agency Inc., an independent property and casualty insurance agency in Chestertown, N.Y.

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Many banks are embracing fee-based investment sales, but First Federal Bank of Florida stands out — its investment program does virtually all its business without the up-front commissions that banks have traditionally used.

New York Life International LLC, the global arm of New York Life Insurance Co., announced Tuesday that it had promoted Gary Bennett to executive vice president and chief executive officer of its China operation.

Wilmington Trust Corp. has announced the completion of its all-cash acquisition of UBS Fiduciary Trust Co. from UBS Americas Inc.

State Street Global Advisors, the investment management arm of State Street Corp., has announced the promotion of Richard Lacaille to global chief investment officer.

When Donato A. Montanaro Jr. launched TradeKing in December 2005, he was hoping to attract customers from other discount brokerage companies by offering lower prices.

Fidelity Investments, Vanguard Group Inc., and T. Rowe Price Group Inc. said they plan to participate in the Treasury Department's guarantee program for money market funds.

Placemark Investments Inc., a provider of active overlay portfolio management services, launched a set of services for independent advisers seeking to transfer accounts.

State Street Corp. hired Gunjan Kedia as an executive vice president in its U.S. investment servicing business.

Jackson National Life Insurance Co., a Lansing, Mich., unit of Prudential PLC, launched a guaranteed minimum withdrawal benefit for its variable annuities.

American Century Investments, a Kansas City, Mo., asset management company, has opened a sales office in London.