Wealth management

Standard Chartered Bank hired a new head of digital assets, Europe and Americas; Provident Financial Holdings has a new chief financial officer; Bank of America is opening four branches in Boise, Idaho; and more in this week's banking news roundup.

The bank, which expanded into the U.S. last year by investing in KeyCorp, wants to provide wealth management to rich Indian immigrants, many of whom own businesses.

Inclusion is a core tenet of the company, with headquarters in both the U.S. and India and a mission to expand access to education.

With vast amounts of capital locked in privately held companies, both employees of those companies and average investors would benefit from a loosening of the rules restricting private investment.

Ranjana Clark is the newest member of Texas Capital Bancshares' board of directors; Minnesota's Wings Credit Union and Colorado's Ent Credit Union are merging; Regions Bank adds Angela Santone to its C-suite; and more in this week's banking news roundup.

Marion and Polk Schools Credit Union announced plans to buy Lewis & Clark Bank in Oregon City; Citizens Financial Group tapped veteran McKinsey banker Azra Pravdic to join its executive committee; the Federal Reserve Board approved United Community Banks' merger with ANB; and more in this week's banking news roundup.

Veterans of the dot-com bubble of the late '90s, the early 2000s recession, the 2008 financial crisis and COVID-19 shutdown of 2020 say the more things change, the more things stay the same.

Wall Street continued its sell-off of financial institutions as the increasing likelihood of a U.S. recession fuels fears of revenue pressures.

Fears of a recession intensified after President Trump unveiled his plan to impose a minimum 10% tariff on all U.S. imports, and the KBW Nasdaq Bank Index tumbled by nearly 10%.

The trading app provider has debuted wealth management services, and will be rolling out banking and new AI-powered investment tools later in the year.

Royal Bank of Canada executives said they plan to start originating more mortgages in the United States, and they indicated that they may ditch the City National Bank brand.

The looming initial public offering from Swedish payments firm Klarna comes in the foreground of tariff uncertainties and inflationary pressures.

BMO names Tony Sciarrino head of its U.S. commercial bank; Renasant receives regulatory approvals to complete its pending acquisition of The First Bancshares; Arkansas classifies earned wage access as a financial product; and more in this week's banking news roundup.

Federal Reserve policymakers said that the U.S. economy remains on sound footing, despite recent setbacks, and that two interest rate cuts lie ahead. Bank stocks advanced on hopes for loan growth and more M&A.

The hires, meant to shore up a division that has not been as tech-forward as leadership would like, have included Morgan Stanley and J.P. Morgan veterans.

Disaster relief is capturing a large share of philanthropic giving from banks such as Truist Financial and Western Alliance Bank.

The KBW Nasdaq Bank Index is down more than 7% year to date. Analysts blame confusion caused by President Trump's evolving tariff policies and heightened worries about an economic downturn that could hurt banks' credit quality.

Advisors were right not to recommend the decentralized cryptocurrency in the past. They can be right again by recommending it today.

Wells Fargo joins Bank of America, Citi and Charles Schwab in stepping away from its DEI policies.

The hiring comes roughly a month after Ida Liu resigned and the firm embarked on a regional restructuring.