Wealth management

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.

Big banks are investing in quantum computing. What does that mean for the future of finance? And, more importantly, will they ever become useful?

Provident Bank announces its new chief lending officer; the SEC's acting chairman asks a federal court to delay scheduling cases involving a rule on climate-related disclosure; the merger deadline for Capital One Financial's proposed acquisition of Discover Financial Services is extended; and more in this week's banking news roundup.

Plenty, a finance app for couples, shifted from subscriptions to an investment advisory fee-based model to differentiate from other couples-focused fintechs.

Citi's head of wealth said the firm is already working with a quarter of the billionaires in the world through its private bank. Now it just needs them to entrust it with managing more of their money.

Titi Cole, a former executive at Citigroup, is now on the company's board of directors; Citizens Financial Group has formed a trust subsidiary as part of its wealth management and private bank expansion efforts; shareholders of Atlantic Union Bankshares and Sandy Spring Bancorp approved the two companies' planned merger; and more in this week's banking news roundup.

Just days after UMB Financial completed its acquisition of Heartland Financial, CEO Mariner Kemper spoke about how the deal came together and the combined bank's future.

The big payday comes after a year in which the bank made progress toward the removal of a federally imposed asset cap.

The avalanche of cases announced Friday included charges against a no-longer registered advisor and firm accused of misappropriating more than $20 million from clients.

The Providence, Rhode Island-based company launched its private bank in 2023 after a spate of bank failures left holes in the market. "It's not like I'm asking anybody to wait for delayed gratification," CEO Bruce Van Saun said Friday.

Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1M to launch a recovery fund in response to the wildfires devastating Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio; and more in this week's banking news roundup.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.