Wealth management

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.

A midweek rally followed robust bottom-line results from JPMorgan Chase, Wells Fargo, Bank of America and several other large banks. But further interest rate cuts may be needed to sustain momentum.

Banks can and should play a key role in giving members of minority groups and other underserved communities the tools they need to navigate an increasingly complicated financial landscape.

The Georgia-based bank plans to hire 85 relationship managers over the next three years to support growth in commercial and middle-market lending and private wealth. "The biggest risk is not being able to hire the bankers," said CEO Kevin Blair.

A slower rate of price increases would boost the likelihood of an interest-rate cut that could expand loan demand and lower banks' deposit costs. A higher pace of inflation, however, could derail those catalysts.

Unity Bank in Clinton, NJ, now offers EV charging stations in a collaboration with Encore Energy Group; fintech Beneficient announced its agreement to acquire Puerto Rico-based Mercantile Bank; Trump named payments exec Jared Isaacman to run NASA; and more in this week's banking news roundup.

Primis Financial had to delay several reports to the SEC due to an accounting misclassification error, which raised the possibility that the bank's stock would no longer trade on Nasdaq. Executives say they're "optimistic about putting this behind us."

The technology has the potential to democratize access to knowledge about financial services, but like any tool, it must be used carefully and responsibly.

Oden, head of U.S. wealth, private banking, asset management and premier banking at HSBC, was one of the first in the industry to build an online wealth management platform.

The company's stock price has jumped 23% since the election, as investors bet that federal student loans will get curtailed, providing more opportunity for the private sector.

Andy Sieg, head of Citi's wealth business, says retention bonuses are part of his growth strategy.

Analysts say lenders' shares could rally on deregulation, lighter tax burdens and a resurgence of M&A. Declining interest rates and lower loan losses could further bolster bottom lines and attract investor interest.

Nicholas Takahashi and his team are accused of deliberately trying to poach the clients of a former colleague managing hundreds of millions in assets and producing more than $1 million a year in revenue.

The Honolulu-based seller had faced pushback from an investor group that stepped in with a competing offer. But it ultimately secured enough votes to approve the sale to Hope Bancorp.