The decline was partly due to weather-related events that lowered customer activity across the board, the banks CFO said during an earnings call.
KeyCorp offset lower revenue with cost cutting last quarter.
The broker-dealer was censured and fined for selling unsuitable exchange-traded funds to customers.
PNC Financial Services Group Inc., the second-biggest U.S. regional bank, said profit rose 6.5%, beating analysts estimates, as expenses declined and the company set aside fewer provisions for soured loans.
U.S. Bancorp, the nations biggest regional lender, posted a first-quarter profit that matched analysts estimates as mortgage-banking revenue declined
The Office of the Comptroller of the Currency is likely to make changes to its proposal outlining the "heightened expectations" the largest banks must face after the industry raised concerns that certain provisions could backfire.
The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative -- and competitive -- New York market. Both banks are opening new offices in Manhattan this year.
Brokerage income at M&T Bank rose in the first quarter, escaping the bad weather impact that seems to have hammered the banks other fee-based business lines.
The San Francisco bank is mainly counting on organic loan growth and improved asset quality to drive future profits, but it would also be open to acquisitions, especially in the credit card in wealth management businesses.
The third-largest U.S. bank cut 200 to 300 jobs in its division handling stock and bond trades to shrink costs amid a slump, according to a person familiar with the matter.
Two former executives of Sonoma Valley Bank have been indicted for their alleged involvement in a $9.5 million fraud scheme.
The new director fills the last of three critical positions in the build-out of the Waterbury, Conn.-based private bank.
Jane Fraser, the new head of Citigroup's U.S. consumer and commercial unit, has promoted William Howle to run its U.S. retail bank.
E.J. Burke, one of the two new co-presidents of the Community Bank, will be responsible for Key Private Bank as well as Keys commercial and business banking segments.
C1 Bank in St. Petersburg, Fla., is betting that its new, above-average "living wage" for all full-time employees will help it attract and retain top-notch workers.
In 2013, fees and commissions from annuity sales produced $3.43 billion in revenue, up 9% from 2012, according to the Michael White Bank Annuity Fee Income Report.
The advisor was suspended for downloading reams of confidential, nonpublic information for more than 2,000 customers of a credit union where he had previously been employed.
Online and mobile banking have forever transformed the way people bank, but the digital evolution has a dark side: it is increasingly creating new opportunities for fraudsters to hack into accounts.
JPMorgan Chase & Co., the largest U.S. lender, agreed to sell its large-market 401(k) recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc.
The former president and chief executive of Gateway Bank in Oakland, Calif., has been accused of orchestrating a fraud scheme to disguise the bank's crumbling financial condition.
Credit Suisse Group, Switzerland's second-biggest bank, said losses in the fourth quarter were larger than previously reported after it booked more charges for a probe into tax evasion by U.S. clients.
Only 40 banks have their own brokerage units, a mere 2% of the 1,809 banks that offer investment services.
The future of the branch is anyone's guess, but one thing is for sure: RIP teller lines. The new teller-line free branch concepts require staff members to better deliver a brand experience that includes demoing new mobile app features to signing a customer up on a new product.
Jim McNeil moves to Information Inc., another group within SmithBucklin, as his career comes full circle.
A former executive of Weymouth Banks brokerage division and a former representative of M&T Bank Securities were barred from the industry for serious misconduct.
Poll results on if bank branch networks will decrease in the next decade.
M&A has been marked by the pursuit of earning assets in recent years, but banks that have cracked the organic loan growth code are looking to buy deposit-heavy banks before interest rates rise.
The U.S. Postal Service's inspector general defends a proposal - that the Postal Service should get into banking - that has come under fire from many in the financial industry.
The constant monitoring is helping the bank keep tabs on customers' likes and dislikes and stay on top of complaints.
More banks are deciding to invest millions in mobile banking, video tellers and core-processing upgrades after avoiding capital spending for a long time. They says it's a good move for the long term, but some will take heat from investors and other critics in the short run.
Former Bank of America Chairman Kenneth Lewis agreed to a three-year ban on serving as a public company's officer or director and to pay $10 million to settle claims by New York's attorney general that he misled investors about the bank's 2009 purchase of Merrill Lynch.
The Federal Reserve Board denied the capital plans of Citigroup, HSBC, RBS Citizens, Santander and Zions in its second round of stress tests this year.
Nearly 150 million U.S. adults are expected to be banking on their mobile devices by 2018, and lenders can roll out the red carpet with user-friendly apps and modernized branches.
Over the next 12 - 18 months, the bank will introduce the U.S. version of the ultra-high-net wealth management program that its parent, BNP Paribas, rolled out in Europe and Asia.
Big Blue is trying to combine the products of several security-tech companies it has bought in recent years into a fraud detection system that compliance-minded banks want to buy. The challenges facing the vendor and its clients overlap considerably.
Bankers should view complaints on sites like Facebook and Twitter as an opportunity to publicly score points with customers.
Like the Postal Service, small banks must radically change their business model, expect more consolidations and mergers, focus on critical services and avoid relying on the U.S. government for help - it could make things worse.
Citi Private Bank has quietly overhauled its app for customers with at least $25 million in net worth in recent weeks.
In 2013, the programs produced $568.3 million in income, up 8.9% from the previous year and the most theyve ever produced in the roughly seven years that the data has been available.
DataPak will enable financial institutions to infuse customer data from their wealth management or brokerage operations into their core systems.
Wells Fargo, which reported more profit than any other U.S. bank in 2013, left CEO John Stumpfs annual compensation unchanged at $19.3 million.
Community banks are revamping branches and offering new services in an effort to become trusted advisors to small businesses. Such a transformation is often easier said than done.
Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce.
Citigroup, which has spent the past few years rethinking its undersized U.S. branch network, on Friday unveiled plans to reformat its physical locations, starting this year in Miami. Executive William Howle explained the changes in an interview.
Those who wanted to greatly expand the power of government over the financial sector, took full advantage of the opportunity, write a former FDIC chairmen and a former president of the Federal Home Loan Bank of Chicago.
First Citizens Banc in Sandusky, Ohio, will close three branches to cut costs.
As consumers' behavior changes, banks are adapting with them.
The bank's Private Client Reserve unit hired new wealth management professionals in Washington State, Denver, Kansas City and Naples, Fla.
Banks of all sizes are struggling to increase the revenues and profits that they can eke out of their retail operations - while trying to elbow their competitors out of the same turf. To do so, bankers need to face some hard truths about their branches, technology and M&A ambitions.
The Charlotte, N.C., bank offers a model for other community banks that have expanded quickly in recent years but face a pricier M&A market: focus on smaller deals that provide additional liquidity and plug geographic holes.
The new relationship will allow the Huntsville, Ala.-based credit union to expand its current investment services program.
Young Americans not only have little loyalty to banks, but many also believe that traditional financial institutions are on their way to irrelevance, a new survey shows.
Unity Bank, a subsidiary of Unity Bancorp, has opened a new division that will offer a wide range of investment products and services aimed at helping customers to grow and preserve wealth.
New skills and new training are necessary for advisors to succeed in today's market, but banks and broker-dealers have not made it a top priority.
For one planning firm, new high-net-worth clients may now come from an unexpected place: The bank.
Despite some bright spots, the bank channel has some surprising areas in need of improvement, according survey findings unveiled at the annual review-and-preview at this week's BISA conference.
Upstate New York banker John Buhrmaster discusses the regulatory challenges small banks face, his issues with big banks and why smaller banks need to take a serious look at charging more for the services they offer.
Now that financial regulators have finalized rules on social media interaction, firms like ING are, slowly and cautiously, beginning to let advisors experiment with social networks.
Bank executives expect to boost revenue from their wealth management practices 25% or more in the next five years, with some anticipating a 35% contribution to total bank revenue.
There are a number of good sessions scheduled for the BISA conference this week. Here are a few that piqued our interest.
Bankers say intensifying competition from larger players is prompting more discussion about the need to gain scale most likely through consolidation.
Five years after Citigroup became a symbol of all that was wrong with big banks, the country's third-largest bank appears to be bracing for a new round of scrutiny into its ethics.
Detroit agreed to pay $77.6 million to UBS and Bank of America's Merrill Lynch unit to end interest-rate swaps that have cost taxpayers more than $200 million since 2009, according to a court filing in the city's bankruptcy.
In 2013, they produced an average of $381,411 in revenue for their financial institutions, up 31% from the previous year.
A $300 million settlement by JPMorgan Chase & Co. and insurers with homeowners who accused the bank of taking kickbacks in exchange for sticking them with overpriced insurance policies was approved by a judge.
U.S. regional banks see favorable growth prospects in Canada. Its limited number of banks seems to invite competition, and its regulatory and economic climates are considered more favorable than those in the U.S.
Lack of scale and the heavy investment wealth platforms require may have prompted the bank holding company to sell its RIA business, says one industry consultant.
Executives at Webster Financial, Independent Bank and People's United agree that their retail operations have to change -- but the consensus stops there. Some are adding branches, some are cutting them, and they are all using new technologies in different ways.
The Federal Deposit Insurance Corp.'s fourth-quarter report on industry health showed continued challenges to growth, but the second straight increase in net interest margins is a promising sign for the future.
A small division of the firm previously engaged in illicit activities to shield U.S. funds from tax authorities, officials at Switzerland's second biggest bank acknowledged. But they insisted that internal reforms to curb those abuses have since been implemented.
Banks and credit unions need to up the ante if they want to lure advisors from other firms.
Despite falling foot traffic, banks continue to be an ideal channel for anyone who hasn't developed a book that comfortably produces in excess of $500,000, says recruiting executive.
The Pittsburgh bank announced Monday it is using invoicing services from Bill.com, enabling it to turbocharge the cash flow tools it offers small businesses. PNC's investment is part of a nascent trend of banks stepping up their digital offerings for the customer segment.
JPMorgan laid out a careful plan for a better 2014 on Tuesday, as it tries to recover from a year spent paying for past mistakes. The bank is hoping that more expense cuts, improved technology and a greater reliance on wealth management will boost its future growth.
Financial advisors to some of the wealthiest Americans see struggling Puerto Rico as an outlier in the $3.7 trillion local-debt market, leading them to add municipal bonds as the steepest federal tax rates in more than a decade loom.
Bankers, industry representatives and other experts largely praise the FDIC's plan to unwind troubled behemoths, but suggest a host of issues that the agency needs to address before it can ensure the end of "too big to fail."
The bank agreed to pay $197 million and admitted that it improperly solicited thousands of American clients, ending a U.S. regulatory probe while a broader criminal investigation of tax evasion still looms.
U.S. Bank hires senior executive away from PNC to help lead its Private Client Reserve unit in Florida.
Regulation, succession planning and lending limits are huge issues, particularly for banks with $100 million or less in assets. As a result, more of those banks are taking a hard look at selling themselves.
Three of the new hires joined the firm's family office services group.
Firm's partners say they wanted 'control of our destiny -- we wanted to own our own equity.'
SunTrust SummitView allows customers to integrate financial information in one place and test scenarios that can impact their financial plans.
There are plenty of reasons why small banks may be reluctant to amp up their social media presence. But the past week's bad weather illustrates how these platforms can provide areal value-add.
Banks are preaching the importance of getting low-cost deposits on their books now, ahead of new Basel liquidity rules, and the impending rise of interest rates.
Slowing traffic is forcing banks to train branch staff in the art of making proper referrals, while pushing advisors to be more proactive, say program managers.
The proposal to let the U.S. Postal Service become a bank is a hard sell, but the idea has legs for political, legal and business reasons. Here are answers to the top questions about the provocative idea.
Fifth Third Bancorp in Cincinnati mistakenly informed credit bureaus that a number of customers had filed for bankruptcy.
TD has added a lot of branches and won kudos for its emphasis on customer service, but it's far short of its goal to be No. 3 in retail market share by 2016.
The U.S. Supreme Court decision to hear arguments over Fifth Third Bancorp v. Duddenhoeffer a case that questions whether it's prudent for companies to offer employee stock ownership within 401(k) investment schemes will be front and center for retirement plan sponsors this spring.
Regional bank executives keep trying to deflect calls for more cost cutting as they seek new revenue sources, and one of them -- BB&T's Kelly King -- seems to be losing his patience with such demands
As the role and responsibilities of compliance officers have grown, so has the need to ensure that those employees can effectively communicate with the rest of the bank.
JPMorgan Chase's $13 billion fraud settlement with the U.S. government should be blocked until a court is able to review it, a Wall Street watchdog group founded by an Atlanta hedge fund manager said.
Barclays Plc, the U.K.s second- biggest bank by assets, will eliminate as many as 12,000 jobs this year, including more than 800 senior bankers, after fourth- quarter profit tumbled.
The Consumer Bankers Association believes banks and retailers need to have constructive conversations on security following last year's Target security breach.
A former head of commercial real estate at Wilmington Trust was charged with bank fraud, bribery and money laundering, the Office of the Special Inspector General for the Troubled Asset Relief Program announced Friday.
Regulators will soon finalize their plan to establish a new leverage ratio and it is likely to be tougher than a recently implemented global standard, top officials said Thursday.
Banks with more trust assets under management produce less revenue on average than banks with fewer assets, according to a new study from Kehrer Saltzman & Associates.
Bank advisor teams command an estimated $243.2 billion in assets under management, or 39% of all assets in the channel. That's pretty good, considering that only 17% of bank advisors work in teams.
Lawmakers repeatedly returned to the question of whether the five agencies involved in writing the Volcker Rule can enforce it consistently across the various entities they oversee, during a House Financial Services Committee hearing featuring top regulatory officials.
As consumers increasingly transact through digital channels, the Ohio bank is expanding its newer branch concepts to include so-called smart ATMs in a bid to free staffers from managing a cash drawer.
U.S. stocks advanced as investors assessed corporate earnings and data showing factory orders fell less than estimated in December.
Add PrivateBancorp to the list of financial institutions that have managed to grow commercial loans organically and are eyeing acquisitions that would improve liquidity in a rising-rate environment.
Mass-affluent investors in their 40s with $100,000 to $500,000 in investable assets constitute an especially promising target group for bank advisors even with direct providers nipping at their heels.
BlackRock and WisdomTree Investment Inc., the firm where former hedge-fund manager Michael Steinhardt is both non- executive chairman and the largest shareholder, will each open ETFs targeting the same hot spot in the market, and at first glance both come with the same price tag.
The Senate is poised to vote on a massive, five-year farm bill this week that includes several provisions important for community bankers and agricultural lenders.
There were a lot of deals last month involving larger community banks, and prices rose nearly 60% from a year earlier. The results will only feed more of those kinds of transactions.
Seeing people come up short with the money needed for a retirement home was sad for one administrative assistant. In her new career she helps such people and produces more than $1 million a year doing it.
This year, small banks are likely to face more scrutiny in terms of consumer products, anti-money laundering measures and compliance management, industry experts say.
There are too many things in M&A that buyers cannot control, including the willingness of the right targets to sell, economic conditions and the likelihood that desire will interfere with good due diligence, two Midwest bankers warn.
As operating costs rise, a growing number of community banks are following the lead of larger rivals by shuttering branches, though analysts hope the pace of closures will accelerate.
Cutting its expenses can get a bank only so far. Sometimes it has to cut someone else's expenses to get where it wants to go.
Bankers feel more optimistic about their business as crisis memories fade, and more open-minded about M&A as deal prices rise, but concerns about compliance challenges and regulators' tough reviews of merger applications are keeping their enthusiasm in check.
President Obama hit on several important issues for bankers in his annual address to Congress Tuesday night, including mortgage finance reform, though as expected financial services issues largely took a backseat to other national concerns, like unemployment and the minimum wage.
Community bank leaders entered 2014 with a rosy view of their companies' prospects, according to a new survey from Abound Resources.
Bank of Nova Scotia's ING Direct unit sees growth potential in wealth management after it completes efforts to add deposits and customers and introduces a credit card, said Peter Aceto, who heads the business.
President Obama is far removed from his harsh criticism of big banks coming out of the crisis, but his State of the Union speech Tuesday night could still provide a crucial glimpse into the administration's thinking on financial policy issues.
One-third of Swiss banks offered amnesty by the U.S. for helping Americans evade taxes have applied for the program, a federal prosecutor stated at a Jan. 25 conference, according to three lawyers.
The largest U.S. home lender agreed to sell more than 40% of its insurance brokerage locations to focus bricks-and-mortar operations on higher-growth regions and bigger clients.
A small California bank's deal to buy another rural lender could give it the scale it needs to knock heads with Wells Fargo and BofA, its execs say.
Top bank executives are struggling to convince the world's business elite in Davos the financial system is safer, more than five years since it fell into crisis.
Citigroup, the U.S. bank that cut unwanted assets 25% last year, should no longer be expected to offer clients unlimited financial services, Chief Executive Officer Michael Corbat said.
For the last few years M&A has been marked by buyers' pursuit of loans, but as banks plot the near future, the focus is now on finding deposits to serve as dry powder for the next few years.
In the fourth quarter, the Birmingham, Ala.-based bank generated $48 million in investment management and trust fee income, down $2 million, or 4%, from the previous quarter. Revenue from investment services also fell, dropping 20% to $8 million.
M&T's sidelined purchase of Hudson City has become cautionary tale in a new regulatory environment for acquisitions.
The banks wealth and investment services generated $9.9 million in revenue, up 23.4% from the previous quarter and up 27.1% year-over-year. The increase was driven primarily by the banks brokerage unit.
Bank of New York Mellon Corp., the worlds largest custody bank, said fourth-quarter earnings fell 18% because of a loss related to an equity investment.
Perhaps the greatest challenge banks face these days is somehow balancing the desire to grow with the very real need to reduce overhead.
Regulators' attempt to carve out an exemption for small banks from a key part of the Volcker Rule satisfied most institutions that feared getting swallowed up in the Dodd-Frank Act provision, but left others still vulnerable to the regulation and facing significant losses.
A number of Morgan Stanley advisors have left the firm to join independent broker-dealers and advisory firms.
Buyers of life insurance still prefer a personal touch, a fact that should cheer advisors at banks and credit unions.
Regions Financial is discontinuing its controversial short-term consumer loan product, the company announced Wednesday.
The firm hired sales directors and other professionals in Chicago, Las Vegas, Boston and Madison, N.J., and opened an office in San Diego.
Senate Democrats' decision to change filibuster rules has shifted the composition of a powerful federal appeals court, a move that could bolster the banking agencies against future industry challenges to the Dodd-Frank Act.
Federal regulators released an interim final regulation late Tuesday designed to fix a problem with the Volcker Rule that would have caused hundreds of banks to take writedowns on certain assets.
In addition to relieving the shortage of advisors, junior brokers increase an investment program's advisor productivity, boost program revenue and fatten profits.
Wells Fargo, the largest U.S. home lender, reported a 24% rise in fourth-quarter earnings as the bank extended more credit. The shares slipped as margins narrowed and mortgage applications waned.
JPMorgan Chase's quarterly profit fell 7.3% on $2.6 billion of settlements tied to Bernard Madoff's Ponzi scheme as rising legal costs ended the firms three-year streak of record annual earnings.
Banks could save money -- and avoid having to sell to, or buy other, banks -- by sharing the costs of compliance checks, account databases and even branch space, a new report from the accounting firm EY suggests.
UBS AG, Switzerland's largest bank, expects to boost client assets in the U.K. this year even as Swiss competitors try to break into London's $1.2 trillion private wealth market to help counter withdrawals at home.
If your clients run into one of these guys, they just may leave you to make the change to fee-based.
UBS AG Chief Executive Officer Sergio Ermotti denied speculation that Switzerland's biggest bank will spin off its investment-banking business to meet regulators' demands for holding more capital.
In the bank channel, fee-based business is the Woodstock of strategies--everyone says they're doing it, but few really are.
Month after month, JPMorgan Chase endures negative headlines this week came the announcement that the bank is paying $2.6 billion to settle allegations related to Bernard Madoff's Ponzi scheme yet investment analysts remain bullish on its stock.
The new hires are part of the wealth manager's campaign to increase its sales force by 50% and add private and mortgage bankers in key wealth markets by the end of 2014.
Big banks don't have many loud cheerleaders these days, but they might not need many more than Dick Bove.
Citigroup Inc., the third-largest U.S. lender, said Deepak Sharma will retire as chairman of its private bank after 38 years with the firm.
Payrolls in December increased at the slowest pace since January 2011, indicating a pause in the recent strength of the U.S. labor market that may have reflected the effects of bad weather.
As consumers manage more of their lives on their mobile devices and PCs, banks, slowly but surely, are updating their websites to make banking fit in with a digital lifestyle. In one new trend, they're letting customers schedule in-branch appointments online and through a mobile device, a la Apple, Staples and Best Buy.
In this newly created role, Philip Poole will lead research activity across the firms investment platform globally.
UBS AG, Switzerland's biggest bank, is considering a spinoff of its investment banking business as regulators demands for more capital thwart efforts to boost returns, according to Mediobanca analysts.