The Minneapolis-based bank has added three wealth management advisors and one senior trust officer to the Chicago office of the Private Client Reserve.
Two days after Apple unveiled its attempt to advance mobile payments, CFPB Director Richard Cordray cited the burgeoning field as a key area of concern his agency needs to examine.
Big banks are still avoiding bank M&A, but the reasons are evolving. Plenty are still looking inward, while others are focusing on buying fee businesses. U.S. Bank CEO Richard Davis says he doesn't want to be burdened with an integration when the economy takes off.
BB&T is back in the business of buying banks for the first time in several years, even though most of its peers think regulators are opposed to big-bank M&A. BB&T's investments in compliance improvements make its executives feel confident about getting new deals done, CEO Kelly King says.
Morgan Stanley, the best-performing stock among the largest Wall Street banks since the end of 2012, will rise at a slower pace over the next year as the current price anticipates the firm reaching its profitability goal, said David Konrad, a Macquarie Group analyst.
Banc of California has announced extensive community reinvestment goals as part of its planned purchase of 20 Banco Popular branches in Southern California. The agreement, which appeased a community group that had opposed the sale, shows how much power such organizations wield when it comes to M&A.
More banks are considering switching to a universal banker model, where selling products and services becomes more important. The transition requires patience, planning and training.
Credit Suisse Group added private banking to its operations in Toronto as the lender seeks to win business from Canadas wealthiest individuals.
Some leaders of large community banks like are eager to line up the next big deal. Others seem content to steal lenders and open offices after several years of acquisitions.
The Justice Department's recent $16.6 billion deal with Bank of America over crisis-era mortgage fraud has raised fresh questions over a perceived lack of transparency in the settlement process.
A large cybertheft against JPMorgan Chase and other big New York banks is said to have started with a break-in on an employee's computer at home. It serves as a reminder that big problems can start in small places and that banks need to take more steps to minimize the damage from hacker attacks.
Pamela Grace Musiimire was barred for allegedly attempting to bamboozle two customers.
The head of debt investment at Norways $880 billion sovereign wealth fund, the worlds largest, said a rally in U.S. corporate bonds may be coming to an end.
Sen. Richard Shelby isn't new to Banking Committee leadership, but he would face a crucial ticking clock if he returns as chairman of the panel next year.
Wells Fargo advisor tries unsuccessfully to convince his elderly client that he hadn't won a $5 million lottery and that the whole thing was really a scam.
An improved economy, hint of potentially higher interest rates and changing demographics are all aiding a lending rebound in the southern and western parts of the United States.
Bank holding companies generated $1.57 billion in insurance brokerage fee income in the first quarter of 2014, down 8.4% year-over-year.
In addition to key races important to the banking policy agenda, the larger contest for which party controls the Senate could also affect legislative efforts relevant to the industry.
Nobody wants to think about the prospect of failing mental capability, but it's an issue that clients need to address if they're to be fully prepared for retirement.
Bank of America must pay a record amount for mortgage-related claims, but the accord still leaves questions about tax liability and other banks in the government's crosshairs.
A generation shift could also create issues for community banks that are in search of fee income.
HomeTrust Bank faced a legal challenge from HomeTown Bank after it entered southwestern Virginia. The now-resolved dispute serves as a reminder that banks must be aware of branding challenges when they enter new markets.
Like a few other banks with similar initiatives, Wells Fargo is not counting on a financial return for its new accelerator program. Rather, it's looking for more intangible benefits.
Branch managers in Ferguson, Mo., are coping with modified hours and the presence of law enforcement and the Missouri National Guard. Bankers are dedicated to staying open in an area where branches are particularly important to customers.
Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
Trying to woo Hispanic clients? Talk to them about simple, low- or no-risk investment products.
Deutsche Bank has hired two executives to oversee technology and operations.
The Connecticut company was an early adopter of branch modernization, starting an effort four years ago that has led to the closure of underperforming locations, enhanced digital offerings and use of universal bankers.
The coming year expects to be hectic for banks' regulatory teams as a bottleneck of new rules come due, including everything from the proprietary trading ban to Basel III to a new mortgage disclosure framework.
Banks including JPMorgan Chase, Citigroup and Morgan Stanley have been notified regulators are preparing enforcement actions on currency rigging, people familiar with the investigation said.
Diebold, best known as an ATM manufacturer, is rebranding and diversifying itself and promoting its consulting services on a popular banking topic: how to redefine branches as sales and service hubs.
Both were booted from the brokerage industry for misappropriating customer funds.
The Canadian bank's viral YouTube clip comes as the industry struggles to use social media effectively.
The North Charleston-based credit union chose CUSO Financial Services to expand its 18-year-old investment program.
Brendan John Osweiler was barred this week for attempting to swindle an elderly customer, according to FINRA.
The brokerage and insurance units of Compass Bank were ordered to cough up money to compensate an elderly couple for duping them into buying one too many annuities.
President Obama became the latest policymaker to wish he could make the regulatory system simpler and more efficient. Yet there are powerful reasons why it will never happen. Here's why.
UBS is considering buying a wealth-management firm in Brazil as it seeks to expand that business sevenfold by 2020, said Sylvia Coutinho, chief executive officer of the lenders Brazil unit.
Barry Milinovich was expelled for allegedly stealing $10,100 from a bank customer's savings account.
The Fed is trying to change as little as possible as it crafts its strategy to exit from record stimulus. The trouble is financial markets have changed so much that the still-developing plan may prove costly and ultimately unworkable.
Sens. Sherrod Brown, D-Ohio, and David Vitter, R-La., continued to press their case over "too big to fail" in the wake of a new government report that raises fresh questions about the size of a market subsidy for the largest institutions.
Most bankers expect to see deposits flow out of their coffers next year if interest rates rise as expected, and some are starting to estimate how many. Whether the trend is good or bad depends on each bank's specific situation, but everybody has to get ready.
Swiss banks will on the whole meet the deadline for delivering information on offshore accounts to the U.S., improving their chances of settling with the Justice Department this year.
UBS is facing more than $600 million in damage claims filed by Puerto Rico investors in closed-end bond funds, the bank said in its second quarter earnings report Tuesday.
The new "SendMyDocs" app helps clients who live far from their bank or credit union as well as the advisors trying to serve them.
UBS AG said the U.S. Securities and Exchange Commission has been investigating its dark pool since early 2012, the first time the Swiss bank has acknowledged the probe now in its third year.
Will GAO take into account the impact of the legislative and regulatory changes that have occurred since the passage of the Dodd-Frank Act?
Community banks need to rethink their technology and marketing to ensure they are snagging a piece of the millennial generation. Big banks have the lead in reaching this demographic, but they are vulnerable, experts said.
Deutsche Bank hired James Dilworth, chief executive officer of Allianz Global Investors Europe, to lead management of active assets.
Ion Bank has been using interactive teller machines, which let customers conduct video chats with tellers, for more than a year. The technology has helped some of its branches stay open for business 27 hours longer per week without overspending.
The Massachusetts Democrat unsurprisingly defended the financial reform law, yet also indicated he disagreed with regulators on implementation of some elements and a push by Sen. Elizabeth Warren to restore Depression-era rules separating banking from other industries.
A highly anticipated government report due to be released July 31 is expected to say big banks received less of a subsidy from the perception that they are "too big to fail." But it remains uncertain whether that would continue to be true in a future crisis or if market conditions change.
The company has been under consideration as systemically important for more than a year, and its executives have met more than 10 times with council staff members to argue it doesnt pose a risk.
After the Federal Reserve Bank of New York was said to have faulted the regulatory reports of some of the firms U.S. businesses last year, the bank dropped in Frankfurt trading.
Credit Suisse Group AG said it will abandon commodities trading as a $2.6 billion fine to settle a U.S. tax investigation pushed the Swiss bank to its biggest quarterly loss since 2008.
As the Dodd-Frank law turns four years old, policymakers appear increasingly willing to revisit a key requirement that says banks with $50 billion of assets are systemically risky.
Regulators have closed Eastside Commercial Bank in Conyers, Ga., the 13th institution to fail this year.
Julius Baer Group, Switzerlands third-largest wealth manager, said its affluent Russian clients were less active in the first half of the year amid political tensions in the region.
The financial services industry and others are seeking better metrics for analyzing the economic impact of the regulatory reform law, with some saying it is hampering the recovery and having other unintended effects.
JPMorgan Chase will let Jamie Dimon collect about $37 million in stock options created during the financial crisis, as the board stands by its leader after risk-management lapses and billions of dollars in legal settlements.
The banking industry is pushing back against a plan released this week by the Consumer Financial Protection Bureau to publicize more details about consumers' individual complaints about financial companies.
IBM is creating new apps for banks their employees can use on iPhones and iPads. In doing so, Big Blue will help banks push legacy applications out to new devices, making many types of work possible on Apple devices.
The push to expand banking services at the country's post offices continues to gain momentum, though numerous questions remain about the design and scope of such an effort.
A community group opposes Banc of California's plans to buy 20 branches, saying management isn't being open about plans to serve low-income and minority customers. The bank says its all a misunderstanding. Still, the issue shows why banks must foster good relations with powerful advocacy groups.
Bank of America hasn't budged from an offer to pay about $13 billion to settle federal and state probes of mortgage-backed bond sales, increasing the likelihood that prosecutors will sue the bank, according to two people with knowledge of the matter.
Assets under management at UBS rose to $1.97 trillion, cementing its No. 1 spot in the ranking by Scorpio Partnership, a London-based consultancy.
Democratic and Republican lawmakers are cooperating on legislation that would lift some of the secrecy around the U.S. council that decides which companies pose the biggest risks to the financial system.
Raoul Weil, a former top UBS AG banker facing trial in Florida on charges of helping Americans evade taxes, asked a judge to allow defense witnesses outside the country to testify by video because they fear retaliation if they come to the U.S.
American International Group will get at least $650 million in a settlement with Bank of America as the second-biggest U.S. bank seeks to end liability for faulty mortgages.
The Justice Department's $7 billion deal with Citigroup is likely not the last big government maneuver to penalize banks for faulty mortgage-related practices leading to the financial crisis.
JPMorgan Chase CEO Jamie Dimon plans to be involved running the bank at a less intense pace as he fights throat cancer and said that the company is prepared for all scenarios.
More small banks are engaging on social media and are finding ways to highlight their community involvement, promote their personalities and better connect with customers.
Citigroup, the third-biggest U.S. bank, said second-quarter profit tumbled 96% on $3.7 billion in costs tied to a mortgage-bond settlement with U.S. authorities.
The bank posted strong growth in commercial loans in the second quarter, which may bode well for other banks that concentrate on business lending, but it wasn't enough to prevent questions about how Wells will be able to maintain its performance in the face of stepped-up competition from other lenders.
Citigroup agreed to pay $7 billion in fines and consumer relief to resolve government claims that it misled investors about the quality of mortgage-backed bonds sold before the 2008 financial crisis.
A spike in smaller deals, along with improved premiums, is providing hope that buyers and sellers are finally coming together as industry experts forecast several years earlier.
A small credit union is testing a tech-based solution to an old-world problem: busy branch lobbies.
The Honolulu-based credit union chose CUSO Financial Services to help expand its brokerage program.
The percentage of U.S. consumers who are late on their loan payments remained at near-record lows in the first quarter, though a key figure rose slightly from the fourth quarter. Meanwhile, payments on home equity lines fell to their lowest level in five years, according to a new ABA report.
Fraud fighters have spotted a new form of ATM skimming device that is so small it's easy for the human eye to miss.
Nearly six months into her first term as Federal Reserve Board chair, Janet Yellen has sought to put financial stability on nearly equal footing as monetary policy.
Roughly three in four advisors said they were likely to seek out additional support, content or tools related to Social Security in the next year.
David Campanella will lead a team of wealth management professionals serving high-net-worth clients in Cleveland and Columbus.
This week, for the third time, the biggest U.S. banks have sent regulators detailed plans for their own demise. The regulators response to those filings has been far less detailed.
The revenue increases were concentrated in the smaller bank broker dealers, according to a new survey by Kehrer Saltzman & Associates.
The errant sales assistant allegedly converted funds from an LPL business bank account.
BNP Paribas' record $8.9 billion penalty and criminal guilty plea could have reverberations industrywide, including emboldening the Justice Department to seek similar actions against domestic banks and causing international regulators to take retaliatory action.
BNP Paribas pleaded guilty to charges tied to a U.S. probe of sanctions violations, resolving a wide-ranging state and federal investigation with a penalty of at least $8.8 billion, the largest fine for such a case in history.
A growing number of community banks are adopting bank-owned life insurance as a way to counter shrinking loan margins and diminished returns on other investments. BOLI can also help banks that are trying to meet higher capital requirements.
Barclays was so bent on lifting its private trading venue to the upper ranks of Wall Street dark pools that it lied to customers and masked the role of high- frequency traders, according to New Yorks attorney general.
Most of the worlds economic growth will come from outside the U.S, yet most American investors are still under-diversified in international assets.
Joseph Ellison claimed that while he was promised that he'd work at JP Morgan, he wound up getting old Bear Stearns.
Cold calling prospects is a great strategy if you approach it the right waycalling
lists are relatively easy to obtain and few other advisors are doing it.
A former Credit Suisse managing director for investment banking who had pleaded guilty to lying about the value of mortgage-backed bonds in 2007, avoided time in prison after cooperating with prosecutors.
Rather than expanding the program through referrals from within, the Dallas-based bank is pushing advisors to find new business externally.
Stock brokers who switch firms will be able to keep their bonuses to themselves for at least a few months longer.
The bank advisory association named Jeff Hartney as executive director, effective July 7, to replace Jim McNeil.
Bank of America Corp.s lawsuit against the Federal Deposit Insurance Corp. against the Federal Deposit Insurance Corp. for $1.7 billion in client losses was revived after the agency said that a bank at the center of the Taylor Bean scandal may have have enough assets to pay the claims.
The fate of living wills for the biggest banks and a new system to resolve the largest institutions has taken a back seat to other regulatory efforts in the wake of the Dodd-Frank Act. Here's why banks of all sizes need to be focused on the effort.
Almost half of the broker-dealers and investment advisors who contested actions against them had charges dismissed or sanctions lowered when they took their cases to an SEC administrative law judge or a FINRA hearing panel.
To start moving ahead, advisors need to follow a seven-step roadmap to success that includes branding, process standardization, lead generation and managing staff.
JPMorgan Chase engaged in a pattern of discriminatory lending that led to foreclosures, the city of Miami said in a lawsuit filed last week in federal court, the latest in a series of similar claims against the nations largest banks.
BNP Paribas SA, the French bank facing a potential $10 billion U.S. penalty over its dealings with sanctioned countries, said its sticking with a plan to expand its BancWest division.
The United States Court of Appeals has confirmed BancorpSouth's lack of liability in an online banking fraud case, and even granted that the bank may seek to recover attorneys' fees from the victim.
The city of Richmond, Calif., wants to team up with another municipality to implement its plan to use eminent domain to seize underwater mortgages. There have been no takers to date. The likely reasons are the FHFA and the continuing threat of litigation.
Regulators' evaluation of last year's "living wills" submitted by the biggest banks was touted as an important step in ending "too big to fail," but the agencies have failed to provide any feedback on previous plans just weeks before the next set are due.
One of the three was a former registered rep with Chase Investment Services who was kicked out of the industry for stealing more than $27,000 from two elderly bank customers.
The community banking model is supposed to be simple: take deposits, make loans. There is, however, a growing number of banks that are largely omitting the lending part of the model.
Mike Quimby will lead a team of more than 30 financial advisors and will help drive growth across the banks central region markets in six states.
Majority Leader Eric Cantor's stunning defeat in Virginia's Republican primary Tuesday evening could usher in a new political era for the House one that's likely to leave its imprint on the banking industry.
The Holding family has held large stakes in several banks for years; two of those banks are finally merging as part of a $637 million deal.
The U.S. Supreme Court turned away a Wells Fargo units bid for as much as $148 million in tax refunds, leaving intact an Internal Revenue Service victory in a corporate tax-shelter case.
Credit Suisse Group AG, Switzerlands second-biggest bank, is considering selling additional stakes in an electronic interest-rates trading unit it set up last year, according to a person briefed on the plan.
The new breed of branch employee can do it all. Have tellers finally reach the end of the line?
The new platform is an extension of PNCs Wealth Insight platform, which the bank rolled out to high-net-worth clients in 2011 to wide acclaim.
BNP Paribas SAs settlement talks with the U.S. over sanctions violations have headed out of the ballpark, compared with previous punishments levied by the Obama administration in such cases.
The advisor was permanently barred last week for running what appears to be a Ponzi scheme.
The Labor Department is one regulator that hasn't immediately fallen into line to give Credit Suisse Group a pass following its May 19 guilty plea for helping Americans evade taxes.
After years of mastering the intricacies of investments and portfolios, many advisors still have a hard time really understanding clients. The broker-dealers in the bank channel are trying to help unlock those secrets.
Banks are still feeling negative effects from last year's sudden rise in medium- and long-term interest rates, but plenty of signs in the Federal Deposit Insurance Corp.'s latest industry update continue to point to a lending resurgence in the near future.
UBS Wealth Management Americas, an arm of Switzerland's largest bank, has joined the growing list of lenders in the United States gunning for mortgage volume through the wealth management channel.
Charles Gualano isn't competing against other banks and their advisors; or even some lower fee structure. More often, hes working against investors' anxieties or misconceptions.
Community banks that are looking to complete acquisitions are deciding to go public so they have a stronger currency to offer potential sellers. However, recent IPOs have not performed as well as earlier ones.
Thirteen Swiss banks face rising stakes in their own criminal probes after Credit Suisse Group set a new standard for punishment in the U.S. crackdown on offshore tax evasion.
JPMorgan Chase and Wells Fargo are retaining more high-quality, conforming mortgages that they would normally sell to Fannie Mae or Freddie Mac, raising concerns that the banks are adversely selecting the weakest loans for the government-sponsored enterprises.
Credit Suisse Group AG sold $5 billion of bonds, the first benchmark offering since its bank unit pleaded guilty to helping Americans cheat on their taxes.
Royal Bank of Canada, the first Canadian lender to report second-quarter results, posted profit that beat analysts estimates on record earnings from wealth management and a lift from trading.
City National Bank hired five wealth management pros in its private client group in Californias central coast region.
Credit Suisse agreed to pay $2.6 billion in penalties and pleaded guilty to helping Americans cheat on their taxes, making it the first global bank in a decade to admit to a crime in a U.S. courtroom.
Two of the three brokers banned were registered with JP Morgan Securities. The other was with HSBC Securities.
Multibank holding companies that have long resisted consolidating their banks are finally giving in. The switch can offer a range of advantages beyond improved efficiency, but choosing the right moment for a consolidation and making sure not to spook customers can be tricky.
Democratic lawmakers on the Senate Banking Committee sounded off against bipartisan legislation to overhaul the mortgage finance system on Thursday, opposition that likely all but ruins the bill's chances of making it to the chamber floor this year.
Using new technology from Salesforce, the Boston bank is arming staffers with real-time customer data in a bid to increase wallet share, speed up decisions and help it handle problems quickly and efficiently.
A founding director at Touchmark Bancshares in Georgia claims he was ousted after questioning the bank's strategy. Now he is lobbying for the company's sale.
Emboldened by a newfound sense of what their investment programs offer, more banks are turning to wirehouses for recruits.
Citizens Bank of Edmond, a $252 million-asset bank led by Jill Castilla, is eager to show that a lack of size shouldn't hold a bank back from doing things differently. The bank is embracing new ATM technology and active use of social media.
Executive pay packages have long been structured to reflect performance. But one key task that often gets short shrift from bank directors and CEOs is succession planning. Now pressure is mounting for that to change.
If Tim Geithner had his way, the government would have bailed out Washington Mutual bondholders and prevented Wells Fargo from acquiring the floundering Wachovia Corp. in 2008, ensuring instead that it was awarded to Citigroup
Though Vice Chairman Thomas Hoenig and board member Jeremiah Norton must defer to Chairman Martin Gruenberg on setting the Federal Deposit Insurance Corp.'s agenda, the two directors have still found ways to affect policy, particularly on new capital rules for the biggest banks.
Federal Reserve Board Chair Janet Yellen said Thursday that she has asked the White House to appoint a community banker to the central bank's board.
A pair of acquisitions announced this week is creating chatter about out-of-market interest in Florida's banks. Still, some caution that bankers must be mindful of past mistakes by other long-distance buyers.
The nation's fourth-largest bank has opened another mini-branch in hip Washington, D.C., neighborhood teeming with young professionals. Is this the prototype for the urban branch of the future?
The company will soon exceed $50 billion in assets, which will bring with it added scrutiny and possible pressure to lower its dividend.
FINRA barred a former bank advisor from the industry for attempting to swindle customers and fined and suspended two others for violating standards of commercial honor.
Fitch Ratings downgraded New Jersey's general obligation rating to A-plus from AA-minus on Thursday.
In the first quarter of 2014, the wealth management division of Bryn Mawr Trust generated $8.9 in revenue, up 6.7% year-over-year.
In the bank channel, fee business is still the exception, not the rule. Likewise, working in teams is not the norm.
Program managers are constantly juggling, trying to keep advisors and bank management happy. We've sliced and diced the data to present our annual Top 20.
Hugh "Skip" McGee isn't just the head of a British bank's Americas division. He is one of its most lavishly paid officials and the only former Lehman Brothers Holdings Inc. alumnus on the executive committee.
Noninterest income seemed to stabilize some during the first quarter, though smaller banks are still struggling to see meaningful increases in fees.