Fake identity fraud is growing, due to the plentiful array of consumer account and card data available in the wake of massive data breaches. It's a crime banks find almost impossible to detect and deter
FINRA banned a rep for allegedly forging a customer's signature on bank withdrawal slips, a move that allowed the customer's sister to steal $3,900 from the customer's account. Two others were suspended for relatively minor infractions.
City National's sale to RBC bestows new wealth on two men who have served as Hollywood's private bankers since Steven Spielberg filmed "Jaws."
BB&T and KeyCorp's quarterly results showed how more diversified regional banks can turn to their insurance sales, investment banking and other fee generators for backup until interest rates improve. Whereas the smaller Huntington Bancshares needed strong loan growth in a quarter (and year) when fees fell.
Royal Bank of Canada sold its U.S. retail bank a few years ago to PNC. The company is back with a targeted play: City National, a Los Angeles bank that has built its business targeting the rich and working with Hollywood.
Royal Bank of Canada is ready to take another shot at U.S. banking, agreeing to buy City National in Los Angeles.
Two advisors left Barclays to join regional bank First Republic.
The president used his annual speech before Congress to defend Dodd-Frank while pleading that lawmakers pass cybersecurity legislation.
The Birmingham, Ala.-based bank generated $91 million in fourth-quarter revenue from its brokerage, trust and insurance services operations, up 8.3% year-over-year.
Customer alleged that broker made unsuitable recommendations of mutual funds, structured products and equities that set him back more than $125,000.
The bank's brokerage services generated $64 million in fourth-quarter revenue, up 12% year-over-year.
The $47 million year-over-year decline was due to foregone revenue resulting from the sale of asset management firm RidgeWorth Capital Management in the second quarter of 2014.
Citigroup plans to shed 60 branches as part of its ongoing restructuring, a number of which are said to be in California. It shopped some of the California branches last year, and it may again try to sell some of them.
Bank of America's expenses still far exceed those of JPMorgan Chase and Wells Fargo, so analysts were clearly disappointed Thursday when CEO Brian Moynihan failed to outline any specific plans for further lowering overhead.
Analysts attribute the spate of municipal bankruptcies since 2011 to the aftereffects of the 2008 credit crisis and Great Recession, as well as changing attitudes about debt.
Dan Overbey, president of BISA, and president and CEO of Atlantic Capital Advisors, outlines his top three issues regarding long-term training for bank advisors.
A new push by President Obama to tighten cybersecurity at banks and other businesses could help light a fire under some firms that have historically been slower to react in the wake of a data breach and help financial institutions dealing with a tangle of confusing state laws.
The Federal Deposit Insurance Corp. is attempting to clarify its policy regarding brokered deposits after a persistent flood of inquiries from bank and others about what meets the definition.
The firm will offer advisors expanded trust services and support with multi-generational family planning.
Talking about dementia is one of the hardest conversations advisors will ever have with their clients, says David Gutzke, a wealth management advisor for U.S. Bank. Listen to some of his tips for helping clients and their families with this difficult issue.
Banks are expected to start rolling out digital wealth management offerings this year that could attract young clients who favor a mix of technology and personal advice.
Investors' demands that the country's biggest bank produce better earnings amid costlier regulations are prompting fresh cries to break up JPMorgan Chase.
The firm was sanctioned for failing to review the incoming and outgoing email correspondence of its registered reps.
Predictions by several municipal experts forecast a 2015 that runs the gamut from a flattening yield curve to increased issuance on the heels of a surprisingly strong year of performance in 2014.
Here are 21 simple steps to make 2015 a great year for you, your clients and your business.
After a 10-year stretch with CUSO, Oregon's biggest credit union has switched its investment services program to Raymond James.
Credit Suisse Group was ordered to face a $10 billion lawsuit by New Yorks attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis.
In-store branches are easier and less expensive to start, but they're also easier to eliminate when banks need to cut costs.
Standard & Poor's gave an investment-grade A-minus rating to a series of bonds Detroit recently sold as part of its exit from bankruptcy.
ATM company Diebold has put together a mini-branch prototype that features artificial intelligence, voice recognition and video tellers.
Oil at $50 per barrel will almost definitely create problems for banks in oil-producing regions as well as Wall Street financial institutions that finance the sector. Analysts already forecast the price of crude will fall that low the only other question is how long it might last.
The president's decision to bolster ties with the island nation will likely give banks relief from sanctions, as well as expanded opportunities for money transfers and the financing of U.S. exports.
JPMorgan Chases asset-management unit promoted Robert Stark to head of strategic relationships, replacing Lee Beck, who left for BlackRock last month.
Monterey Credit Union could be the first credit union to convert since mid-2013. Management hopes the move will allow it to make more small-business loans, while providing greater access to capital.
Lebenthal picked up an RIA that oversees $250 million in assets, as well as a team of two advisors in New York.
Deutsche Bank was accused of using underfunded shell companies to evade U.S. taxes in a government lawsuit seeking $190 million in taxes, penalties and interest.
This year saw a number of mega teams with outsized AUMs switching firms. Here are the biggest recruiting moves of 2014.
Optimism about business growth and a rising sense of alarm at security breaches are shaping U.S. banks' tech spending plans for 2015.
The wirehouse brought over five advisors from UBS and Citi Personal Wealth Management.
Facing the threat of competition from Google and Amazon.com, UBS has turned to a company that uses artificial intelligence for help delivering personalized advice to the bank's wealthy clients.
An advisor team generating $6.7 million in annual revenue has left J.P. Morgan Securities for Raymond James & Associates.
Wells Fargo Advisors recruited a veteran advisor generating more than $1 million in annual revenue.
Blue Elephant Capital Management is planning a second fund to purchase loans originated on online marketplaces, and the differences from its first fund show how hot the sector has become.
At a roundtable with federal and state regulators in Los Angeles this week, bankers offered some fresh ideas about possible regulatory relief. Here is a sampling.
We caught up with our No. 1 advisor from 10 years ago, Denise White, and talked about the twists and turns her career has taken.
Since the crisis, banks have relied on lower loan-loss provisions to make a profit. But banks actually made money in the third quarter. Here's how.
Treasuries gained, sending 10-year yields a one-month low, as jobless claims rose, business- equipment orders fell and home sales were less than forecast, raising concern about the health of the economic recovery.
Growing income inequality is said to be a major reason most consumers plan to spend the same or less than last year on holiday shopping, and it could hurt bank and credit union revenues in the fourth quarter and present them other long-term challenges.
With new bank chartering at a standstill, the FDIC has issued new guidance on de novo capital requirements and other issues in part to "demystify the application process."
Advisors thinking of resigning need to avoid the pitfalls--here's a primer on how to consciously uncouple from your employer.
Senate Democrats hammered William Dudley, president of the Federal Reserve Bank of New York, at a highly anticipated hearing on Friday, demonstrating the growing pressure the central bank is under to take harsher actions against banks and restrict examiners from defecting to institutions after leaving service.
Moving into management isn't a natural progression for some. It requires a different skill set and it's not always the most successful advisors who make the grade.
Regulators are threatening more action to force improvements in the behavior of bank employees, but executives are shooting back that the task is easier said than done and that change has to come from inside and not through supervisory orders.
Royal Bank of Canada is exiting wealth management in the Caribbean, extending a retreat in its international wealth business that began last year in Latin America.
Steven Sugarman, chief executive at Banc of California, recently completed a large branch acquisition after a public battle with an advocacy group. In a recent interview, he discussed that process as well as the bank's busy year both the good and the bad.
The wirehouse said it scooped up two advisors from rivals Raymond James and J.P. Morgan.
Two advisors have left J.P. Morgan Private Bank to join Barclays' wealth management division in Palm Beach, Fla.
Ask three bankers about the value of in-store branches, and you might get four opinions. Moreover, you would swear none of them are even discussing the same business when the conversations are done.
The unit is aggressively pursuing modest mass-affluent investors with less than $500,000 in investible assets and its effort appears to be paying off.
Layout, compensation and training can make or break high-tech, high-concept branches, said bankers at BAI's Retail Delivery conference.
J.P. Morgan has lost advisors to its rivals, including a team with nearly $1 billion in AUM. Meanwhile, RBC Wealth Management has recruited several advisor teams managing more than $350 million in assets.
UBS has been ordered to cap bonuses for foreign-exchange and precious-metals bankers as Switzerland's regulator probes 11 of the bank's current and former employees as part of its inquiry into currency rigging.
A group of ultrawealthy Citigroup clients clamoring for big returns on U.S. real estate have entered into funding commitments for a new commercial and multifamily development on Sunset Boulevard in West Hollywood, Calif. It is one of several co-investment projects the firm is offering through its private bank.
Federal prosecutor Loretta Lynch may soon replace Attorney General Eric Holder, leaving bankers wondering whether she will be tougher on institutions than her predecessor.
Prime brokerage clients (read hedge funds) are the latest kind of customer being cut loose by banks as they curtail business with parties deemed high risk. Other banks are being careful about the castoffs they recruit, and nonbank brokers are on the rise.
Deutsche Asset & Wealth Management announces that it has recruited three private bankers from Citigroup and Credit Suisse.
Banks on opposite coasts Sterling Bancorp in New York and Banner in Washington are joining the list of institutions teetering on the $10 billion-asset threshold where a slew of new regulation kicks in. The banks' CEOs said they were finally able to peg the expected costs of reaching that size.
Most customers who go into bank branches aren't in the mood to entertain a forceful sales pitch. But if they're pleased with the service they receive, they'll be a lot more willing to learn more about a bank's additional offerings.
Banks are not closing branches fast enough to keep up with the exodus to online banking. The percentage of branches with low transaction volume is on the rise, according to a new study. Bankers say they are on the case, but there are obstacles to simply hanging a "closed" sign on the front door.
Bank holding companies generated $3.07 billion in insurance brokerage fee income in the first half of 2014, down 8.9% year-over-year.
Bank of America cut third- quarter earnings by $400 million, wiping out the surprise profit it reported last month, as the firm braced for the end of probes into foreign-exchange dealings.
Female small business owners were more likely than men to view their financial advisors as important in managing, growing and protecting their assets.
Bank holding companies raked in $1.81 billion in annuity sales in the first half of 2014, up 11.5% year-over-year.
Sen. Richard Shelby is expected to become chairman of the Senate Banking Committee next year after Republicans seized enough seats to take control of the chamber. But the Alabama Republican will face a time-crunch to get his agenda through.
Its mass-affluent offering has attracted thousands of clients, 70% of which came from outside the bank.
Deutsche Asset & Wealth Management grabbed a financial advisor from rival Barclays.
The Denver-based association announced Friday that it has grown in 2014 to more than 10,000 members and certificates worldwide.
The Financial Services Information Sharing and Analysis Center is calling attention to the security risks and potential fixes to a common practice: consumers handing over online banking credentials to financial advice sites.
Longtime recruiters in the advisory industry have been pointing toward a day of reckoning for yearsand it couldnt have come at a worse time.
Keith Banks, president of U.S. Trust, is searching for new talent in a unique place: within his own firm.
In an exclusive set of interviews with On Wall Street, the industry's leading executives talk about how clients' needs are changing, technology is evolving and how firms can keep growing the bottom line.
Deutsche Asset & Wealth Management spells out its plans to serve wealthy clients with complex needs and demands.
Banks have begun to tackle the impending advisor shortage, but many still havent turned talk into action. Here are a few ways they can.
Policymakers are closing in on developing rules key to ensuring the ability of the government to take over failing behemoths, but the ultimate success of their plan may depend on how fast regulators can act.
The banks between $33 billion and $180 billion in deposits lose ground to their bigger and smaller competitors in appealing to small businesses.
In its latest organizational move, the firm hired a former Merrill Lynch banking executive to lead the growth of the wealth management business in Florida.
It's surprising how much advice varies about how to respond to customer complaints on social media. Ignore small threats, some say, while others warn banks to respond immediately because they could go viral. Still others think banks should overhaul their whole customer experience to disarm critics.
Deutsche Bank AG, Germanys biggest lender, swung to a loss in the third quarter after setting aside 894 million euros ($1.1 billion) to cover the costs of settling investigations of past wrongdoing.
Deutsche Bank AGs Asia-Pacific wealth-management business aims to increase revenue by 20% in 2015 by targeting the regions richest people.
The company's $800 million goodwill impairment charge may reflect macroeconomic factors, but also likely resulted from a purchase of HSBC branches two years ago. Other banks are unlikely to face the exact same issues, observers said.
An advisor team has left J.P. Morgan to join regional wealth manager Janney Montgomery Scott, opening a new office in Rhode Island.
A wide swath of banks, from Fifth Third to SunTrust to Huntington, report big increases in refinance applications in the past few days as mortgage rates have dipped. Will it last?
New York regulator Benjamin Lawsky may use the cybersecurity rules he's proposed for virtual-currency companies as a model for traditional banks. That would subject the financial institutions his agency supervises to the most stringent data-security rules anywhere.
How do the services you offer compare to what clients of advisors across the industry are receiving? A new study of 4,000 advisors by Cerulli Associates tracks the planning services clients receive across all advisor channels.
Looking at the range of services received by clients in all advisory channels, traditional wirehouses take the lead in catering to high-end client needs, according to research from Cerulli Associates.
The global economy faces its biggest test of confidence since the European sovereign debt crisis as investors fear its running out of engines.
Deutsche Asset & Wealth Management lured away a managing director from J.P. Morgan.
Bank of America said wealth management profits were up 13% year-over-year and reported an increase in its advisor ranks.
The company reported that profits for its Global Wealth & Investment Management division, or GWIM, which includes Merrill Lynch and U.S. Trust, increased to $813 million for the third quarter from $720 million a year ago.
The two hires are part of the firm's campaign to increase its business development teams in key wealth markets.
Cetera plans to announce an expansion of its relationship with Broadridge, a provider of investor communications and technology, to streamline its self-clearing process.
JPMorgan Chase set aside 3% less to pay employees at its investment bank in the first nine months of 2014 as revenue in the division slumped, driven by a 12% drop in fixed-income trading.
James Katayanagi allegedly created fake ATM cards and used them to swipe more than $14,000 from eight bank customers.
To obtain approval and funding for security improvements, bank technologists have to make their case by pointing to losses from recent security breaches. But calculating those losses can be tricky.
There's almost no good way of tell a bank customer that her personal data's been stolen. But some banks do a particularly bad job of communicating during a security incident.
Treasuries fell for the first time in five days as investors weighed the probable timing of Federal Reserve interest-rate increases before speeches by U.S. policy makers today.
People and processes are just as essential as technology as banks strive to save on costs in newer store models, say branch-makeover specialists.
Almost two in three credit unions with single pay plans reported difficulty in recruiting advisors. Those with multiple plans had significantly less trouble.
Goldman Sachs Asset Management and Pacific Investment Management say Treasuries are poised to fall as the Federal Reserve approaches the end of its bond- buying stimulus program.
Several banks, such as Woodforest National, operate extensive branch networks inside Wal-Mart stores. There are concerns that the retailer's new GoBank checking account could gut in-store branches' current business.
The pullback from repurchase agreements: How new regulations are reshaping bank funding and financial markets, and impacting money market funds, which investors use as cash-equivalent investments.
Janet Yellen is an unlikely revolutionary. Here are four key insights into why Yellen's success at the Fed matters and what it means for other women.
The American Bankers Association, which initially opposed ".bank" domain names on the Web, is now promoting them as a way to enhance security amid growing cyber risk concerns.
Investors betting on a rebound in Russian stocks are piling into the benchmark exchange-traded fund for the market at the fastest pace in six months.
In a speech Tuesday, U.S. Bank CEO Richard Davis offered mostly upbeat views about the evolving, more stringent expectations of bank regulators.
Barclays hired Akshaya Bhargava as chief executive officer of its wealth and investment management business to replace Peter Horrell, who stepped down.
Beth Mooney cares more about her legacy than she does about being the first female CEO at a top 20 U.S.-based bank. One of her primary goals is to make sure KeyCorp always does right by its customers.
One of the three allegedly stole $11,134 from a bedridden customer who suffered from multiple sclerosis.
Designing comp plans with many grid levels is one way credit unions can boost advisor productivity, according to a report from Kehrer Bielan Research & Consulting.
Ane S. Plate was banned for allegedly looting more than $140,000 from a customer account.
The firm hired another wealth director for business development, the second such director it hired in Pittsburgh this year.
Two former advisors from Fifth Third Private Bank are joining LPL's broker-dealer and custodial platforms as an independent hybrid firm, StreamSong Advisors.
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.