The two advisors were banished from the industry late last month for allegedly stealing money from customers, joining nine others who have been barred by FINRA so far this year.
As growth in the region creates more millionaires, Citigroup is targeting a 10% increase in its Asian wealth assets under management this year.
The SEC furthered its investigation into whether senior asset-management executives at JPMorgan Chase developed a policy of improperly steering clients into investments for the firms own financial gain.
What makes a big producer as opposed to a small one? Why do some advisors grow quickly while others barely get by? Learn what's really behind success in this industry.
Alternative financial service providers that sell prepaid cards, bill pay, check cashing and other services to underbanked consumers are becoming more sophisticated with the ways they mine customer data.
Google's attempt to capture the "stickiest" part of many online banking relationships could eventually help put it at the financial center of the consumer's life.
Apple Pay, Samsung Pay and Google Wallet are among the mobile payment services vying for dominance. Here's what every banker needs to know to get a game plan in place.
The bank channel has improved its image as a career choice for advisors by offering a wider array of investments and easy referrals.
Facing a talent shortage, banks need young advisors more than ever and they're finding them before they even graduate college.
Banks are gravitating toward a new technology they think can help customers more easily open mobile accounts: allowing photographs from smartphones to help customers auto-fill portions of their application.
The trustees of the family claimed that the family matriarch received bad advice from the broker at the firm.
Claire Cockerton of U.K. trade group Innovate Finance explains how technology can rehabilitate the global banking industry's reputation and how London became a financial technology hub.
Former RBC Capital Markets managing director Mel Schonhorst achieved a measure of success after seven years trying to clear his name in a Texas investigation that cost him his job though he was never accused of anything.
The usefulness of in-store branches is a hotly debated topic in the banking industry. But some institutions are successfully landing customers -- and increasingly valuable deposits -- through such locations.
The $2.7 billion-asset Peapack-Gladstone in New Jersey said it will incorporate the firm into its private wealth management business.
Nicholas Kramer, an ex-Wells Fargo advisor, and Louis James Deeley, a former J.P. Morgan registered rep, were kicked out of the industry for alleged financial wrongdoing.
Alongside the requisite ATMs and tablet-bearing salespeople, a New York credit union has installed touchscreens where customers can visualize a path to realizing their financial goals. Wells Fargo is taking a similar approach to credit education online.
For several years regional banks have been furiously trying to boost fee income by beefing up in wealth management. But the cost of acquiring talent has made it hard for them to gain traction in this all-but saturated market.
Westamerica Bancorp. probably expected little trouble when it asked for regulatory permission to close a small branch in northern California. Wrong! Welcome to the world of online petitions and social media.
An ex Wells Fargo rep allegedly improperly obtained almost $100,000 from a bank trust account, while a former First Brokerage America broker forged a notary's seal and signature on customer documents.
While managed account programs are projected to grow significantly, many advisors are not confident in their platform's ability to meet their needs due to the difficulty in integrating data firmwide.
The new service will go beyond just job openings--it also will show how many advisors work in a certain area so applicants can hone their searches.
The finance industry faces a steep, uphill battle in trying to convince the Consumer Financial Protection Bureau that the long-standing use of arbitration agreements is beneficial for consumers.
The Consumer Financial Protection Bureau's second arbitration study indicates the bureau's intent to regulate financial institutions' inclusion of clauses that prevent customers from suing.
The bank has partnered with Morningstar's HelloWallet to offer customers financial health scores and a suite of digital tools meant to provide financial advice at a time when branch transactions are on a decline.
Banks can "dot the i's" by focusing on investments and insurance for their customers.
BofA and its Merrill Lynch unit were sued by two former advisor trainees who claim they weren't paid overtime for 10-hour days, long nights and weekend work.
Community and regional banks should be subjected to simpler rules than very large banks, the chairman and CEO of the Buffalo, N.Y., company said. In fact, size is the wrong determinant for risk-based regulation, he said.
Banks and credits unions have only about one-third of the total advisors they need to provide "a really good client experience," says executive at BISA's 2015 annual convention.
The move highlights a broader shift in the way large regional banks are running their wealth management businesses.
Tricia Denise Willis was expelled from the brokerage industry for allegedly swiping $17,400 from a bank customer.
While Generation Y may seem uninterested in what advisors do, they may be the answer to the shortage of talent in the industry.
Veris Wealth Partners, an RIA specializing in sustainable investing, recruited the advisor, who was managing $500 million as a portfolio manager.
To court young talent, banks are reimagining their ads for positions like call center agents and video tellers as YouTube clips. They are also finding ways to make applications easier to fill out on mobile devices.
Bankers at the National Municipal Bond Summit said they believe new bond issuance will increase, especially in the high-yield senior living and charter school sectors.
Revenue from investment services at the typical bank and credit union increased just 6% in 2014, falling far short of bank management expectations.
Frank Epinger will oversee the firm's downtown Los Angeles, Century City, Newport Beach and Santa Barbara offices.
Whenever a comparison has come up in past conversations, big banks usually get the nod due to better technology, name recognition or higher pay grids. But small banks have a lot of fans too.
Advisors who work for larger institutions tend to cover fewer branches, which allows them to focus on service and increase production.
Big banks have a lot to offer advisors, including name-brand recognition and often superior
technology. But the smaller banks have their own set of perks, such as less bureaucracy and the chance to spend more time with family.
Jack Hartings is a vocal proponent of reduced regulation for small banks. But the CEO of Peoples Bank in Ohio wants Washington to force other industries to share the burden of improving cybersecurity and cleaning up after breaches.
The Northeast has always been a competitive market for deposit gathering. Loan growth and the potential for rising interests are forcing banks in the region to find new ways to bring in low-cost liquidity.
As their interest income dwindles, banks are looking to bulk up their wealth management businesses in a bid to boost their fee-based revenue.
The firm agreed to pay $2.6 billion to settle probes into its creation and sale of residential mortgage-backed securities.
A French prosecutor recommended charges for complicity in tax fraud and aggravated money laundering tied to a trust overseen by the firm's office on the island country.
Wealth-management profits fell 2.1% to C$230 million, after recording C$27 million in restructuring costs for its U.S. and international operations, while insurance earnings rose 18% to C$185 million.
While many of the fundamentals of bank programs haven't changed much, the products, technology and sophistication of advisors and clients alike have increased exponentially.
JPMorgan Chase, the biggest U.S. lender, is closing more than 5% of its branches as the firm cuts costs and as more consumers use digital devices to bank.
The megabank's commitment to its branches stands out in an industry where customers are shifting more of their banking activity to mobile devices and PCs, and where banks take an increasingly ruthless look at branch performance numbers.
Steven J. Dunkelberg was barred for allegedly swiping nearly $5,000 from a bank customer's account. He's the third rep to be ousted from the industry this year.
The fight over the Dodd-Frank threshold for enhanced regulations is the first big legislative battle for a loose coalition of regional banks.
The fiscal 2016 budget includes proposals to limit the value of itemized tax deductions for IRAs and 401(k)s and other expenses to 28%.
The group has expanded into Seattle, following entries into New York, San Francisco and Los Angeles.
Bradley Birkenfeld, the former UBS Group banker who won a $104 million whistle-blower award after serving time in prison for tax conspiracy, won a U.S. judges permission to testify in France in a separate probe of the Swiss bank.
The board left his salary unchanged at $1.5 million and he received no cash bonus, a person with knowledge of the decisions said.
A recent research paper found that community banks' assets, along with market share in most types of commercial lending, have fallen since the Dodd-Frank Act was passed. The report is giving advocates of smaller institutions more data to rally around.
Branch closings draw big headlines, but several large banks are entering new markets or bulking up in underrepresented cities by adding branches and hiring lenders. Bank of America, for instance, is planning a retail push in Denver and Minneapolis.
John Houston, managing director of Raymond James Financial Institutions Division, shares his views.
No one can agree on what the Fed will do with interest rates. In the meantime, the banking industry's more-conservative players are devoting more resources toward hoarding low-cost deposits and purging shorter-term borrowings.
Smaller banks must find ways to embrace new and disruptive ways of doing business to compete with bigger institutions and nonbanks, say industry experts.
The firm has made lending and deposits a greater part of its strategy as it seeks to generate more revenue from brokerage clients.
It's a mortgage on top of a mortgage, and at least one lender is making these loans again through brokers.
The bureau is raising concerns about the transparency and clarity of reverse mortgages based on more than a thousand complaints it received about the product.
High-net-worth unit of one of industry's biggest bank programs gets new leader in Terry Jenkins.
New hire will split his time between two community banks that Wintrust's holding company owns in the greater Chicago area.
The senior regional vice president will oversee new bank and credit union clients for Cetera in the eastern part of the U.S.
An SEC fine of a Pennsylvania bank over an accounting matter from more than five years ago raises questions about how long community banks should be on guard about challenges to their conduct during the financial crisis.
The three join a growing roster of J.P. Morgan alumni suspended and fined by FINRA since January.
Jan Hendrickson, former managing director and a founder of a venture capital firm, will grow the bank's ultrahigh-net-worth wealth management business in Seattle.
FINRA finally threw the book at a former J.P. Morgan registered rep who it claims issued unauthorized ATM cards as part of scheme to loot money from customer bank accounts.
Brendan Freeman was named regional wealth executive for Mid-America and will oversee Regions Private Wealth Management teams serving clients in nine states.
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.