Here are the most recent career moves among regional and wirehouse advisors.
Goldman Sachs Group and Deutsche Bank AG are among five Wall Street firms in addition to JPMorgan Chase whose hiring practices in China are being probed by U.S. regulators, the New York Times reported.
Goldman Sachs Group and Deutsche Bank AG are among five Wall Street firms in addition to JPMorgan Chase whose hiring practices in China are being probed by U.S. regulators, the New York Times reported.
Julius Baer Group took over Merrill Lynch businesses in Lebanon, Bahrain and the United Arab Emirates and reiterated a target for adding assets it agreed to acquire from Bank of America last year.
Elizabeth Warren, in her first year as a U.S. senator, has captured headlines by pressuring such industry titans as Goldman Sachs Chairman Lloyd C. Blankfein for transparency, including a Dec. 4 call for Wall Street banks to disclose their contributions to policy groups that provide financial analysis to Congress.
The ongoing debate over community bank consolidation also extends to big shareholders. While most prefer to see deals, there are a few who argue that well-run banks can stay independent.
The new hires are part of the wealth managers campaign to boost its sales force and add private and mortgage bankers and other professionals in key wealth markets by the end of 2014.
The largest U.S. banks are pushing back against the Fed's ambitious vision to build a ubiquitous electronic retail payments network that would move money far faster than banks do today.
Deutsche Bank AG, Europes biggest investment bank by revenue, barred multi-party chat rooms at its fixed-income and currency trading businesses as regulators continued punishing banks for alleged rate-rigging.
Deutsche Bank AG and Royal Bank of Scotland Group are among six companies fined a record 1.7 billion euros ($2.3 billion) by the European Union for rigging interest rates linked to Libor.
Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
The Private Client Reserve hired a former Mayo Clinic executive to join the healthcare solutions team as vice president and healthcare banking specialist in Minneapolis.
If you are a small bank willing to sell for cash, there's an increasing chance a large credit union might be interested in making you an offer.
FINRA barred Fernando Arevalo and Jimmy Caballero, two brokers at JPMorgan Chase Securities, for stealing $300,000 from an elderly widow with diminished mental capacity.
JPMorgan Chase and Goldman Sachs Group, the worlds biggest trading firms, had their revised capital plans for 2013 cleared by the Federal Reserve on Monday, a month before next years submissions are required.
The bank said the U.S. governments move to add one of its executives as a defendant in a fraud lawsuit suggests retaliation after the bank said it was suspending settlement negotiations.
Northwest Savings Bank in Warren, Pa., has agreed to acquire a financial advisory firm and an employee benefits and consulting insurance company.
After holdings of U.S. debt surged to a record $1.89 trillion in 2012, lenders from Citigroup to Bank of America and Wells Fargo are culling for the first time in six years and amassing dollars.
Bank of America, the second- biggest U.S. lender, agreed to pay government-backed Freddie Mac $404 million to resolve mortgage-repurchase claims.
Increases in medium- and long-term interest rates still pose risks, but the Federal Deposit Insurance Corp.'s Quarterly Banking Profile revealed that a rate recovery can also have advantages.
Alfred Feld, who joined Goldman Sachs in 1933 and rose from office boy to private-wealth manager and became the firms longest-serving employee, has died. He was 98.
HSBC in McLean, Va., has hired a longtime Citigroup executive to lead its U.S. branch network.
The rise of mobile banking is starting to impact branch staffing levels. At the same time, new jobs are being created in branches and on digital banking teams.
A former employee at an Ohio branch of U.S. Bancorp pleaded guilty Friday to charges that he accepted $24,000 in kickbacks from debt collectors in exchange for giving them business.
Dan Driscoll will oversee six advisors and will work closely with M&T Bank regional presidents in their respective markets.
Retired Congressman Barney Frank, one of the architects of the Dodd-Frank financial reform law, called Friday for both stringent standards and lenient enforcement around the law's much-watched Volcker rule.
MBIA agreed to insure a $1.16 billion pool of mortgages without its employees reading a report the bond insurer now claims was altered to hide flaws in the loans, JPMorgan Chases lawyers told a judge.
Banks should avoid large acquisitions until the dust settles from deals done during the financial crisis, U.S. Bancorp CEO Richard Davis said, citing costs that can come years later.
One-fourth of bankers surveyed by KPMG expect to become sellers in 2014 as challenges and regulatory scrutiny rise.
The firm appointed a former executive of Capital One Bank to a new position leading the firms private and escrow bankers and coordinating the activities of mortgage banking officers in the field.
Community groups are uniting to protest Regions Financial's short-term loan program, calling on the Birmingham, Ala., company to ditch its "Ready Advance" product.
The Justice Departments $13 billion mortgage securities settlement with JPMorgan Chase is a record and also a rarity -- Attorney General Eric Holders first big win against a bank at the heart of 2008s financial crisis.
Dubai, which teetered on the brink of default in 2009, is cracking down on misconduct at its financial center to safeguard its position as a business hub.
During the first half of the year, bank insurance brokerage units generated $3.37 billion in fee income, down 13.2% from $3.89 billion a year earlier.
Bank of America exceeded $15.06 yesterday, the price on the day before Brian T. Moynihan became chief executive officer almost four years ago.
Government officials believe ever-intensifying regulatory requirements will force the largest banks to shrink and simplify to the point they are no longer a threat to the financial system. But bankers see a different future.
The firm added two family wealth advisors in New York and Boston.
The $8.5 billion settlement reached with Bank of America gave mortgage-bond investors more than twice what they would have recovered through litigation and was an easy decision, an attorney for the trustee who negotiated the deal said.
The pairing of Rockville Financial in Connecticut and United Financial in Massachusetts would create a $5 billion-asset bank that can get more efficient yet invest in growth. More deals like it have been happening around the country this year.
Social media can be treacherous for any large firm. Just ask JPMorgan Chase, which provoked a frenzy last week after its #AskJPM hashtag was hijacked by angry customers. Big banks arguably face more challenges than other large corporations because, while they must use social media to reach out to customers, they still face substantial reputation damage from the financial crisis. Following are some of the worst experiences banks have had to date.
The credit rating agency cut its ratings on four of the biggest U.S. banks after deciding the government would be less likely to help them repay creditors in a crisis.
Javier Martin-Artajo, the former JPMorgan Chase banker accused of helping hide trading losses that eventually surpassed $6.2 billion, told a Spanish judge he opposes extradition to the U.S.
The firm is seeking regulatory approval to make financial advisors dual employees of its bank subsidiary in addition to the broker-dealer as it increases mortgage lending, a person briefed on the matter said
Recent legal settlements have compounded big banks' fears about pursuing M&A, U.S. Bancorp chief Richard Davis says.
Banks and credit unions are rewarding their advisors with higher payouts for fee-based business, ranging from 40% to 50%.
BNY Mellon Wealth Management made two senior hires in Boston and San Diego that are part of its recruiting campaign to increase its sales force by 50% by the end of next year.
The Financial Stability Board lowered the proposed surcharge on globally systemically-important banks for Citigroup and Bank of New York Mellon, leaving JPMorgan Chase as the only U.S. institution to face the highest 2.5% capital buffer.
The bank nabbed the assistant research director of GE Asset Management to lead the U.S. equity portfolio team.
The company lost money in the third quarter as it aggressively looked to build assets. At least one investor urged management to take a break from acquisitions during a quarterly call to discuss results.
Bank of America should pay the maximum penalty of $863 million for selling defective loans to Fannie Mae and Freddie Mac, given the egregiousness of the fraud, U.S. prosecutors told a federal judge.
The new directors will oversee business development in Pittsburgh; Westport, Conn.; and Dubai, United Arab Emirates.
Were not maniacally focused on how many advisors we have affiliated with the firm, says Scott Curtis, president of Raymond James Financial Services.
A former JPMorgan Chase banker who managed Bernard Madoffs account said the con man was on track to receive a $200 million loan less than a month before his arrest if the request hadnt been dropped.
Many bankers are rethinking their fee structures and the range of services they provide. The trick is to avoid overly punitive fees while offering services that offer value to customers.
The firm settled legal disputes with federal regulators tied to mortgage-backed securities for about $335 million.
Advisors in the field, or those who cover multiple bank branches, will be able to electronically transport clients documents in an easier format.
Wells Fargo is among firms facing federal scrutiny of mortgage-bond sales under a 1989 law the government is using to extend probes of banks roles in the credit crisis, two people with knowledge of the matter said.
Regions Financial, Alabamas biggest bank, received a subpoena from the U.S. Department of Housing and Urban Development tied to the origination of mortgages backed by the Federal Housing Administration.
The U.S. is in the midst of an economic revolution akin to the Industrial Revolution of the late 1700s and early 1800s, says Raymond James strategist.
Paul Cahill from Virtus Investment Partners notes that 10% returns were a reality for previous generationsbut not anymore
Goldman Sachs Group, JPMorgan Chase and Bank of America are among Wall Street firms still catering to SAC Capital Advisors after the hedge fund agreed to plead guilty to insider trading charges.
The sixth-largest U.S. bank by assets said it may be sued by American International Group over mortgage-backed securities that the insurer purchased before the financial crisis.
The head of the state bank supervisors' group said he sees a quiet push to "reform our regulatory structure to better reflect the business models of our largest banks."
Deutsche Bank's Chip Packard and Haig Ariyan discuss lessons the industry learned in the past five years.
Regions Insurance hired the owner and two associates of The Hanback Group, an independent insurance brokerage and human resources consulting firm, to lead the employee benefits practice in Nashville.
Call it the second wave of the mortgage-refinancing collapse. Prepayment penalty income is about to crash. Hard. Especially in New York.
The firm added three advisors in the Palm Beach market, where business is growing.
The former central region president will now oversee the Private Client Reserve and its 1,300 financial professionals nationwide
Banks have aimed their efforts too broadly at the mass-affluent, a diffuse and broad swath of customers. Instead, they should pursue the rising mass affluent, a segment with the most potential for accumulating wealth, according to Booz & Company.
Sendhil Mullainathan, the former head of research at the Consumer Financial Protection Bureau, speaks in an interview about when it's appropriate, and when it's not, for the government to try to influence consumer behavior.
JPMorgan has named a former U.S. Bancorp executive as the head of its wealth management business.
Since the crisis, this segment has focused on paying its debt, but now its investing for retirement again. The kicker: just 40% use advisors.
Assets held at direct-to-investor accounts have nearly doubled since 2008 and are outpacing growth at traditional channels, according to a Cerulli report.
Revenue is stalling and expenses keep rising at numerous community banks and investors are getting impatient with the worst offenders.
JPMorgan, under siege on multiple fronts by state and federal prosecutors investigating alleged wrongdoing at the largest U.S. bank, is in talks with federal prosecutors in New York to resolve allegations it helped facilitate Bernard Madoffs crimes.
Wealth management services generated $7.5 million in revenue, up nearly $2 million, or 34%, from $5.6 million in the same quarter last year.
Three regional banks demonstrated the delicate balance that banks face in managing expenses.
The wealth management business generated $111 million in third-quarter revenue, up 35.4% from $82 million last year.
CEO Jamie Dimon went to Washington almost a month ago to see if U.S. Attorney General Eric Holder would settle a criminal probe of mortgage fraud at the bank if it paid more money to resolve related civil investigations.
Such annuities typically mean watered-down guarantees and theres not a lot of demand for that, a panel of speakers said at LIMRAs 2013 annual conference on Monday.
Multiples are stronger in historical terms than many bankers assume, buyers' stock prices are going up and banks need to get to $25 billion of assets to thrive, says David Olson of River Branch Holdings.
JPMorgan Chase's record $13 billion settlement has significant implications for the financial industry, but they may not be what casual observers expect. Following is a guide to the key takeaways from the deal.
The typical credit union would have to increase the number of advisors it deploys by 39% to get to the same deposit coverage as community banks.
Some regional banks reported strong loan growth in the third quarter and are upbeat about the fourth. Others had a weak summer and expect this quarter to be the same. All claim their lending practices are sound and that rivals are taking risks. It doesn't add up.
Fraud against the elderly is expected to rise as the nation's baby boomers near retirement. Bankers and regulators are keen on trying to get ahead of the issue.
Trust and investment services generated $123.8 million in third-quarter revenue, up 7% year-over-year.
Bank of America posted strong revenue growth in the same quarter its big rivals showed weakness on bread-and-butter banking. But concerns about its higher litigation expenses overshadowed the good news.
The worlds most profitable securities firm before the financial crisis said earnings were little changed as the bank cut costs in response to a 20% drop in revenue.
The agency asked for the change as part of an effort to improve corporate governance at the company, said one of the people, who asked not to be identified because discussions were confidential.
PNC, U.S. Bancorp and KeyCorp all reported loan growth of at least 5% in the third quarter as they focused heavily on strengthening customer relationships and reaped the benefits of expansion into new markets or business lines. Still, revenue and other challenges remain.
Generation X and the younger Generation Yunlike Baby Boomerssee banks as places where they want to both do their banking and manage their investments.
U.S. Banks wealth management and securities services posted a notable drop in its contribution to the banks bottom line, falling to $34 million from $43 million last year.
The deal, which would bring the banks total settlements in the episode to more than $1 billion, may be announced as early as this week.
The third- biggest independent U.S. custody bank said third-quarter profit rose 15% as cost cuts combined with rising stock markets pushed revenue higher.
Bank of America advanced in New York trading as the second-largest U.S. lender said lower legal expenses and loan losses helped profit rebound.
Independence Bancshares in S.C. may look like an unassuming community bank, but its plans to tie together mobile banking and real-time processing may turn the industry on its head.
Just beneath the handful of behemoth banks, there are many more smaller banks competing for a larger, mainstream clientele. It's a mad scramble, but you can read about some of the winning strategies here.
Banks are looking to the relative safety and profitability of their wealth management divisions to boost earnings. But with that strategy comes increased regulatory and ethical scrutiny of this business line.
While the biggest banks dominate the wealth management industry for the most affluent clients, there is a mad scramble of regional and community banks for the less affluent clientele. One CEO called it a "jump ball."
Julie Stackhouse at the St. Louis Fed admits that some regulators who once questioned the role of smaller institutions are now committed to hearing their concerns and making improvements.
In the third quarter, the banks wealth and investment services generated $8.1 million in revenue, up $909,000, or 13%, from a year ago, but 9% shy of the record $8.9 million it produced in the second quarter.
JPMorgan reported its first quarterly loss under CEO Jamie Dimon after taking a $7.2 billion charge for legal expenses.
Wells Fargo said third-quarter profit climbed 13% to a record as fewer loan defaults and lower expenses helped overcome weakness in mortgage lending.
Almost half (46%) of advisors believe their clients donate to charity to reduce their taxes, when in fact only 10% do.
Janet Yellen is expected to take a more hands-on role in bank regulation than her predecessors if she is confirmed to be the next chairman of the Federal Reserve Board.
Umpqua Banks plan to grow the private banking business may shift into high gear if its parent companys planned acquisition of Sterling Financial Corp. is approved.
The tiny deal between Bridge Bancorp (BDGE) and FNBNY Bancorp is a megamerger of so many M&A trends.
There is a small seller feeling operational pressure, but it has a hard time raising capital to expand its balance sheet.
There is a buyer on the hunt for new markets that only raises capital when it has its target secured. Moreover, they have an agreement that reflects how buyers and sellers are still wrestling over loan valuations.
Helen Nugent, an 18-year veteran of Northern Trust, oversees a team of five sales directors across a six-state region and will drive regional professional recruitment efforts.
Morgan Stanley, Bank of America and Wells Fargo are poised to lead the six largest U.S. lenders by reporting a jump in earnings that may surprise some investors fixated on a slump in trading and mortgage lending.
Bankers are growing increasingly fearful that the U.S. could breach the debt ceiling as the prospects for a deal ahead of a looming Oct. 17 deadline appear uncertain.
Researchers at a Federal Reserve conference in St. Louis provided data backing small bankers' concerns about regulation and competition, though it is unclear if the findings will led to meaningful change.
The Business Roundtable, a group whose executive committee includes JPMorgan Chase & Co. head Jamie Dimon, said 21% of surveyed chief executive officers think its unimportant to have a one-stop shop for their financial needs.
Big banks once again widened their lead in deposits, according to the FDIC's yearly survey. Community banks lost ground nationwide, but they held their own in small cities and rural areas. Plus, small banks slowed deposit-gathering because they're already too liquid.
Federal Reserve Board Chairman Ben Bernanke said Wednesday that U.S. regulators don't want to harm community bankers still ailing from the financial crisis.
The hires are part of BNY Mellons campaign to increase its nationwide sales force and add private and mortgage bankers and other professionals in top U.S. wealth markets.
Over the past two years, the number of advisors jumped to 60 from 45, an important factor in the units revenue growth.
Bank of America completed the merger of its Merrill Lynch & Co. subsidiary into the parent company to simplify the corporate structure.
The banking regulators will remain open during the government shutdown, but the ongoing fiscal battle in Congress could still have significant implications for the financial services industry.
The wealth manager moved its Cleveland office to a larger space that will accommodate more clients and more staff.
The third quarter was marked by fewer but bigger deals. Higher prices could keep volume in check as sellers hold out for more. The fiscal showdown in Washington and related market swings could also complicate the balance of the year.
Several institutions in one of the nation's hardest-hit banking markets have shed enforcement actions, or have hired new leaders, as they attempt to stage comebacks.
More than three in five (62%) credit union members trust their credit unions, yet only 18% trust the advisor there. The positive view: this is an incredible opportunity to improve.
The negotiations with federal and state authorities to resolve a series of investigations tied to mortgage bonds are focusing on a potential $11 billion figure, including $4 billion for consumer relief, a person familiar with the talks said.
To grow the business, the bank will significantly increase the number of advisors from 25 to some 40 to 45 over the next three to five years.
UBS AG Chief Financial Officer Tom Naratil said the financial industry needs to continue deleveraging as the size of bank assets hasnt substantially changed since the global financial crisis.
The firm will provide clients of its affiliate M&T Bank with expanded wealth management and investment services, while developing new business.
The new hires will be responsible for business development and identifying opportunities for expanding the firms client base.
Cetera will provide the Chambersburg, Pa.-based community bank with investment, insurance and fee-based advisory services and support.
Seeking to end probes of a trading debacle that damaged its reputation for risk-management, JPMorgan agreed to pay about $920 million for failing to implement adequate controls and providing incomplete information to regulators and its board.
The firm has expanded in Texas with the addition of a team of three former Merrill Lynch advisors.
KeyCorp wasn't looking to make history when it named a female CEO in 2011. It wanted a stronger leader and a good fit for the company. Based on what Beth Mooney has accomplished so far, she's delivering on all fronts.
Wall Street banks, facing a drop in third-quarter trading revenue, are counting on todays Federal Reserve announcement to spark a surge in volume.
Providers of money-market mutual funds and the states and corporations relying on them to manage cash will tell U.S. House lawmakers today to be wary of new regulation of the $2.6 trillion industry.
Malvern Bancorp is being challenged by a pair of dissidents in a development that highlights investors' growing frustration with the banking industry's inability to put capital to work.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon told employees to prepare for more legal woes while the bank undertakes an unprecedented effort to comply with regulations.
The wealth manager is moving to a larger office space to accommodate growing business in Florida.
The move is part of BNYs previously announced plans to expand its nationwide sales force by 50% over the next 18 months.
Many banks are at a crossroads now on whether to stay independent or sellbut for those banks that raised money to buy others, the pace of consolidation has been a drag.
In the first half of 2013, they generated $283.3 million in revenue, the most theyve made in the first six months of any year since 2007.
The Tupelo, Miss.-based financial holding company selected Infinex Financial Group to manage its investment services program.
Umpqua Holdings' agreement to buy Sterling Financial is the latest in a series of deals this year to pair similarly sized banks, creating a new crop of midsize financial institutions.
In 2012, they generated an average of $262,972 in revenue, beating advisors in similar-sized banks that partner with third-party broker-dealers.
FirstMerit, M&T Bank and New York Community Bancorp are buyers in different stages of the acquisition process, and their executives together provided an insightful look into the full M&A experience this week.
The bank recently made a series of moves to woo the long-neglected mass-affluent customer.
Morgan Stanley will get another $57 billion of deposits from Citigroup as part of its Smith Barney purchase and plans to increase securities lending, commercial real estate, corporate and warehouse lending.
Higher rates would help bring relief to bankers whove seen lending margins squeezed and expenses pushed up by new technology and regulations.
To help investors cut through the clutter of ETFs on the market, Merrill Edge devised a list of 61 high-quality ETFs from which they can build their own portfolios.
Citi Private Bank nabs talent from J.P. Morgan and Abbot Downing to serve the super wealthy in key markets.
Regions remains on the hook for litigation tied to Morgan Keegan, which it sold last year to Raymond James Financial.
Failures, mergers and charter consolidations have all played a role in the latest decline, but what's really driving down the numbers is the lack of de novos.