Bank channel

The Korean-American bank will look to the firm to grow its wealth management program and adviser force.

The bank announced that its retail brokerage arm will move to a level-fee pricing model for customer retirement accounts by April 10.

Tim Sloan acknowledged that there may have been instances in which employee complaints related to the bank's cross-selling practices may have been mishandled.

Experts and advisers weigh in on what to expect and how to discuss the future.

Several senators conducted their own review of FINRA reports and said they found that Wells Fargo had “ample information” about the severity of the bogus account practices for years.

The regulator is asking firms to provide details of their cross-selling programs, including incentives offered brokers and other employees.

The bank has undertaken a detailed review of its practices, policies and procedures but has not to date uncovered any systemic, cultural or operational areas of concern.

Unlike other scandals in recent years involving foreign exchange rates and the London Whale, Wells' employees falsifying accounts and charging unfair fees is easy to grasp.

The new CEO said the aggressive sales goals – which were ditched earlier this month – served the interests of neither clients nor branch employees.

The bank will provide both non-discretionary and discretionary services. The discretionary service will offer three types of investment lineups built for different plan demographic profiles.

Third-quarter revenue from brokerage and trust services fell 8% and 7%, respectively, from the same period last year. Both units, however, boosted assets under management.

Execs see revenue sinking 7% to 20% next year while management is counting on growth of 4% to 6%.

Prosecutors served a warrant seeking names of employees who opened unauthorized accounts, as well as the bank’s fee structure and a calculation of losses suffered by affected customers.

"We don't measure that. We don't set quotas," Richard Davis told analysts while reporting strong revenue and profit numbers for the bank's wealth management businesses.

Even though the bank has great confidence in the processes it built, it nonetheless is "re-reviewing everything it's doing," says the bank's CEO.

Net income for the wealth management unit rose to $677 million from $606 million for the year-ago period.

The new CIO will direct U.S. Bank Wealth Management's Asset Management Group and lead its investment management business strategy and policies.

Third-quarter revenue from global wealth management surged 10% year-over-year.

The bank has already taken action in instances of staff misbehavior, according to Chief Financial Officer Marianne Lake.

New hires and promotions happened at several institutions, including Regions Bank, Fifth Third Bank and First Tech Federal Credit Union. Find out who they are and what their new roles entail.