Bank Channel

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.