Bank channel

Bank of America's discovery that it submitted incorrect information to the Federal Reserve Board during its recent stress test could undermine what has already become an overly complex exercise.

BofA CEO Brian T. Moynihan won permission last month for the firm's first dividend increase since the financial crisis. Now he's under pressure to salvage the payout after the company mistakenly inflated capital levels by about $4 billion.

Third-party broker-dealers increased the number of advisors they deploy by 1.5% and upped the number of financial institutions they serve by 2.6%.

The newly named exec is responsible for relationship management and business development for personal trust, investment management, and private banking in the New York area, Northern New Jersey and Boston.

Bigger banks have shifted their efforts to deposit growth in advance of proposed liquidity rules. As a result, community banks are seeing more opportunities to lend, particularly in commercial lines that were once the domain of larger lenders.

Barclays Chairman David Walker defended bonuses paid to investment bankers, saying the U.K.'s second-largest lender by assets needed to retain talent last year as U.S. competitors stepped up pay.

Two former brokers with U.S. Bancorp Investments and HSBC Securities were banned from the industry for trying to cheat their customers.

The world's securities firms are poised for 10 years of growth, according to Hans-Joerg Rudloff, the former chairman of that business at Barclays.

The number of credit unions offering investment services rose for the first time in five years, jumping 3% to 860 in 2013.

Employees are becoming increasingly engaged and more proactive in their financial planning, according to a new study.

SunTrust Banks in Atlanta said its quarterly profit rose 16% as it made more commercial loans.

The decline was partly due to weather-related events that lowered customer activity across the board, the bank’s CFO said during an earnings call.

KeyCorp offset lower revenue with cost cutting last quarter.

The broker-dealer was censured and fined for selling unsuitable exchange-traded funds to customers.

PNC Financial Services Group Inc., the second-biggest U.S. regional bank, said profit rose 6.5%, beating analysts’ estimates, as expenses declined and the company set aside fewer provisions for soured loans.

U.S. Bancorp, the nation’s biggest regional lender, posted a first-quarter profit that matched analysts’ estimates as mortgage-banking revenue declined

The Office of the Comptroller of the Currency is likely to make changes to its proposal outlining the "heightened expectations" the largest banks must face after the industry raised concerns that certain provisions could backfire.

The wealth management units of Wells Fargo and Bank of the West are looking to expand their asset-management businesses by entering the lucrative -- and competitive -- New York market. Both banks are opening new offices in Manhattan this year.

Brokerage income at M&T Bank rose in the first quarter, escaping the bad weather impact that seems to have hammered the bank’s other fee-based business lines.

The San Francisco bank is mainly counting on organic loan growth and improved asset quality to drive future profits, but it would also be open to acquisitions, especially in the credit card in wealth management businesses.