Bank channel

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 it’s 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 Madoff’s 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.

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 there’s not a lot of demand for that, a panel of speakers said at LIMRA’s 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.

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.

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 world’s 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.

Generation X and the younger Generation Y—unlike Baby Boomers—see banks as places where they want to both do their banking and manage their investments.

U.S. Bank’s wealth management and securities services posted a notable drop in its contribution to the bank’s bottom line, falling to $34 million from $43 million last year.