Bank channel

Bank of America’s wealth management division achieved record post-merger revenue, net income and AUM inflows.

Bank of New York Mellon Corp., the world’s largest custody bank, reported a first-quarter loss after the U.S. Tax Court disallowed certain tax credits.

Doug Heding joined the Private Client Reserve as a private banking officer in Milwaukee; Kenan Aksoz joined as a wealth management consultant in Minneapolis.

Northern Trust, the third- biggest independent U.S. custody bank, said first-quarter profit rose 1.7 percent as stock-market gains boosted the value of assets the company oversees.

In the first quarter of 2013, wealth and investment services generated $7.8 million in revenue, up 7% from a year ago.

Revenue from trading bonds declined 3% to $4.6 billion, excluding adjustments, from the same period last year, Citigroup said. David Trone, an analyst with JMP Securities LLC, had estimated $3.2 billion. Moshe Orenbuch, a Credit Suisse Group AG analyst, predicted $4.2 billion.

Wells Fargo has rolled out a website to help customers, and eventually non-customers, meet their retirement savings goals.

Northern Trust is touting the rapid growth of its’ defined contribution assets.

JPMorgan Chase kicked off the first-quarter earnings season by announcing record profits, but the results did little to inspire investor confidence in bank earnings or diminish ongoing scrutiny of the bank's business and corporate structure.

Wells Fargo’s wealth, brokerage and retirement business units earned $337 million in the first quarter of 2013, up 14% from last year.

David Lamere, the highly-regarded wealth management executive who most recently was CEO of BNY Mellon Wealth Management, has resurfaced at Fidelity.

President Obama met Thursday with chief executives from the largest U.S. banks, including Bank of America Corp., JPMorgan Chase & Co., Citigroup and Goldman Sachs, according to a White House official.

Wealth management, broadly speaking, is seeing impressive growth. But “broadly speaking” is a frustratingly vague term and most of your clients are not among the economic winners of late.

The programs generated a generous $521.6 million in income for the banks in 2012, the most they have ever produced in the five years that such data has been collected.

Licensed branch employees represent a significant opportunity that many banks have not tapped to its full potential, according to LPL's Rob Comfort.

Jonathan Gabriel, the former COO of MDS Bankmart, once the largest third-party marketing firm for banks, has joined Kehrer Saltzman & Associates as a senior associate.

There are only a few dozen banks with assets of $20 billion to $350 billion. In this regulatory climate, these regional banks in the middle of the size spectrum look very much like the industry's new sweet spot.

Sen. Bernie Sanders, I-Vt., and Rep. Brad Sherman, D-Calif., reintroduced legislation Tuesday to break up the largest financial institutions. The bill was light on details, however, and did not spell out how a breakup should be done.

Ultimus Fund Solutions has added David Carson to its senior management team as Director of Client Strategies to manage the series trust product line

A rebranding of the businesses is likely, Benevides told Financial Planning, as he “actively works” to unify the UHNW group. “It makes sense,” he said. “We’re one team and we want to leverage the strength each unit brings to the table in a way that gives us greater depth in all categories.”