Bank channel

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.”

Bank of America Corp.’s $2.4 billion settlement with investors who lost money as a result of the bank’s acquisition of Merrill Lynch & Co. was approved by a federal judge.

Those who do use advisors are scrutinizing the guidance they get and realizing that true value is more than just investment returns.

Goldman Sachs Group Inc., the fifth- largest U.S. bank by assets, said Stephen Friedman will retire from its board of directors on May 22.

Cetera will provide the Fort Wayne, Ind.-based community bank with wealth management services, solutions and support.

(Bloomberg) Bank of America Corp. Chief Executive Officer Brian T. Moynihan has summoned more than 100 of his regional leaders to a private meeting today where they’ll be pushed to boost the lender’s flagging revenue, said two people with direct knowledge of the project.

Asset managers have taken notice of the the proliferation of alternative mutual funds in the retail and institutional channels and have changed their game plan accordingly.

The bank hired a new wealth management advisor, trust officer and senior portfolio manager in the Minneapolis office of the Private Client Reserve.

The Federal Deposit Insurance Corp. took enforcement actions against four banks last month tied to inadequate capital, compliance shortcomings and other matters, according to a series of orders released Friday.

An expanded database of complaints that consumers have filed against large financial institutions went public Thursday, but the debate over whether the new treasure trove of information helps or hurt banks is just beginning.

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