Bank channel

“My number one objective is to grow revenues from the private bank and help to make it an even greater contributor to the growth of Webster Bank,” said Daniel FitzPatrick, the new head of the business.

The nation's fourth-biggest bank by assets said in a filing with the Securities Exchange Commission on Friday that its board would improve some of its governing practices as part of the proposed pact.

“The banking space is definitely going to get smaller,” predicts Robert Bolton, president of Rochester, NY-based Iron Bay Capital, which runs a long-short fund that invests exclusively in financial institution stocks.

Among Vikram Pandit’s last jobs as Citigroup Inc.’s chief executive officer was to decide the fate of the bank’s hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.

Hands-on testing of the latest version of PNC's Virtual Wallet reveals some improvements and some lingering performance issues.

Industry veteran Stephen Mullins will be responsible for overseeing the strategic direction of the firm and the portfolio management team.

Belinda Sherman has been promoted to president of The Huntington Investment Company, reporting to Steven Short, director of Huntington Wealth Advisors.

Bank is seeing unusual volumes of traffic, but the "vast majority" of customers are not affected, it says.

The Clearing House spent 10 months and $2 million to plan a simulation of a large bank failure — and the results are not only fascinating, they're exemplary.

It has named two industry veterans to key positions within Ascent Private Capital Management, the bank’s wealth advisory business for ultra-high-net-worth clients.

“Many banks are just going through the motions, tweeting about things that are irrelevant to their followers,” Ron Shevlin, an analyst with independent research firm Aite Group, writes in a recent report.

Wells Fargo & Co., the biggest U.S. bank by market value, bought a stake in Rock Creek Group LP to provide more hedge-fund offerings to clients amid a push to double the asset-management unit within seven years.

BNY Mellon Wealth Management named Tracy Tuens, a seven-year veteran of Wells Fargo Bank, to a newly created position as senior sales director for the firm’s Family Office and Advisor Solutions group.

Family Wealth Services includes investment, banking, wealth transfer and legacy planning capabilities as well as wealth management strategies that incorporate generational differences, family diversity, and overall family goals and values.

Gen X and Gen Y investors account for one-third of all Americans with more than $100,000 in investable assets, up from 20% in 2010.

While the overwhelming majority of advisors are bullish about 2013, they say their clients aren’t so positive.

House Republicans continued their attacks on the Volcker Rule on Thursday, arguing it was unnecessary and overly complex just a day after Federal Reserve Board Chairman Ben Bernanke signaled regulators were close to finalizing it.

Raymond James will be instrumental in helping the program transition to fee-based business from transaction-based business.

The Office of the Comptroller of the Currency recently graded the 19 largest banks on five factors designed to gauge how well they are being run. The results are shocking.

Federal Reserve Board Chairman Ben Bernanke said Wednesday that regulators are nearing completion of a contentious rule that will ban proprietary trading at U.S. firms.