Bank channel

The chief executive officer of JPMorgan Chase, Jamie Dimon, hosted a lunch with 75 New York business leaders in a bid to help to steer Washington away from the fiscal cliff and toward a budget compromise akin to Simpson-Bowles.

The acquisition of Rochdale Investment Management helped raise City National Corp.'s third-quarter income 44% from a year earlier to $59.8 million.

Federal regulators are reviewing banks' growth plans, particularly those that include third-party companies. To avoid excessive scrutiny, industry experts advise banks to proactively discuss such relationships with examiners.

A little more than two years after the Dodd-Frank Wall Street reform bill was signed into law, a prominent Washington think tank has convened a broad range of policy experts to examine the law, to the extent that it has been implemented, and produce a substantive set of recommendations for lawmakers to consider as they mull updates to improve the financial regulatory landscape.

Northern Trust, the nation's third-largest custody bank, said Wednesday that its third-quarter profit rose 4.9% from the same period last year, to $178.8 million, as improved asset quality and strong fee-income growth more than offset dips in interest income and foreign-exchange income.

The system now provides financial advisors with access to tax tools, account details and trading information.

The industry must work much harder to restore its reputation after this year's scandals, HSBC USA CEO Irene Dorner said Tuesday, in a speech that was part rally and part reprimand to bankers.

Bank of New York Mellon Corp., the world’s largest custody bank, said third-quarter earnings climbed a bigger-than-estimated 11 percent as rising stock prices helped expand customer assets.

The regional bank plans to substantially strengthen its western footprint with new advisors in Oregon, Washington, California and Nevada.

Bank of America Corp., the second- largest U.S. lender, said third-quarter profit dropped 95 percent on litigation expenses and an accounting charge tied to the firm’s debt.

The trade group's annual gathering showcased an industry less preoccupied with stabilizing itself and adapting to new regulations — and more interested in looking toward the future.

The bank’s wealth management division had been going through its own changes already, and most observers believe it is on a good track.

Sheila Bair, former chairman of the FDIC, said Vikram Pandit's departure as CEO of Citigroup was a "very positive move and the board discharged its responsibilities and I think they should be commended."

U.S. Bank hired Joe Weidenbach as Chicago market leader for The Private Client Reserve, the bank’s high-net-worth wealth management business.

State Street Corp., the third- largest custody bank, said third-quarter profit fell 0.6% as revenue from foreign-exchange trading declined and low interest rates continued to depress earnings.

Citigroup Inc. Chief Executive Officer Vikram Pandit, who led the bank through its government rescue, stepped down and will be replaced by Michael Corbat. The bank slid in early trading

Citigroup has gotten rid of almost $500 billion in unwanted assets since the financial crisis, but executives say it still has work to do.

Citigroup Inc., the third-biggest U.S. bank, reported a surprise profit of $468 million for the third quarter, helped by a $582 million tax benefit and bond- trading revenue that beat analysts’ estimates.

Webster Bank has recruited Daniel FitzPatrick from BNY Mellon Wealth Management to lead its recently launched private bank.

JPMorgan Chase & Co., the biggest U.S. bank by assets, posted a record third-quarter profit that beat analysts’ estimates as mortgage revenue soared 72