Bank channel

The savings are part of a $500 million initiative to rationalize trading operations which could mean that as many as 3,000 people associated with JPMorgan Chase trading would lose their jobs or be redeployed inside the company.

Executives at two bailed-out lenders could earn the kind of big paychecks that are normally a no-no for banks that still owe the federal government.

The sudden departure this week of Deborah McWhinney raises concerning questions for brokers, advisors, customers and the firm's executive management team as it embarks on a search for her replacement and, more important, its strategy for the highly coveted mass-affluent market.

The additions would come as JPMorgan Chase looks to aggressively grow its network in Florida and California, said Charlie Scharf, the company's chief of retail financial services.

Deborah McWhinney, the head of Citigroup's flagging personal banking and wealth management group, is leaving her post after a tumultuous two-year run in which she attempted to makeover the nation's third-largest bank following the spin-off of its Smith Barney brokerage unit in 2009.

Some Bank of America customers saw other people's transaction details through online banking, a report said, but the company insisted that no fraudulent activity resulted.

There is little question that banks are in a better position than they were just a few short years ago. But is more capital, or even an awful lot of capital, enough capital?

Part of the reason for the surge in the first nine months of last year appears to be that brokers in the bank channel pushed harder for fee income as other fees came under pressure.

Some banking companies are chasing transformative acquisitions, but Wintrust Financial is perfectly comfortable growing block by block.

For the second year in a row, enforcement actions set a record, jumping 21% last year, to 2,724, an increase industry representatives attributed to a persistently heightened focus on capital and safety and soundness standards in the wake of the financial crisis.

“I think the growth prospects are terrific,” Arnold said in his first interview since the company emerged from its quiet period. “We have an overall demand for advice which tends to help this segment of the industry.”

Alarm bells almost always sound when a key executive leaves a bank unexpectedly. And in the absence of a good explanation, they are likely to keep on ringing.

Given Atkins' popularity on Wall Street and high profile, questions turned to how the bank would manage the transition. Wells, however, appears to be in position to ignore them.

The New York-based company announced it hired Robert Glaser as part of its effort to expand in the greater Las Vegas region.

In December, fixed annuity production was relatively stable but variable sales continued on their upward trajectory, recording increases each month in the fourth quarter, according to the Kehrer-Jackson Monthly Bank Annuity Sales Survey.

A Financial Industry Regulatory Authority Panel ordered Citigroup to pay $6.4 million to a group of investors including investment banking executive D. Theodore Berghorst for municipal arbitrage trust fund losses.

Bridge Bancorp in Bridgehampton, N.Y., said Tuesday that it has agreed to buy Hamptons State Bank of Southampton, N.Y., for $6.3 million.

Wells Fargo CFO Howard Atkins has resigned for personal reasons, the bank announced late Tuesday. He was immediately succeeded by chief administrative officer Timothy Sloan.

The common refrain of needing to spend money to make money doesn't necessarily apply to social media marketing where time and enthusiasm can trump budget.

The Chicago-based company added three wealth advisors and a wealth strategist with previous experience from Wilmington Trust, U.S. Trust, JP Morgan Private Bank, Brown Brothers Harriman and Ernst & Young Personal Financial Services.