Finance

When an analyst asked about Fifth Third's $11 billion deal to buy rival Comerica, CEO Jim Cracchiolo mentioned the seller's Ameriprise "contract and agreements."

The Federal Open Market Committee voted to reduce interest rates by 25 basis points Wednesday, but the emergence of dissents on the committee makes the chance of another quarter-point cut in December less certain.

Unpopular compensation changes at UBS continue to drive advisor attrition, costing the firm billions in client assets. But despite the outflows, executives say the new policy is helping improve UBS' profits.

The independent broker-dealer has done especially well recruiting Commonwealth advisors since that firm's acquisition by LPL Financial.

Despite a slowdown in advisor recruitment from the first half of the year, Stifel managed to achieve record revenue for the third quarter.

JPMorgan Chase's absorption of First Republic after the 2023 regional banking crisis has finally dealt its last blow to the giant custodian's asset flows.

The findings suggest that "crises, behavioral biases and interpersonal conflicts are not fringe topics but core aspects of modern advising," the authors of a study say.

Along with bringing in new households and assets, the Bank of America wealth management units are turning to loans, alternative assets and other offerings to do more with existing clients.

The largest wirehouse also reported a record quarter for wealth management revenues built on strong asset inflows in the third quarter.

Accountants who advise private equity clients will want to be aware of what these mean for private equity sponsors and their portfolio companies.