Industry

Bank of America posted strong revenue growth in the same quarter its big rivals showed weakness on bread-and-butter banking. But concerns about its higher litigation expenses overshadowed the good news.

The agency asked for the change as part of an effort to improve corporate governance at the company, said one of the people, who asked not to be identified because discussions were confidential.

Stockbrokers routinely succeeded in erasing settlements of customer complaints from their regulatory records in the wake of 2008’s market turmoil, making it harder for investors to research the money managers, a group of plaintiffs lawyers said.

The firm told clients its money-market funds aren’t holding Treasuries that mature in the next month as Congress debates whether to raise the U.S. debt ceiling.

Revenue at the Global Wealth and Investment Management division, including Merrill Lynch and U.S. Trust, was off from 2Q records.

With $1.4 billion in assets already, firm aims to become a Southern California giant.

Three big industry names are joining forces to form a new wealth management firm, Lebenthal Wealth Advisors.

How can you tell whether your own goals are appropriately aggressive? Two things helped new solo advisor Dave Grant understand this.

Banks are looking to the relative safety and profitability of their wealth management divisions to boost earnings. But with that strategy comes increased regulatory and ethical scrutiny of this business line.

Hector Sants, head of compliance and government, is to take a temporary leave of absence because of “exhaustion and stress” less than a year into the job.