Industry

Even stodgy Wall Street brokerages are loosening up as they try to win the war for talent.

Since 2021, JPMorgan has hired at least a dozen private-banking executives from rivals and is targeting double-digit percentage growth.

Toronto-Dominion Bank, the Canadian bank that’s been expanding through acquisitions, is weighing a deal for the brokerage firm Cowen, according to people familiar with the matter. 

The growth opportunity is there, the brand trust is there, the clients are there — it’s the banks that are largely absent.

Missouri-based UMB Financial says it would acquire 157,000 accounts across more than 3,000 employer groups from Old National Bancorp in Indiana.

The results come from the College for Financial Planning’s first cohort of scholarship winners.

Atlantic Union in Virginia made the most of its four-year foray into the registered investment advisory business, but it decided to take a step back after concluding one of its banking clients would do an even better job and that it could invest the proceeds elsewhere.

The private equity-backed firm and other giants of the industry are deploying their capital across new and existing lines of business.

The wealth manager has leveraged massive resources across its three channels, but it’s not altering its approach to the continuing breakaway movement.

The wealth managers respectively recapitalized as the spigots of capital keep expanding in the industry, even amid signs for concern in the larger economy.