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While the sudden departure of Bank of New York Mellon CEO Robert Kelly late Wednesday might have come as a surprise to some industry observers, it was actually a change Rochdale Securities Bank Analyst Dick Bove called for two weeks ago.

A Financial Industry Regulatory Authority arbitration panel has ordered Wedbush Inc. and one of its former brokers to pay $2.9 million in damages and fees to an elderly investor who allegedly fell victim to a faulty investment scheme.

Charles Schwab on Thursday said it has completed the acquisition of online options brokerage OptionsXpress for about $1 billion to capitalize on the profitable business of options trading.

IBM agreed to acquire risk analytics firm Algorithmics for an estimated $387 million. Its risk analytics software, content and advisory services are used by banking, investment and insurance businesses to help assess risk, address regulatory requirements and assist decision-making.

Fears of another recession could prompt corporate Treasurers and lenders to withhold financing, which in and of itself could raise the probability of less liquidity and further economic weakening.

The Securities and Exchange Commission is seeking public comment on the use of derivatives by mutual funds over the next 60 days after publication in the Federal Register. If it determines that new regulations to protect investors are necessary, the SEC will consider passing and enforcing them.

First PacTrust Bancorp's cash-and-stock deal for Beach Business Bank is designed to ensure neither party gets clocked if the buyer's share price drastically changes.

The Bank of New York Mellon Corp., the world’s largest custodian bank, said late Wednesday said that Robert Kelly stepped down as chairman and chief executive officer due to differences with the bank’s directors over his management.

When Warren Buffett’s Berkshire Hathaway Inc. invested $5 billion in Bank of America, it capped off a rocky month for the bank and fed speculation that Merrill Lynch financial advisors might seek cover at other firms.

Ashlyn Hood, a financial advisor who works out of Susquehanna Bank in Reisterstown, Md., uses her training in psychology to help her clients realize their dreams of financial stability.