Commercial banking

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

Business lines south of the border, led by a diversified commercial banking unit, contributed more than 40% of total earnings at Bank of Montreal over the past 12 months. Company executives now see an opportunity in selling wealth management services to commercial clients.

The Florida-based asset management firm has the low-cost deposits TriState Capital needs to fund its rapid loan growth.

Though the Providence, Rhode Island, bank is in the midst of three deals, CEO Bruce Van Saun said it remains on the lookout for other nonbank purchases that could help boost fee income and generate cross-selling opportunities.

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies to better gauge which changes in consumer behavior will stick.

The cuts are among the first under new CEO Kentaro Okuda, who since taking the reins has said an existing $1.3 billion restructuring plan is no longer enough.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations.

Job listings for roles that don’t need to be filled immediately will be pulled.

The unit was awarded a bonus pool that’s 5%-10% larger than last year, reflecting increased profits and assets, people familiar with the matter say.

Wealth management is playing an ever bigger role at the firm, which aims to add a million new clients in the coming years.

The firm is building the top ranks of the investment bank even as it removes managing directors from its key wealth management business as part of a broad overhaul instigated by new co-head Iqbal Khan.

Other firms have trod a similar expansion path — and stumbled. Will Laidlaw find its footing?

The bank has been investing in electronic technology and sharpening its focus on trade execution, trying to unseat Morgan Stanley as Wall Street’s top stock-trading shop.

Cloning funds and shifting client cash may be Wall Street’s best hope for challenging the dominance of firms like State Street, BlackRock and Vanguard.

Almost a year after taking over at the firm's investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.

Profitability is improving and all divisions, except the firm’s biggest — wealth management — surprised the market on the upside.

On the wealth management side, Morgan Stanley posted $4.41 billion of revenue, which was 2% higher than last year and blew away analysts’ estimates for a 9% decline.

The purchase gives the firm, which relies on the U.S. for nearly all revenue, a foothold in Canada.

BlackRock will appoint an “independent fiduciary to vote” on proxies, according to a spokesman.