Investment banking

Credit Suisse Group is shifting resources in the pursuit of business from a broader range of rich clients, as the lender focuses more on wealth management amid cuts to its troubled investment bank. 

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.

The firm’s fixed income and currencies trading unit head is among the high-profile executives to leave, according to people familiar with the matter.

The deal will give Janney greater access to the community banking sector.

The robo advisor rolled out a new partnership with a handful of banks to give clients a fully insured place to keep their cash.

Goldman Sachs is looking to sell more services to midsize companies under a plan to generate $5 billion in additional revenue.