Investment banking

The firm’s equity-trading business head Ted Pick, promoted to lead its division of investment bankers and traders, is one possible successor.

The firm scaled back its investment bank after the financial crisis to reduce risk and focus on its large wealth-management business.

The investment bank agreed to buy Business Bancshares in St. Louis.

The bank is seeking to boost efficiency and growth by combining two wealth management businesses into a single one known as Global Wealth Management.

Direct ownership has dropped by $103 billion year over year — and by more than $300 billion since 2010.

The former underdog is settling into its role as one of Wall Street's more well-balanced firms.

For the first time, fund managers must disclose a breakdown of their fees to banks, insurers and other distributors.

Striking the right balance between humans and technology has become the holy grail for early adopters.

"Banks traditionally pay higher valuations, but [RIAs] should go into deals with eyes wide open," Dave DeVoe says.

The promotion comes as wealth management firms accelerate efforts to roll out digital advice platforms.