Private banks

As business models converge in the industry, firms risk diluting advice with sales pitches and product promotion, says John Taft, head of RBC Wealth Management-U.S.

The wirehouse is sending executives to Credit Suisse offices to deliver the firm's pitch, and will fly advisors out to its headquarters in St. Louis next week.

The German bank has faced questions and criticism in recent years about its internal controls.

CEO Tidjane Thiam said he plans to allocate more resources to wealth management and strengthen the bank's position in Asia, while scaling back the investment bank, mirroring an approach of UBS.

Credit Suisse's losses include a three-member team that generated $7.2 million in annual revenue, which joined UBS.

The firm's new hires come from J.P. Morgan.

The wirehouse's latest hires include two advisors who generated $5 million in annual revenue while at Citi Private Bank, a firm spokeswoman said.

Webster Private Bank hires regional executive to expand the private banking team in the Boston area.

The firm's recruiting win mirrors similar pickups of billion-dollar teams by rivals Merrill Lynch and Raymond James.

Rose Cohen will join Citi in August as managing director and ultrahigh-net-worth team lead in Washington, D.C.

Revenue from wealth and investment services dropped for the fifth consecutive quarter, swooning 10.7% to $7.9 million from $8.8 million a year ago.

The SEC charged the firm with violating federal securities laws by providing unregistered cross-border brokerage and investment advisory services to U.S. clients.

Halé Behzadi will oversee the bank's offices in Beverly Hills, Los Angeles, Orange County, Palo Alto, Phoenix, San Francisco and Seattle.

Merrill Lynch's expanding financial boot camp deepens relationships by helping wealthy clients ensure that the family fortune lasts beyond this generation and the next.

Citigroup assets at its Asian wealth management businesses climbed to a record $251 billion at the end of May as U.S. and European banks have been seeking to boost their wealth businesses in Asia to tap rising affluence in economies from China to Southeast Asia.

The decline was partly due to weather-related events that lowered customer activity across the board, the bank’s CFO said during an earnings call.

The new director fills the last of three critical positions in the build-out of the Waterbury, Conn.-based private bank.

E.J. Burke, one of the two new co-presidents of the Community Bank, will be responsible for Key Private Bank as well as Key’s commercial and business banking segments.

C1 Bank in St. Petersburg, Fla., is betting that its new, above-average "living wage" for all full-time employees will help it attract and retain top-notch workers.

Community banks are revamping branches and offering new services in an effort to become trusted advisors to small businesses. Such a transformation is often easier said than done.