Private banks

The Minneapolis bank stakes its claim in the ultra high-net-worth space with facilities that are part private club, university, wealth management shop and boutique hotel.

Luke Palacio will join Citi Private Bank as managing director and regional market manager for the South East region on March 18. He will look to expand the firm’s presence throughout South Florida beyond Miami, Boca Raton and Palm Beach.

The transaction involves approximately 3,000 accounts and $1.7 billion in assets under administration, which represent non-target business for Citi Private Bank’s trust business.

“My number one objective is to grow revenues from the private bank and help to make it an even greater contributor to the growth of Webster Bank,” said Daniel FitzPatrick, the new head of the business.

Webster Bank has recruited Daniel FitzPatrick from BNY Mellon Wealth Management to lead its recently launched private bank.

Citi expects new banker to play a key role in growing its franchise in Northern California and reaching more ultra-high-net-worth clients.

Chris Martin and Caryn Cosentini joined the team as senior vice presidents and senior private bankers.

Since it was formed last year, Citi Private Bank's North America Asian Clients Group has increased its client base by 10percent and its assets under management by over 40 percent.

Citi Private Bank has hired foreign exchange trading expert Oscar G. Salem as director and foreign exchange investment specialist. In this newly created position, Salem will oversee the bank's currency business in the Southwest region.

Delaware County Bank & Trust in Lewis Center, Ohio, is the latest bank to add private banking in an effort to court more high-net-worth customers.

Following a difficult second quarter, the financial services firm will push to expand its lending operations.

State Street Corp., the third- largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record low interest rates.

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, reported second-quarter earnings that beat analysts’ estimates on higher asset-management revenue a gain from the firm’s own investments.

Thomas P. Fay oversees a team of wealth professionals geared to high-net-worth investors in Southeast New England.

BNY Mellon has hired Christopher Ross as a senior portfolio manager in its wealth management office in Washington, D.C.

J.P. Morgan Asset Management has added Robert Stark to lead its Strategy and Business Development unit. He will be based in New York and will be responsible for growing the firm’s Asset Management unit globally. He reports to David Brigstocke, chief financial officer.

In the wake of Friday’s announcement of a surprise $2 billion trading loss, JP Morgan Chase Monday said it named Matt Zames its new chief investment officer. Ina Drew will retire.

The $2 billion loss not only helped proponents of a tougher Volcker Rule and punctured the myth of CEO Jamie Dimon's infallibility. It also strengthened calls from regulators like Tom Hoenig for stronger action against big banks.

JP Morgan Chase’s asset management unit posted net income of $386 million in the first quarter, a 17% decline from the year-ago quarter. But, the unit saw record assets under management of $1.4 trillion, up 4% from the prior year.

Goldman Sachs has agreed to pay a $22 million fine and accept other penalties to resolve charges from the SEC that the firm lacked adequate policies and procedures to address the risk that during weekly meetings, known as “huddles,” its analysts could share important non-public information about upcoming research changes.