While some aspects of the conventional wisdom regarding banks' entering wealth management are accurate, the reality is far more nuanced. A recent survey of bank executives by American Banker and SourceMedia Research shows that wealth management is on many bank executives' radars and that the coming years will see increased competition for customer relationships in this arena. This report assesses what exactly bankers mean when they think about "wealth management," what areas they are targeting, and what hurdles to success they have identified as they seek to buttress their sources of noninterest income.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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