March 24, 2013 |
After two years of struggles with its wealth management business, Cardinal Bank announced this month that it is scrapping its trust business and consolidating the other parts of its wealth management services. The idea, the bank says, is to move away from institutional clients and focus instead on providing specific services to individuals and business owners. "We were dabbling, and you can't really dabble in anything — it just doesn't work," said Bernard Clineburg, chairman and chief executive of the Tysons...
October 4, 2009
NEW YORK -- Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year. The shift is an effort to provide clients with more transparency, Deborah McWhinney, head of Citi Personal Banking and Wealth Management, said in an interview. "Investors are getting very engaged in what they're doing," McWhinney said. In addition to switching to a fee-based model, Citigroup plans to...
March 24, 2013 |
Tom Raffa is a peripatetic sort who sees business opportunities in everything. Then he acts on them. Restaurants. Wealth management. Human resources. A frozen yogurt shop. Insurance. Nonprofit consulting. Accounting. Executive recruitment. Coffee bars. Raffa is just one of those people who are always on the hunt for investments. Not everything he has touched has been successful. There was that pension-consulting firm that imploded. His try at online bill paying was a misfire.
January 10, 2013 |
Treasury secretary nominee Jack Lew has spent most of his career in government, but during the financial crisis, he was embedded inside one of the country's biggest banks as it nearly imploded. From 2006 to 2008, he worked at Citigroup in two major roles, a notable line in his résumégiven that as Treasury secretary, he would be charged with implementing new rules regulating Wall Street. But Lew did not have just any position at the bank. In early 2008, he became a top executive in the...
March 25, 2012 |
A storied wealth manager founded by the Du Pont family, Wilmington Trust of Delaware has long boasted an impressive list of high net worth clients, a number of whom reside inside the Beltway. Yet the 109-year-old institution never had an office in the District. That is, until now. Wilmington Trust has opened a wealth advisory services office at 1350 I St. NW, staffed with four advisers and headed by managing director William T. LaFond. The team will target high net worth individuals with at...
October 15, 2008 |
THE PARTNERSHIP The Making of Goldman Sachs By Charles D. Ellis Penguin Press. 729 pp. $37.95 Goldman, like McKinsey or Cravath or Madonna, is one of those fabulously wealthy New York entities known by a single name. Goldman, of course, is Goldman Sachs, the elite among Wall Street's remaining investment banks, a 130-year-old firm that has managed to prosper in good times and bad. The last remaining major private partnership on Wall Street until it went public in 1999, Goldman has generated both...