Citi’s family office clients are hunting for direct investments
More than half of investment firms for the world’s superrich seek opportunistic direct deals based on attractive valuations, Citigroup found in a survey of 268 family offices representing $565 billion in net worth.
Barry Sommers, the wealth management chief CEO Charlie Scharf brought in, is expanding after fixing up the unit; "Five years from now the independent channel will be our biggest channel."
Northwest Bank starts search for new CFO; Plains State Bank acquires wealth management, tax businesses; Bank of America names new heads for North America industrials banking; and more in the weekly banking news roundup.
The lawsuits alleged that banks including Bank of America and Goldman Sachs — acting as remarketing agents on the securities — failed to get the best rates for issuers.