Barclays has appointed a new chief executive for its private bank covering the UK and Ireland.
JP Morgan is working on a plan to merge its UK-based private banking operation into its wider European wealth arm ahead of Brexit.
HSBC Private Bank is appealing a $78m fine imposed by Hong Kong’s securities regulator in connection with its sales of structured products including Lehman Brothers -related notes between 2003 and 2008.
The Securities and Exchange Commission has announced that J.P. Morgan’s brokerage business agreed to pay $4m to settle charges that it falsely stated on its private banking website and in marketing materials that advisors are compensated “based on our clients’ performance; no one is paid on commission.”
JPMorgan said authorities are examining what its wealth management businesses and private bank told customers when selling them the company’s own investment products and enlisting hedge funds.
HSBC must pay $1.1bn in bail as part of French criminal investigations linked to a tax-evasion probe at its private bank.