Goldman Sachs acquires NextCapital
NextCapital, based in Chicago, is an open-architecture digital retirement advice provider that partners with US financial institutions. Terms of the acquisition were not disclosed.
Banks
40% of life insurers’ bank loans below investment grade: AM Best
'The benefit of floating interest rates on bank loans, which somewhat protects insurers from rapidly rising interest rates, is further diminished in a continued low interest rate environment,' the...
It’s No Joke: The Fed’s Comic Book is Wrong
The educational comic book from the New York Fed means well but perpetuates the myth that money was created in the private sector to facilitate barter and enabled commerce...
Money Myths, Legal Realities
At a conference at Harvard Law School called "Money as a Democratic Medium," law professors debated the origins, purposes, and rightful ownership of money in the modern era. (Photo:...
Income annuity tied to debit card with cash rewards is launched
You pay Guggenheim Life about $60,000 today, and it puts $1,000 on your debit card every month for the next five years. You average 7% cash-back on purchases with...
Guess What: America Is Rich
Warning: Ingestion of the contents of this column may cause symptoms of apoplexy and dyspepsia among disciples of classical macroeconomics, neo-liberalism, or 'deficit hawks' in the US Congress. ...
Bank annuity income up 2.3% in 2016: MWA
It was a feast-or-famine kind of year. While bank annuity fee income reached a record level in third quarter 2016, the other three quarters of the year were among...
Consumer coalition rallies against Wells Fargo Bank
'We call on Wells Fargo to do the right thing, and to immediately cease using forced arbitration clauses in its consumer and employment contracts,' said a letter to the...
Fifth Third Bank acquires The Retirement Corporation of America
The Retirement Corporation of America provides 'education platforms, lifestyle focused events and investment programs designed to help maximize post-retirement income.'
Bank customers welcome “robo” solutions: Accenture
Of those who switched banks last year, 15% of consumers ages 55+ joined an online-only bank, up from only five percent who did the same a year ago.
Bank of Montreal introduces Smart Folio, a robo-advice solution
Disruption of the financial advice market is occurring in Canada too, with the same drivers: technology, demographics and regulation.
Bank annuity sales dip 2.5% in first three-quarters of 2015
Over two-thirds (68.4%) of BHCs with over $10 billion in assets earned third quarter year-to-date annuity commissions of $2.49 billion, constituting 94.8% of total annuity commissions reported.
Bank annuity fee income dips 4.1% in first half of 2015
Wells Fargo & Company (CA), Morgan Stanley (NY), and Raymond James Financial, Inc. (FL) led all bank holding companies in annuity commission income in first half 2015.
Giant banks are “systemically-important” for different reasons
Over-the-counter derivatives positions, which contribute to the complexity of the financial system and helped trigger the financial crisis of 2007-2008, were particularly high at Morgan Stanley and Goldman Sachs....
Banks Earn Record First-Half Annuity Income
Second-quarter 2014 annuity commissions reached $916.8 million, the second-highest quarterly mark on record, according to the Michael White Bank Annuity Fee Income Report.
