Bank of America

• Bank of America to Hire 500 at Merrill Edge (WSJ.com) 
• BofA Adding 500 Financial Advisors (FA Mag) - Bank of America will nearly double the number of its financial advisors by adding 500 by the end of this year to serve middle-class customers, those with $50,000 to $250,000 in assets. 
• BofA's cross-selling plan costs Merrill a veteran team (Investment News) - Bank of America wants its Merrill Lynch reps to market banking products and to assist clients with banking services. That strategy may not be sitting so well with some advisers. This week, a $250M Merrill team jumped to Ameriprise. The reason? Partly, to focus on financial planning, not banking.

Wells Fargo

Wells Fargo rolls out private-banking blitz in NYC (Investment News) - Bank aims to attract clients by requiring lower minimums on investable assets than rivals

Chase

JPM's Retail Unit Proved Too Big to Manage (Bank Investment Consultant)

Citi Private Bank

• Citi Private Bank Hires Morgan Stanley Exec Adams (On Wall Street) 
• Citi Private Bank Hires U.S. Trust's McDermott as Managing Director (On Wall Street) - Patricia McDermott will serve as managing director and head of Citi Private Bank in Connecticut and Westchester.

Banks, Wirehouses Brace For More Breakaway Brokers, Advisors (On Wall Street) - Giant financial institutions and wirehouses that spent fortunes attracting and retaining top-producing brokers and wealth managers over the past few years may be about to get socked with a big wave of departures this year and, especially, in 2012.

Banks' Life Insurance Sales Plunge in First Quarter (On Wall Street)

15 Month High for Bank Sold Annuities (Annuity News Journal) 

Productivity Rises at Smaller Bank Investment Programs (Bank Investment Consultant)

Financial Services for Small Credit Unions and Community Banks (Bank Investment Consultant) - Credit unions and small banks can offer the same high level of investment products and services as other institutions, with the right type of program in place.

U.S. Trust Announces Senior Hires in Northeast and Midwest (On Wall Street)

In Reputation Ranking, Some Banks Break from the Pack (Bank Investment Consultant)

US Bancorp Launching Unit Catering to Ultra-Rich (Wall Street & Tech) - US Bancorp plans to launch a new unit for the ultrawealthy in the fourth quarter from offices in Denver and its headquarters city of Minneapolis.

Despite Worst Year for Annuities, Banks Post Only Small Loss (On Wall Street) - Last year, total annuity sales through banks declined 25% from the prior year, which itself was down 18% from the year before that, according to Kehrer-LIMRA. Yet newly release data from the Michael White-ABIA Bank Annuity Fee Income Report shows that income from annuities was down just 1.8%.

SunTrust Appoints Rogers New CEO; Wells to Retire at End of 2011 (On Wall Street)

BIC Announces Top Program Managers (Bank Investment Consultant) - Complete coverage of these managers and their programs will be available in the magazine's upcoming May issue, and an awards ceremony will be held May 17 at Bobby Van's Steakhouse in New York.

Bank-Sold Annuity Index Drops (On Wall Street) - "Recent reports describe 2010 as the worst year for bank-sold annuities in the past decade, so the 4th quarter decline in the BHC Annuity Index comes as little surprise," said Andrew Singer, the editor of the index.

J.P. Morgan’s Dimon lashes out at Dodd-Frank (MarketWatch.com) - The CEO of one of the largest U.S. institutions uses “downright idiotic” and “ridiculous” to describe how some provisions of the financial-reform law enacted in 2010 are being implemented. 

U.S. Bank Taps Rauchle to Head Ultra High Net Worth Group (MMExecutive)

Bank Wealth Managers Focusing On Talent Development (Registered Rep)

Bank of America Merrill Lynch's Retirement Business on a Roll (On Wall Street) - Bank of America Merrill Lynch's retirement services unit is generating significant new business, much of it from existing clients of the bank.

From the BISA Conference:

• BISA 2011: Hiring, Sales Production Up (On Wall Street) - Advisor sales productivity reached $228,684 in 2010, up from $216,738 in 2009, according to Kehrer-LIMRA's founder Ken Kehrer and chief operating officer Scott Stathis, at the 2011 Bank Insurance and Secruities conference in Hollywood, Fla. Hiring also is up. 
• BISA 2011: Wirehouse Reps Need 'Brains Re-Arranged' (Bank Investment Consultant) - Last year, wirehouses were hot. This year, they are not. At least not with banks trying to recruit additional registered representatives.

UnionBanCal Broker Licensing Push Helps Referral Income Soar (Bank Investment Consultant) - Union Bank of California enjoyed a steep increase in brokerage revenue last year as a result of referrals to its financial advisers from a beefed-up corps of licensed bankers.

Banks See Slight Decline In January Total Annuity Sales (Bank Investment Consultant) - Bank sales of total annuities regressed slightly in January, according to the latest Kehrer-Jackson Monthly Bank Annuity Sales Survey, but overall investor interest still remains much higher for both than it was at this time last year.

Two Years Into BofA Merrill Merger, Cross-Selling Still in the Crosshairs (Bank Investment Consultant)

B of A Declares Martial Law on its Advisers (WSJ.com)

Hiring at JPMorgan (WSJ.com) - JPMorgan will also expand its retail branch network. It wants to add 1,000 branches in the next three years and could add up to 2,000 within five, according to Charlie Scharf, the retail financial services head. It currently has 5,172 branches in the U.S, and plans to target California and Florida in particular.

Citigroup Broker Unit Ponders Next Move (WSJ.com)

BofA to trim branches; advisers to go virtual (InvestmentNews.com) - Clients in less-populated areas will be left to get their advise from talking heads.

BofA To Advisors: Take It Or 'Garden' Leave It (Bank Investment Consultant) - Some advisors at Bank of America Merrill Lynch's U.S. Trust unit this week received an ultimatum from on high, demanding they sign a new agreement that would effectively sideline them for up to eight months if and when they decide to leave the firm or else risk losing not only their 2010 bonuses but their jobs, too.

LPL's Arnold Expects "Significant" Growth in Bank Channel (Bank Investment Consultant) 

Bank Brokers Build On Recent Momentum (Bank Investment Consultant) - Financial advisors at U.S. banks raked in an average of $27,809 in commission and fees in December.

Poll: Are Advisors Being Pressed to Peddle Bank Products? (Registered Rep)

Kehrer-LIMRA: Bank Annuity Sales Figures Mixed (National Underwriter) 

BHC Brokerage Income Falls (National Underwriter) - Large U.S. bank holding companies reported $8.25 billion in securities brokerage commission and fee income for the third quarter of 2010, down 6.5% from the total for the third quarter of 2009.

Annuity income drops at five of top 10 bank holding companies (Retirement Income Journal) - Wells Fargo, Morgan Stanley, JPMorgan Chase and Bank of America led bank holding companies in annuity commission income through Sept. 30, 2010, combining for almost 60% of the year's income.

Banks Losing Mass Affluent To Online Brokerages (Registered Rep)

BofA/Merrill Pricing Plan To Advance Cross-Selling (Registered Rep)

BofA Launches Merrill Edge To Reach Mass Affluent Investors (Bank Investment Consultant) - Company takes a major step in the cross-marketing strategy that it has highlighted as a benefit in the Merrill acquisition.

Wells Fargo Brokerage Sees Higher 4Q Assets, Revenue (Registered Rep) 

Big Banks' Annuity Income Slides (Bank Investment Consultant) 

Bank Reps Continue Strong Sales (Bank Investment Consultant) - Bank-based advisors' average production holds its ground, thanks to improving spreads on fixed annuities and stronger market conditions.

U.S. Trust Continues Hiring Binge, Adds Five More Advisors (Bank Investment Consultant) - The Bank of America-owned private wealth management business has added five new advisors to its southeast and eastern divisions in its bid to serve ultra-high net worth clientele.

Kehrer-LIMRA: Banks Sell More Variable Annuities (National Underwriter)

BISA Taps M&T's Guerrieri for President (Bank Investment Consultant) - The Bank Insurance and Securities Association has named Sam Guerrieri president of its board for 2011, according to the trade association's website, BISAnet.org.

Smaller Banks' Wealth Businesses May Suffer as Big Rivals Recover (Bank Investment Consultant)

Wells Rolls Out FA Retirement Program (Advisor One)

U.S. Trust Nabs Five to Expand Wealth Team (Bank Investment Consultant) - The Bank of America unit caps off a year of aggressive wealth management team expansion with the appointment of five new advisors.

U.S. Bank Will Start East Coast Wealth Management Build-Up In New York (Registered Rep)

Kehrer-LIMRA: Bank Life Sales Rise; Annuity Sales Fall (National Underwriter)

Ex-Wachovia brokers accused of defrauding clients (Investment News)

No Relief for Depressed Bank Annuity Sales (Insurance News Net)

Small-Bank Brokerage Income Creeps Up (Bank Investment Consultant)

Wells Fargo Wants To Expand Wealth Biz (Registered Rep)

BofA Loses $5.9B Wealth Advisor (FA Mag) - A former Citigroup executive lured away a top Bank of America Corp. financial advisor with $5.9 billion in client assets to join a firm for independent advisors.

BoA Wins Order Blocking Advisors From Using Data (FA Mag)

VAs outsold fixed annuities in banks during 3Q (Investment News)