The acquisition of United Capital advances Goldman's "long-term strategy to offer clients solutions across the wealth spectrum."
“People are willing to switch to a bank that is able to provide this kind of mobile-first experience,” said a Citigroup executive.
The bank allegedly misrepresented it had attracted $7.6 billion in new wealth management business to meet performance targets.
The $3.8 billion deal will significantly expand CIBC's reach in North America and build on its 2013 acquisition of Atlantic Trust.
Royal Bank of Canada inks deal to acquire Los Angeles-based City National, a $32-billion bank that serves many high-net-worth U.S. clients.
Partial account information for up to 10% of the bank's wealth-management clients was stolen and some of the data was posted online.
