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Banks Bet on Wealthy Clients Who Got Even Richer During Pandemic The world’s 500 richest people added $1.8 trillion to their combined net worth last year, lifting the total to $7.6 trillion. Lananh Nguyen and Jenny Surane | Apr 20, 2021 (Bloomberg) -- As the nation’s banking giants steer their way out of the pandemic, they’re focused on a key category of clients: wealthy people. Citigroup Inc. plans to “double down on wealth” and concentrate its efforts on international hubs popular among high earners: Singapore, Hong Kong, the United Arab Emirates and London, the company said...

Wall Street needs to come clean on diversity data Opening up the books will put pressure on companies to hire more women and also allow the industry to acknowledge the firms that succeed. There’s no reason for companies to keep investors in the dark about diversity. March 9, 2021 2 MINS Fintech has a gender diversity problem and it’s no secret. Women make up just 7% of the global fintech founders, according to a recent study by Deloitte, and women-led startups raise 50% less capital than their male peers. With less access to funding, women are less likely to find sol...

What You Need to Know Merrill added more than 9,300 new clients in Florida during the past four years. It plans to double the number of teams serving investors in the state with more than $10 million. Low taxes, warm weather and the ease of working remotely are prompting financial pros and others to move. Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there. Merrill Lynch Wealth Management President Andy Sieg said the unit was intensifying its focus on the Sunshine State. The firm has 20 teams that cater to ultra-high-net-worth individuals there...

Several prominent Wall Street companies are considering moving some business to Florida, or are relocating outright.

Merrill Lynch ramps up wealth unit in Florida As its wealthiest clients fly south, the wirehouse plans to double the number of teams catering to ultra-high-net-worth individuals in the Sunshine State over the next few years. February 26, 2021 Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there. Merrill Lynch Wealth Management President Andy Sieg said the unit is intensifying its focus on the Sunshine State. The firm has 20 teams that cater to ultra-high-net-worth individuals there, and plans to double that over the next few years, to serve inves...