VICTORY CAPITAL MANAGEMENT, a unit of KeyCorp, Cleveland, said it had agreed to buy NewBridge Partners, New York.
Salesforce.com plans to re-launch Rypple as "Successforce" and create a new human capital management business unit.
Grace McDonnell, 7, was the niece of Paul Minella, who works in the company's capital markets division within Morgan Stanley's wealth management unit.
Sergio P. Ermotti, the interim chief executive, is now scaling back the struggling investment banking operation, which makes up a large part of the bank's costs, and free up capital to invest in its more successful wealth management unit.
BLOOMBERG NEWS Bank of America Outlines Fallback Plan | The company said in a document provided to regulators that it would consider selling its network of retail branches in Texas and its American wealth management unit if forced to raise capital in a crisis, The Wall Street Journal reports.
Sergio P. Ermotti, the bank's chief executive, is refocusing the firm's resources on its profitable wealth management unit, while responding to stricter regulatory capital requirements that has reduced the profitability of certain trading areas.
The firm is said to have asked private-equity groups KKR, Hellman & Friedman and Bain Capital to move forward with bids for its investment management unit.
Concerns that the brokerage will be unable to raise needed capital, and may need to shed its prized investment management unit, sent shares down $4.26, or 30.1%, to $9.89.
Sales within Citigroup's wealth management unit fell 10.0% during the quarter as a result of declining capital markets and investment revenues.
