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SunTrust Banks latest news:
MOVES-Katy Knox replacing Keith Banks as U.S. Trust president
Oct 1 (Reuters) - Bank of America said on Sunday
that it had named Katy Knox president of its private bank, U.S.
Trust, replacing Keith Banks.
Banks, who had led U.S. Trust since 2009, will continue as
head of the chief investment office and investment solutions
groups reporting to Terry Laughlin, vice chairman of Bank of
America and head of global wealth & investment management the
Knox has led business banking since 2014. Banks and Knox will
work together on the leadership transi
SEC fines SunTrust $1.1 million for steering customers to high-fee mutual funds
The Securities and Exchange Commission settled charges against the investment services subsidiary of SunTrust Banks [s:sti] on Thursday for charging clients more than $1.1 million in excessive fees for more expensive shares mutual funds when cheaper shares of the same funds were available. SunTrust breached its fiduciary duty to act in clients' best interests by recommending the costlier mutual fund share classes that charge 12b-1 fees, a type of marketing and distribution fee, without telling investors that they were eligible for less costly shares. SunTrust Investment Services agreed, without admitting or denying the findings, to pay a penalty of more than $1.1 million to settle the charges. SunTrust also began refunding the overcharged fees plus interest to more than 4,500 affected clients as a result of the SEC investigation. The firm also agreed to be censured.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
SunTrust to pay more than $1.1 mln to settle U.S. charges over investment fees
SunTrust Banks Inc(STI) has agreed to pay more than $1.1 million to settle U.S. charges that its investment subsidiary had improperly collected avoidable fees from clients, the U.S. Securities and Exchange Commission said on Thursday.
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