UBS plans 3,000 Swiss job cuts in Credit Suisse integration

UBS plans to shutter nearly two-thirds of Credit Suisse’s investment bank, including almost all of its trading operations, the bank said Thursday.

By Rajashree Chakravarty • Aug. 31, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

JPMorgan boosts its stake in Brazilian neobank C6 to 46%

C6 has seen its client base grow from 8 million to 25 million since June 2021, when JPMorgan bought its initial slice. C6’s credit portfolio has more than quadrupled in that time, the neobank said.

By Gabrielle Saulsbery • Aug. 30, 2023

Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures

Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.

By Gabrielle Saulsbery • Aug. 30, 2023

Goldman Sachs sells financial planning arm

Independent wealth manager Creative Planning purchased Personal Financial Management for an undisclosed sum, the firms announced Monday.

By Gabrielle Saulsbery • Aug. 29, 2023

Burke & Herbert to buy West Virginia bank for $371M

The deal would create a bank with $8.1 billion in assets — tripling Burke & Herbert’s brick-and-mortar footprint and giving it a presence in Kentucky, West Virginia and Maryland’s Eastern Shore for the first time.

By Rajashree Chakravarty • Aug. 28, 2023

Wells Fargo to pay $35M for overcharging on advisory fees

The bank negotiated reduced advisory fees with thousands of account holders but sometimes forgot to enter the lower rate, the SEC said.

By Rajashree Chakravarty • Aug. 25, 2023

RBC could cut 1,800 jobs next quarter

The bank has slowed hiring and, so far, credited attrition for its lower headcount. But expenses — particularly, a 17% year-over-year jump in salaries — are outpacing revenue growth.

By Dan Ennis • Aug. 24, 2023

JPMorgan, Goldman and others to pay $499M to end stock-lending suit

Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.

By Gabrielle Saulsbery • Aug. 24, 2023

Savi Financial gets FDIC approval for Washington state de novo charter

Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

By Rajashree Chakravarty • Aug. 23, 2023

Wells Fargo beats shareholders’ fake-interview lawsuit

Plaintiffs could not show the bank conducted widespread sham interviews, or that any of three key executives knew about them, a judge ruled.

By Rajashree Chakravarty • Aug. 22, 2023

Goldman Sachs explores selling part of its wealth business: reports

The bank bought United Capital Financial Partners for $750 million in 2019 and grew its registered investment advisory unit from there. It is at least the second David Solomon-era deal (along with GreenSky) Goldman has sought to undo.

By Rajashree Chakravarty • Aug. 21, 2023

Citi may break up commercial unit into 3 pieces

The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

By Dan Ennis • Aug. 21, 2023

Fed orders wind-down of FTX-associated Farmington State Bank

The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

By Gabrielle Saulsbery • Aug. 18, 2023

Citi gives Edward Jones a second chance at banking

The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.

By Anna Hrushka • Aug. 18, 2023

Bank of the West to cut over 200 jobs next month

The layoffs come ahead of the conversion associated with Bank of Montreal's acquisition of Bank of the West, slated for Labor Day weekend.

By Rajashree Chakravarty • Aug. 17, 2023

Silvergate CEO out as bank continues wind-down

CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.

By Gabrielle Saulsbery • Aug. 17, 2023

3 ways banks can navigate the commercial real estate slump

It’s not clear if or when the CRE market will return to pre-pandemic levels, but experts say there are steps that banks with significant exposure to the space can take to help mitigate losses.

By Anna Hrushka • Aug. 16, 2023

UBS to pay $1.4B to settle mortgage-backed securities fraud case

The Justice Department has recovered $36 billion in civil penalties from 18 financial institutions in connection with mortgage-backed securities fraud. UBS was the last one to settle.

By Rajashree Chakravarty • Aug. 15, 2023

Carver Bank names interim CEO as Pugh exits

Michael Pugh will leave the bank to join the Local Initiatives Support Corporation as its executive head on Oct. 2.

By Rajashree Chakravarty • Aug. 14, 2023

Custodia launches with US dollar deposits, preps crypto custody

The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

By Anna Hrushka • Aug. 14, 2023

PayPal names Intuit exec as CEO

The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.

By Lynne Marek • Aug. 14, 2023

Senators urge Fed to overhaul big-bank merger policy

A revamp is critical given the spate of regional bank failures this year, said Sen. Sherrod Brown, D-OH, and three others, who accused the central bank of approving mergers under an “old rubric.”

By Anna Hrushka • Aug. 10, 2023

Goldman Sachs names next chief of staff

Russell Horwitz, who helped negotiate the bank’s 1MDB settlements, will return to Goldman after leaving in 2020. His predecessor, John Rogers, will remain in an EVP role focused on regulation, according to a memo.

By Dan Ennis • Aug. 8, 2023

Banks’ 10-Q filings become unexpected must-reads

Apart from disclosing their estimated share of the FDIC's special assessment fee, some financial institutions revealed deepening relationships and even a compensation package.

By Dan Ennis • Aug. 7, 2023