Goldman in talks to settle gender discrimination suit: reports

The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.

By Rajashree Chakravarty • May 4, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 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

As PacWest explores its ‘options,’ Western Alliance strongly denies the same for itself

Media reported the banks were both exploring sales. Western Alliance, for its part, said that was “absolutely false.”

By Gabrielle Saulsbery • May 4, 2023

TD, First Horizon terminate $13.4B merger

TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.

By Dan Ennis • May 4, 2023

Metropolitan Commercial Bank CEO to repay $7.5M loan

The loan, which helped CEO Mark DeFazio buy 220,200 Metropolitan shares, was deemed "likely impermissible," according to an SEC filing. The bank also canceled the stock purchase.

By Gabrielle Saulsbery • May 3, 2023

Wells Fargo unionization proposal falters

Wells Fargo Workers United member Trevor Brown called Proposal 11 "a cool first step," and a "flashpoint" to employee awareness on collective bargaining efforts.

By Gabrielle Saulsbery • May 2, 2023

Morgan Stanley to cut 3,000 more jobs by June: reports

Many of the layoffs are expected in investment banking and securities, Bloomberg and the Financial Times reported, adding that customer-facing financial advisers in wealth management would largely be immune.

By Dan Ennis • May 2, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.

By Grace Noto • May 1, 2023

Ex-UBS exec Naratil hired as bank’s CFO: report

CEO Sergio Ermotti is hiring UBS veterans to form a core team to lead the Credit Suisse integration, according to sources.

By Rajashree Chakravarty • May 1, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023

JPMorgan employees blast return-to-office order: report

Staffers, citing long commutes and work-life balance, swamped the bank’s internal messaging forum with requests that the firm reconsider the policy, according to Reuters.

By Rajashree Chakravarty • April 28, 2023

Santander poaches Deutsche’s US chief Riley

The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.

By Dan Ennis • April 27, 2023

FTX to sell derivatives platform LedgerX for $50M

FTX bought LedgerX in October 2021 to expand its regulated futures and options offerings in the U.S.

By Gabrielle Saulsbery • April 27, 2023

UBS attracts $28B in new money in Q1

About one-quarter of those inflows came in the last 10 days of March, after the bank’s tie-up with rival Credit Suisse was announced.

By Rajashree Chakravarty • April 25, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

SVB Financial Group’s CEO, CFO resign

The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.

By Anna Hrushka • April 24, 2023

Credit Suisse outflow continues, down $68B in Q1

The bank also officially terminated its acquisition of M. Klein & Co, a key part of a restructuring in October. Separately, a UBS executive who said he would retire to pursue photography, is staying.

By Rajashree Chakravarty • April 24, 2023

Credit Suisse investors sue Finma over $17B write-down

The lawsuit is the first to challenge the Swiss regulator’s decision to render roughly $17 billion worth of Credit Suisse AT1 debt valueless during the $3.25 billion government-backed deal.

By Rajashree Chakravarty • April 21, 2023

Is the TD-First Horizon deal any closer?

The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."

By Dan Ennis • April 21, 2023

How neobank Lili streamlines bookkeeping for SMBs

The fintech recently launched Lili Smart, accounting software that helps small-business owners manage their own bookkeeping by categorizing transactions in real time.

By Anna Hrushka • April 21, 2023

MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs

In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.

By Dan Ennis • April 20, 2023

Wells Fargo workers’ union effort pushes shareholder proposal

Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.

By Gabrielle Saulsbery • April 19, 2023

In BofA’s headcount, the math doesn’t match the messaging

The nation's second-largest bank shed 1,000 positions in just over two weeks but maintains that attrition, not layoffs, explains the numbers.

By Dan Ennis • April 19, 2023