Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

Republic First Bank CEO to customers, investors: We are not First Republic

What's in a name? Confusion, apparently.

By Gabrielle Saulsbery • April 3, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

By Banking Dive staff

Swiss prosecutor opens probe into UBS-Credit Suisse deal

The investigation comes amid reports that the tie-up could spur a cull of 11,000 jobs in Switzerland alone and another 25,000 globally.

By Rajashree Chakravarty • April 3, 2023

Citi poaches BofA’s Sieg as next global wealth chief

The Merrill president will join Citi in September after a required six-month leave, in a move CEO Jane Fraser said "sends a strong signal about the potential of our wealth proposition."

By Dan Ennis • March 31, 2023

Wall Street securities bonuses plunged 26% in 2022 after record 2021: DiNapoli

Wall Street securities employee bonuses dropped to $176,700, a sharp decline from $240,400 in 2021, the New York comptroller said in his report.

By Rajashree Chakravarty • March 30, 2023

UBS rehires Ermotti as CEO to guide Credit Suisse tie-up

UBS CEO Ralph Hamers has agreed to step down effective April 5, the bank said. Ermotti will likely be asked to make deep investment-banking cuts — a feat he executed in his previous UBS stint.

By Dan Ennis • March 29, 2023

JPMorgan CEO Jamie Dimon to be deposed in Epstein case

The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

By Dan Ennis • March 29, 2023

First Citizens acquisition could leave SVB parent’s $1.9B in limbo

Now that a buyer has come forward, it’s not clear what will happen with FDIC-blocked money that SVB Financial has on deposit at the failed bank.

By Robert Freedman • March 27, 2023

First Citizens Bank to buy SVB’s loans, deposits

About $90 billion in securities and other assets will remain in FDIC receivership, the regulator said.

By Dan Ennis • March 27, 2023

Tech vendor risk raises vetting stakes in wake of SVB crisis

Deposits are safe, but tech startups may no longer have access to venture debt and the lines of credit that helped fuel innovation.

By Matt Ashare • March 27, 2023

Citizens Bank, Customers Bancorp consider bids for failed SVB: reports

While Citizens is eyeing SVB’s private-banking unit, Customers is considering buying all or part of the lender, sources told Reuters and Bloomberg, respectively.

By Rajashree Chakravarty • March 24, 2023

Citi names 32-year vet Selva as its COO

The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.

By Rajashree Chakravarty • March 23, 2023

First Republic execs to forgo bonuses this year

The executives also forfeited vesting of their performance-based incentives for 2023 in a move meant “to foster closer alignment with the shareholder experience,” the bank said.

By Dan Ennis • March 23, 2023

Bank failures could cause SMB credit crunch

“The current banking crisis could directly lead to a small business crisis if they are not able to quickly access the capital they need to sustain and expand their operations,” Biz2Credit’s CEO said.

By Anna Hrushka • March 22, 2023

SVB Financial says FDIC has $2B of its cash

It likely won't have access to the cash, which would be used to pay back creditors, for months.

By Gabrielle Saulsbery • March 22, 2023

6 strategies for smaller banks in a post-SVB world

Lenders racked by last week's crisis of confidence could choose to skirt the FDIC's deposit cap, lean into benefactors, cut costs, dismiss the problem or brace for a hit.

By Dan Ennis • March 22, 2023

Several Epstein claims dismissed against JPMorgan, Deutsche

Each bank, however, still must face four claims, a judge ruled Monday. A lawyer for an alleged Epstein victim called it a "monumental victory." 

By Dan Ennis • March 21, 2023

FDIC pushes SVB bid deadline to Friday

The regulator split the auction process, so bidders can make separate offers for Silicon Valley Private Bank, also due Friday.

By Dan Ennis • March 20, 2023

UBS to buy Credit Suisse in $3.25B government-backed deal

UBS Chair Colm Kelleher said he will trim Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

By Rajashree Chakravarty • March 20, 2023

NYCB’s Flagstar to buy large portion of Signature Bank

Although Signature has been a darling in the crypto world for years, NYCB won’t be touching that business.

By Gabrielle Saulsbery • March 20, 2023

SVB’s parent company files for bankruptcy protection

The move will allow SVB Financial Group “to preserve value as it evaluates strategic alternatives” for venture-capital business SVB Capital and broker-dealer SVB Securities, the company said.

By Dan Ennis • March 17, 2023

With tech’s favorite banks in turmoil, some are choosing loyalty

After a week of several high-profile bank failures and near-failures, some fintechs don’t see jumping ship as an option.

By Gabrielle Saulsbery • March 17, 2023

Investors sue Credit Suisse over ‘misleading’ 2021 report

The suit comes as the Swiss National Bank gave the lender a $54 billion lifeline. Credit Suisse on Tuesday detailed "material weaknesses" for 2022 in a delayed report.

By Rajashree Chakravarty • March 17, 2023

11 banks deposit $30B in ailing First Republic

The joint action from the nation’s largest banks follows the collapse of Silicon Valley Bank and Signature Bank, events that have shaken the banking industry and sowed fears of contagion.

By Anna Hrushka • March 16, 2023

Nearly 30% of CFOs aim to diversify deposits after bank failures: study

CFOs should avoid “shifting deposits too quickly away from banks that are not at risk of failure and harming their relationship rates and terms” but also should not act hesitantly, a Gartner executive said.

By Elizabeth Flood • March 16, 2023