Earnings offer first glance at crisis deposit flight

JPMorgan and Citi saw inflows in March. But a deeper look shows it’s not black-and-white, and at least one CFO sees the boon as short-term.

By Dan Ennis • April 17, 2023

Fed approves UBS acquisition of Credit Suisse’s US subsidiaries

UBS must submit an implementation plan within three months of the merger's closing to address the structure, integration and business delineations of the combined organization, the central bank said.

By Rajashree Chakravarty • April 17, 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

Barclays to cut 100 investment-banking jobs this week

The move marks at least the second headcount reduction at the bank within the past five months. The layoffs won’t be confined to one country or function within the business, sources told Sky News.

By Dan Ennis • April 17, 2023

Truist cuts about 80 jobs

The bank plans to stop sales and trading of mortgage-backed securities and government-agency bonds by January, Bloomberg reported Thursday.

By Rajashree Chakravarty • April 14, 2023

Wells Fargo exec Mary Mack to retire this summer

Mack helped navigate the firm through its 2016 fake-accounts scandal and held leadership roles in consumer banking, brokerage, commercial banking and corporate and investment banking over 40 years at Wells.

By Anna Hrushka • April 14, 2023

More filings allege JPMorgan execs knew of Epstein’s sex crimes

The risk management team flagged Epstein for making multiple cash withdrawals of $40,000 to $80,000 each month, court filings show.

By Gabrielle Saulsbery • April 13, 2023

U.S. Bank names new CFO in C-suite shuffle

The bank's current CFO, Terry Dolan, will become vice chair and chief administrative officer. Gunjan Kedia, the bank's wealth-management chief, will oversee corporate and commercial banking.

By Rajashree Chakravarty • April 13, 2023

SBA to open flagship lending program to fintechs

A new rule, which takes effect May 11, ends a 40-year moratorium on admitting new nonbank lenders to the agency’s 7(a) loan program.

By Anna Hrushka • April 12, 2023

HSBC hires more than 40 SVB bankers to launch US unit

The practice aims to court tech, healthcare and venture capital clients eyeing new banking relationships. First Citizens, which acquired much of SVB, said it still had “the deepest bench of experts serving the innovation economy.”

By Dan Ennis • April 12, 2023

Citi’s exec shuffle continues as M&A co-head retires

Mark Shafir plans to stay on until mid-May to help with the transition process, Citi executives said in a memo. Cary Kochman, who has co-led the bank’s global M&A operations since 2017, will continue as chief of that business.

By Dan Ennis • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

Warren, AOC question Circle, BlockFi over SVB ties

The lawmakers wrote 14 depositors, asking whether “mutual backscratching arrangements” encouraged firms to keep large uninsured deposits at Silicon Valley Bank.

By Anna Hrushka • April 11, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

6 dead, several injured in Louisville bank building shooting

Connor Sturgeon, 25, opened fire inside a conference room during a staff meeting, a witness told CNN. He had been notified that he would be fired, a second source told the network.

By Dan Ennis • April 10, 2023

Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Staley lawyers accuse JPMorgan of ‘slanderous’ attacks

The former exec asked a federal judge to move his trial from October to March 2024, so he could have more time to go over thousands of files in the lawsuit against him.

By Gabrielle Saulsbery • April 7, 2023

BlackRock to manage sale of $114B from failed banks

The asset manager will sell off SVB’s and Signature Bank’s portfolios in a “gradual and orderly” fashion, the FDIC announced Wednesday.

By Gabrielle Saulsbery • April 6, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Dimon warns against reactionary regulations

The banking industry must avoid "knee-jerk, whack-a-mole or politically motivated responses" to the current financial crisis, JPMorgan's CEO said in a letter to shareholders Tuesday.

By Gabrielle Saulsbery • April 4, 2023

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

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