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

Massachusetts regulators probe Citizens Financial unit

The Secretary of the Commonwealth’s office is investigating the sale of annuities controlled by indicted financier Greg Lindberg. A total of $2.2 billion in customer funds has been frozen since 2019, The Wall Street Journal reported.

By Anna Hrushka • March 30, 2023

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

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

Greenlight’s new B2B offering brings kid-focused banking to traditional firms

Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers.

By Anna Hrushka • 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 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

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

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

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

Credit Suisse borrows $54B from Swiss central bank

The embattled bank called the loan a “decisive action to pre-emptively strengthen its liquidity.”

By Rajashree Chakravarty • March 16, 2023

Wells Fargo ex-exec Tolstedt fined $17M by OCC

The former retail-banking chief, who will plead guilty to obstructing a bank examination, faces 16 months in prison in the plea deal and has agreed to a ban from the banking industry.

By Dan Ennis • March 15, 2023

Signature Bank faces investor lawsuit in aftermath of its closure

A complaint takes aim in large part at a press release the bank released three days before its closure, in which it indicated it was in strong financial position.

By Lyle Moran • March 14, 2023

Credit Suisse chair forgoes pay as bank reports ‘material weakness’

Share compensation for Chair Axel Lehmann, however, will be increased from 33% to 50%, according to a Tuesday filing with the SEC.

By Rajashree Chakravarty • March 14, 2023

Regional banks begin to bounce back after trickle-down panic

Volatility halts trading twice at First Republic. A dip at First Horizon raises questions about the impending TD merger. And the four biggest banks may come out winners as customers move deposits.

By Dan Ennis • March 14, 2023

Technology gap puts Black banks at risk: report

Black banks, which help expand credit to underserved areas, risk losing customers if they continue to fall behind their nonminority peers in terms of digital banking offerings, a researcher said.

By Anna Hrushka • March 9, 2023

HMBradley ends waitlist after landing new sponsor bank

The neobank tapped NYCB as its new sponsor bank after its former partner struggled to keep up with the rapid deposit growth.

By Anna Hrushka • March 8, 2023

WaFd fintech spinoff Archway launches after $15M funding round

“We’re trying to close that digital divide so the community and regional banks can really foster those relationships without making them sacrifice the technology side,” said Dustin Hubbard, Archway’s president.

By Gabrielle Saulsbery • March 8, 2023

Kraken ‘on track’ to launch bank despite headwinds

"We're going to have those pens with the little ball chains ... and attach them to the desks of Wall Street banks everywhere. With our logo," Chief Legal Officer Marco Santori said on a podcast.

By Gabrielle Saulsbery • March 7, 2023

First Fidelity Bank enters BaaS space with Episode Six partnership

Unifimoney, a San Francisco-based multi-asset digital wealth management platform, is the first customer to go live with the new BaaS solution.

By Rajashree Chakravarty • March 1, 2023

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

Ohio bank reaches $9M redlining settlement with DOJ

Newark, Ohio-based Park National Bank failed to provide home loans in majority-Black and Hispanic neighborhoods in the Columbus area between 2015 and 2021, the agency said.

By Anna Hrushka • March 1, 2023