Credit Suisse cuts one-third of China-based investment-banking jobs

The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.

By Gabrielle Saulsbery • Nov. 22, 2022

Morgan Stanley’s generational drain continues

Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.

By Dan Ennis • Nov. 22, 2022

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

JPMorgan maintains status as world’s most systemically important bank

Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

By Rajashree Chakravarty • Nov. 21, 2022

KeyBank taps chief strategy officer as next CFO

Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.

By Rajashree Chakravarty • Nov. 18, 2022

LGBTQ+-focused Daylight to offer family planning subscription service

The service, set to launch early next year, will feature family planning concierges, a family-building marketplace with vetted attorney networks, IVF and surrogacy clinics, and loan access, the company said.

By Anna Hrushka • Nov. 18, 2022

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

Wells Fargo launches small-dollar loan product

Flex Loan, to be rolled out nationwide later this year, gives eligible customers $250 for a flat $12 fee, or $500 for a $20 fee — to be repaid in four equal monthly installments, the bank said Wednesday.

By Dan Ennis • Nov. 16, 2022

NY Fed, banks launch new 12-week CBDC project

Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

By Rajashree Chakravarty • Nov. 16, 2022

How deep of a banking threat is Walmart’s One?

The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

By Anna Hrushka • Nov. 16, 2022

OceanFirst, Partners call off $186M merger

OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

By Rajashree Chakravarty • Nov. 14, 2022

WaFd to buy Luther Burbank in $654M deal to enter California

The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.

By Dan Ennis • Nov. 14, 2022

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

By Anna Hrushka • Nov. 11, 2022

Puerto Rico’s FV Bank launches digital asset custody

The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.

By Rajashree Chakravarty • Nov. 10, 2022

Goldman touts diversity of biggest Solomon-era partner class

Women account for 29% of the class — a recent high — and traders and investment bankers comprise 60%, a recent low.

By Dan Ennis • Nov. 10, 2022

How Upgrade became a ‘marketing engine’ for deposit-hungry banks

The neobank is leveraging its network of more than 200 community banks and credit unions to offer users one of the industry’s highest savings rates.

By Anna Hrushka • Nov. 9, 2022

Citi, Barclays launch investment-banking cuts

The headcount reductions — numbering in the dozens for Citi and 200 for Barclays — come as the banks report double-digit percentage-point year-over-year declines in fees in the sector.

By Rajashree Chakravarty • Nov. 9, 2022

U.S. Bank wants employees back in the office 3 days a week

CEO Andy Cecere said he wants the change to be a choice, not a mandate. "The transition doesn't have to happen overnight, but it should be something you commit to like any new habit," he wrote.

By Gabrielle Saulsbery • Nov. 7, 2022

Wells Fargo faces $1B CFPB settlement over consumer abuses: report

The reported record-settlement falls in line with CFPB Director Rohit Chopra’s mission to impose stricter penalties on banks that repeatedly violate consumer protection laws.

By Anna Hrushka • Nov. 7, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

Indiana-based First Financial to cut 10% of its branch footprint

The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.

By Rajashree Chakravarty • Nov. 3, 2022

Digital bank Chime cuts 12% of workforce

Chime co-founder and CEO Chris Britt said the move would allow the company to flourish “regardless of market conditions," according to an internal memo.

By Gabrielle Saulsbery • Nov. 2, 2022

JPMorgan launches life sciences private equity team

The new practice will leverage the bank’s resources and expertise to support early and growth-stage healthcare companies working on novel therapeutics and technologies, the bank said.

By Rajashree Chakravarty • Nov. 2, 2022

Small business owners want more advice from banks, study finds

A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.

By Rajashree Chakravarty • Nov. 1, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022

CFPB should update regulations in response to Zelle fraud, Warren says

Warren urged the regulator to amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection and interpret the guidelines surrounding peer-to-peer platforms.”

By Anna Hrushka • Oct. 31, 2022