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

FSOC floats new framework to tag nonbanks as systemically important

Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.

By Dan Ennis • April 21, 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

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

CFPB: Staffer breached data on 256,000 consumer accounts

The agency, which notified lawmakers of the incident last month, said the now-fired employee sent to a personal email account two spreadsheets containing names and transaction-specific account numbers.

By Anna Hrushka • April 20, 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

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

Recent bank failures won’t affect deposit insurance restoration timeline: FDIC

The regulator said it will issue a notice-and-comment rulemaking in May regarding the special assessment.

By Anna Hrushka • April 18, 2023

Small banks should be exempt from FDIC special assessment: ICBA

Large banks should be on the hook for the fee, since they would be the main beneficiaries of the FDIC’s decision to backstop uninsured deposits at SVB and Signature Bank, ICBA CEO Rebeca Romero Rainey said.

By Anna Hrushka • April 17, 2023

Fed’s Bowman urges more support of de novo banks

As the number of banks continues to decline in the U.S., regulators should consider lowering upfront capitalization requirements of de novo institutions, Federal Reserve Governor Michelle Bowman said.

By Anna Hrushka • 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

RBC surpasses JPMorgan as top fossil-fuel financier: study

The Canadian bank’s turn as a climate target may speak more to where other banks are cutting back. JPMorgan decreased its fossil-fuel funding in 2022 by 41.7% to $39.2 billion, the Rainforest Action Network found.

By Dan Ennis • April 13, 2023

Trump rollbacks not to blame for SVB failure, FDIC vice chair says

FDIC Vice Chair Travis Hill pointed to SVB’s “mismanagement of interest rate risk,” adding that policymakers should focus on filling “evident holes in our framework, rather than just trying to undo policies of the past.”

By Anna Hrushka • April 13, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

SVB shareholder suit names Goldman, cites KPMG’s ‘silent’ audit

A February audit effectively gave Silicon Valley Bank a clean bill of health roughly two weeks before its collapse.

By Maura Webber Sadovi • April 10, 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

Three Arrows, CoinFlex founders launch OPNX crypto claims trading platform

The founders said the 20 million crypto bankruptcy claimants worldwide who have to wait years for their funds “deserve better.”

By Gabrielle Saulsbery • April 5, 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

Barr, Gruenberg testimony brings slogans, tone shifts and policy talk

Among other things, House Financial Services Committee Chair Patrick McHenry, R-NC, is making a habit of telling the public what Congress can't do.

By Dan Ennis • March 31, 2023

Yellen takes aim at deregulation

Banks were a “pillar of strength” for the financial system at the onset of the COVID-19 pandemic, the treasury secretary said, but the failures of Signature and Silicon Valley Bank “demonstrate that our business is unfinished.”

By Gabrielle Saulsbery • March 30, 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

Barr, Gruenberg face Senate panel over SVB, Signature failures

“It is not the job of [Fed] supervisors to fix the issues identified,” Barr said Tuesday. “It is the job of the bank's senior management and board of directors to fix its problems.”

By Dan Ennis • March 28, 2023

Credit Suisse could face disciplinary action: Finma

Additionally, the chairman of Credit Suisse's largest shareholder resigned after his comments may have played into a run that doomed the bank.

By Rajashree Chakravarty • March 27, 2023

Fed could have rejected Custodia’s application 3 times, it says

The central bank blasted Custodia’s decision to accept only uninsured deposits, as well as its lack of diversification, in a scathing 86-page order Friday.

By Anna Hrushka • March 27, 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