Ex-UBS exec Naratil hired as bank’s CFO: report

CEO Sergio Ermotti is hiring UBS veterans to form a core team to lead the Credit Suisse integration, according to sources.

By Rajashree Chakravarty • May 1, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 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

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023

JPMorgan employees blast return-to-office order: report

Staffers, citing long commutes and work-life balance, swamped the bank’s internal messaging forum with requests that the firm reconsider the policy, according to Reuters.

By Rajashree Chakravarty • April 28, 2023

Santander poaches Deutsche’s US chief Riley

The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.

By Dan Ennis • April 27, 2023

FTX to sell derivatives platform LedgerX for $50M

FTX bought LedgerX in October 2021 to expand its regulated futures and options offerings in the U.S.

By Gabrielle Saulsbery • April 27, 2023

UBS attracts $28B in new money in Q1

About one-quarter of those inflows came in the last 10 days of March, after the bank’s tie-up with rival Credit Suisse was announced.

By Rajashree Chakravarty • April 25, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

SVB Financial Group’s CEO, CFO resign

The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.

By Anna Hrushka • April 24, 2023

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

Credit Suisse investors sue Finma over $17B write-down

The lawsuit is the first to challenge the Swiss regulator’s decision to render roughly $17 billion worth of Credit Suisse AT1 debt valueless during the $3.25 billion government-backed deal.

By Rajashree Chakravarty • April 21, 2023

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

How neobank Lili streamlines bookkeeping for SMBs

The fintech recently launched Lili Smart, accounting software that helps small-business owners manage their own bookkeeping by categorizing transactions in real time.

By Anna Hrushka • April 21, 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

Wells Fargo workers’ union effort pushes shareholder proposal

Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.

By Gabrielle Saulsbery • April 19, 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

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

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