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

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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

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

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

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 acquisition could leave SVB parent’s $1.9B in limbo

Now that a buyer has come forward, it’s not clear what will happen with FDIC-blocked money that SVB Financial has on deposit at the failed bank.

By Robert Freedman • March 27, 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

Tech vendor risk raises vetting stakes in wake of SVB crisis

Deposits are safe, but tech startups may no longer have access to venture debt and the lines of credit that helped fuel innovation.

By Matt Ashare • 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

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