Crypto-heavy Silvergate cuts workforce by 40%

The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.

By Gabrielle Saulsbery • Jan. 5, 2023

WaFd CEO takes leave of absence after surviving plane crash

The bank’s chief consumer banker, Cathy Cooper, will take on CEO duties while Brent Beardall recovers from surgery after sustaining broken bones and lacerations. The plane's pilot died in the crash.

By Anna Hrushka • Jan. 5, 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

Blue Ridge Bank taps Fed vet to lead fintech division

The move comes roughly four months after the Office of the Comptroller of the Currency ordered the bank to improve its oversight of third-party fintech partnerships.

By Rajashree Chakravarty • Jan. 4, 2023

BM Technologies, First Sound Bank nix $23M merger

The deal, which the two companies initially estimated would close in the second half of 2022, would have created an institution, called BMTX Bank, with more than $2 billion in assets.

By Anna Hrushka • Jan. 4, 2023

Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

Kentucky puts JPMorgan, Citi, BlackRock on divestment list

The state is hardly alone in pushing back on what it perceives as a boycott of fossil fuels. Unlike Texas, which posted a similar list last year, Kentucky’s effort includes big U.S. banks.

By Dan Ennis • Jan. 4, 2023

BankProv CEO resigns months after bank’s crypto-loan loss

BankProv’s leadership transition follows the bank’s November forecast that it expects to lose $27.5 million for the quarter ending Sept. 30, due to its lending exposure to the crypto mining industry.

By Anna Hrushka • Jan. 4, 2023

Connecticut de novo scraps launch amid economic downturn

The New Canaan Bank would have been the state's first startup bank in 12 years.

By Rajashree Chakravarty • Jan. 4, 2023

Goldman’s January job cuts may set industry tone for 2023

Headcount reduction is coming in the first half of the month, CEO David Solomon told staff. The bank's second-in-command, John Waldron, defended the strategy in an interview.

By Dan Ennis • Jan. 3, 2023

JPMorgan’s racial-equity audit falls short for some shareholders

SOC Investment accused the bank and its auditor of approaching the process with a “narrow perspective,” and said the report fails to look at any internal diversity, equity and inclusion issues.

By Gabrielle Saulsbery • Dec. 21, 2022

Cannabis-banking bill’s last chance for 2022 just went up in smoke

The SAFE Banking Act was excluded from a $1.7 trillion omnibus spending bill, and most likely will need to be reintroduced after Congress’ next session begins — with a Republican House majority.

By Dan Ennis • Dec. 20, 2022

BMO program helps women get back to work after career gap

The Chicago-based effort, in collaboration with The Mom Project, aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship.

By Rajashree Chakravarty • Dec. 19, 2022

Citi settles with Revlon creditors over $500M piece of payments blunder

The legal action ends a two-year battle over $900 million the bank wired to creditors years ahead of schedule. But fallout from the error remains, in the form of regulatory legwork.

By Anna Hrushka • Dec. 19, 2022

Goldman layoffs could stretch to 4,000

Managers have been asked to identify low performers for a cull that could cut 8% of the bank’s staff. Marcus employees, the target of many of the 400 cuts estimated earlier, are also at high risk.

By Dan Ennis • Dec. 16, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

Citi employees can work remotely for the balance of 2022

Their only restriction? That they stay in their country of employment. Hello, Hawaii.

By Gabrielle Saulsbery • Dec. 15, 2022

M&T hires ex-Truist CFO Bible

Bible’s leadership through the BB&T-SunTrust merger may come in handy as M&T sorts out its tie-up with People’s United. M&T’s current CFO, Darren King, will take a role overseeing several business silos.

By Dan Ennis • Dec. 15, 2022

‘Hey. Think [bank] will let you go? It’s your old pal, HSBC. We have work.’

HSBC reportedly is sending recruitment emails to bankers at Credit Suisse and other firms preparing for layoffs.

By Dan Ennis • Dec. 14, 2022

Apex, Unifimoney partner on digital investment solutions for banks

Oklahoma-based First Fidelity Bank is the first customer to go live with the services offered by the partnership.

By Rajashree Chakravarty • Dec. 14, 2022

BNY Mellon gives stock bonuses to its rank and file

TD and Bank of America offered similar stock awards last year. BNY’s move is notable for its timing — as banks consider trimming bonuses. BNY Mellon also bumped up its parental leave policy Wednesday.

By Anna Hrushka • Dec. 14, 2022

Warren, Toomey unite on bill to make Fed more transparent

The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

By Rajashree Chakravarty • Dec. 12, 2022

Morgan Stanley Asia investment bankers see bonus cuts of up to half: report

The news comes less than a week after the bank announced it would trim its global workforce by 1,600 employees.

By Gabrielle Saulsbery • Dec. 12, 2022

Northern Trust predicts a ‘pause’ in the mainstreaming of crypto

The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.

By Lynne Marek • Dec. 12, 2022

Morgan Stanley slashes 1,600 jobs

The move comes on a day when Goldman Sachs CEO David Solomon warned of "bumpy times ahead" and Bank of America chief Brian Moynihan said his firm would slow hiring.

By Dan Ennis • Dec. 7, 2022

Webster Bank gets $9B boost with interLINK acquisition

The deal comes three months after a Dallas bank alleges interLINK’s owner, StoneCastle Partners, “unilaterally terminated” a previous deal to sell the business for $91 million in cash and stock.

By Dan Ennis • Dec. 6, 2022