Allissa Kline

Lenders had started tightening as early as the fourth quarter in anticipation of a possible recession. Now, the banking crisis is driving community and regional banks in particular to hit the brakes harder, stoking renewed recessions fears.

In his new role as chief operating officer, Selva will take the reins of a multiyear initiative to improve internal controls. Those efforts, which followed regulatory scrutiny, were previously led by longtime banker Karen Peetz, who plans to retire in May.

Following the second-largest bank failure in U.S. history, the California Department of Financial Protection and Innovation said it will examine how it can strengthen its system of financial regulation. The Federal Reserve has begun a similar review.

After a bank run led to Signature Bank's failure, New York Community Bancorp bought much of what was left from the FDIC. The acquirer now faces questions about how it will persuade the remaining depositors to stick around.

Shadows loomed over Credit Suisse and First Republic early Thursday, but the sector outlook brightened after billions of deposits were pledged to the U.S. bank.

After two high-profile failures and a liquidity scare, money is on the move from collapsed and suspect banks to destinations viewed as safer havens. Some banks say they're in position to score fresh funds, new customers and talented workers.

The White House and regulators have sought to ease fears about the banking system, but business depositors as well as regional bank investors remain jittery. Speculation has accelerated about potential buyers of the failed Silicon Valley and Signature banks, the health of certain other regionals and how deposit costs will change.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.

The abrupt downfall of Silicon Valley Bank prompted investors to question whether other banks that hold tech-related deposits could also be at risk. But one analyst said there could be opportunities for banks to add deposits from customers of the failed bank.

It's long been understood that there's a digital divide between Black banks and credit unions and other depositories. A new Urban Institute analysis looks at the prevalence of online banking services and mobile apps — and finds a chasm between the haves and have-nots.

BMO, PNC and Citigroup are all paying rates around 4% on high-yield digital savings accounts. To be eligible, though, customers must live outside of the banks' branch networks.

After months of speculation, Truist Financial has agreed to sell 20% of its insurance brokerage subsidiary to the private-equity firm Stone Point Capital for $1.95 billion. The deal was touted as a way to provide capital for expansion and increase earnings over time.

The New York City Banking Commission will now require banks seeking access to municipal deposits to provide detailed plans about how they are combatting discrimination. The commission is also implementing a public comment process as part of its process for determining which banks are eligible.

Goldman Sachs, Capital One and New York Community Bank are shrinking their workforces, and other banks are planning to do the same. Whether such reductions become more widespread will depend largely on loan demand in 2023, according to analysts.

The Dallas-based company is rolling out a national investment banking unit as it seeks to serve clients through the entire business life cycle. It has also promoted three top-level executives into new roles.

In a reversal from five years ago, six of the eight biggest U.S. banks by branch count now offer the loans, which observers see as safer alternatives to payday loans.

The Long Island company is closing 69% of the retail home lending offices previously operated by Flagstar Bancorp. New York Community recently acquired Flagstar for $2.6 billion.

North Carolina-based First Citizens blamed a rise in problem credit on certain office loans that it acquired in the CIT Group merger. Connecticut-based Webster also expressed caution about the segment, which has been impacted by remote work policies.

The Dallas-based company says noninterest expenses should grow by low double digits in 2023 now that the bulk of the investments related to its business transformation have been incurred.

The parent company of Silicon Valley Bank, which has been mired in deposit challenges, expects little near-term change in the deployment of venture capital dollars, which executives say will keep putting pressure on SVB's balance sheet.