The consensus calls for shrinking collateralized loan obligation volume in 2023, but rewards are said to outweigh the risks.

After years of deliberation and controversy, 2022 will be remembered as the year the global financial system replaced the Libor interest rate benchmark, the last vestiges of which sunset in 2023.

JPMorgan Chase is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers.

The state's Department of Financial Services issued proposed guidelines on how banks and mortgage lenders should manage climate-related risks. But the guidance was quickly slammed by a trade group representing community banks.

A shareholder group that is pushing the nation's largest banks to conduct racial equity audits criticized JPMorgan Chase's effort, while giving a more favorable review of a Citigroup report. Banks small and large launched racial equity initiatives in 2020 in the wake of protests sparked by the murder of George Floyd.

Recent clashes over how much investors should get paid when borrowers switch to a new benchmark are a small part of a much larger struggle by global regulators to shift markets away from the scandal-tainted London interbank offered rate.

Legislation to open banking services to marijuana businesses was left out of a must-pass government funding package, ending a year-end effort to move it to President Biden's desk, a person familiar with the decision said.