Corporate governance

Credit Suisse Group is shifting resources in the pursuit of business from a broader range of rich clients, as the lender focuses more on wealth management amid cuts to its troubled investment bank. 

Conversations with about a dozen Credit Suisse dealmakers, traders, financiers and wealth advisors depict a unit girded for a reckoning.

The billionaire founder of Paytm emerged unscathed in a crucial test of investor confidence, with a forceful majority of shareholders voting to keep him at the helm of the fintech pioneer that made one of the worst market debuts in Indian history.

More than 250 midsize and large companies that do business with BofA have signed up for its corporate employee banking and investing program, which pulls double duty as a retention tool for the companies and a customer-growth engine for the bank. The initiative is part of a wave of such offerings by regional and large banks.

A warning for investment bankers who enjoyed lavish bonuses for 2021, when banks opened their wallets to reward busy dealmakers amid a war for talent: Don't expect a repeat this year.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.

Robinhood Markets cut almost a quarter of its workforce in a broad reorganization after a punishing first year as a public company.

Toronto-Dominion Bank agreed to buy the U.S. brokerage Cowen Inc. for $1.3 billion in cash, bulking up its presence in American capital markets just months after striking a historic deal to expand its retail operations in the country.

Citigroup is planning a 500-person hiring spree over the next three years for a new wealth division catering to junior employees at private equity offices, consultancies and accounting firms, betting those clients will someday join the ranks of the ultrawealthy. 

Citigroup is requiring some of its least-profitable trading clients to post more collateral and is even dropping some of them to help boost returns in its markets business.