Banks that previously based more of their incentive compensation decisions on loan production are recalibrating this year. It is the latest sign of how competitive the deposit market has gotten.

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 bank was already mulling headcount and compensation reductions in early September.

A fraught but often-overlooked episode near the end of the retired baseball legend's life carries lessons and inspiration for financial professionals.

Ivan Diaz, a former member service representative who led the unionization campaign for staff of the South Division Avenue branch last year, was fired on Feb. 1. He alleges his role in the campaign is the true cause of his dismissal.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

Visa is opening a new office in Atlanta as the payments giant proceeds with plans to triple its workforce in the city even as rivals cut back on their staffing.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

Toronto-based BMO Financial is increasing the minimum wage of all U.S. hourly employees as the company begins its absorption of the recently acquired Bank of the West.

Carlyle Group chose former Goldman Sachs Group Co-President Harvey Schwartz to be its next chief executive as the private equity firm looks to move past a long-running succession challenge.