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A 40-year-old limit of just 14 nondepository 7(a) lenders is set to expire May 12 despite concerns by lawmakers and opposition from banks and credit unions.

The invoices show branding by NorthOne, a business banking fintech, but the company's CEO denies responsibility for the vulnerability.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

The approval follows a deal brokered by the Swiss government last month for UBS to acquire its distressed rival.

The San Francisco bank identified "signs of weakness" and increased its loan loss reserves substantially. Small and midsize banks have significantly larger exposures than Wells does to the office segment, which has been hit by changing work habits.

The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.

Federal Reserve Board Gov. Michelle Bowman said current capital requirements and application processes are driving consolidation and boosting shadow banking. 

The company is adding fixed income securities to its offering while interest rates rise and the U.S. equities market continues to modernize

The Pittsburgh bank grew its deposits in the first quarter, even as the failure of two other regionals sparked outflows across the industry. But PNC executives warned Friday that rising funding costs could continue to eat into its net interest margin.

Regulators had their priorities backward when it came to overseeing SVB and allowed an obvious danger to go unmitigated.