Growth strategies

UBS Group Chairman Colm Kelleher said the bank will focus on the very richest US clients, backtracking from a plan to serve a broader segment of affluent customers after it abandoned a deal to buy the robo advisor Wealthfront.

Carlyle Group plans to raise at least $8.5 billion for a new private credit fund, as it competes with rivals to snap up lending business abandoned by banks.

Friendly Hills Bancorp will soon be called First Pacific — a name its CEO has coveted for years. First Missouri recently rebranded as Verimore, a name it made up by combining words from Latin and English. In both cases, the changes reflect the banks' expansion into new markets.

Deutsche Bank is weighing cuts to its leveraged finance unit as part of a review by CEO Christian Sewing into underperforming businesses as his three-year restructuring concludes.

Walmart health care executive Cheryl Pegus will join JPMorgan Chase's Morgan Health venture as a managing director, with aims to improve employer-sponsored health care.

Burke & Herbert Financial Services in Alexandria, Virginia, plans to list its shares on the Nasdaq stock market — not to raise funds, but to boost its profile with investors.

Banks that offer a wide array of products and services are confronting extraordinary challenges. They aren't doomed, however.

JPMorgan Chase's asset-management arm entered into a deal to acquire more than $1 billion of single-family rentals, a sign that choppy markets haven't scared investors away from suburban housing.

JPMorgan Chase is on the hunt for buyouts to lend to and is hoping to gain market share in leveraged financing after avoiding the dozens of clunkers that have cost competitors billions of dollars.

Klarna has rolled out a search and compare tool in the U.K. and Nordics as the fintech looks to diversify its revenue away from buy now/pay later, which is under increasing scrutiny.