In|Vest 2018 Direct

For the fourth straight quarter, the nation's largest bank boosted its loan-loss reserves, this time setting aside $1.4 billion to cover potentially souring loans. Other big banks made similar moves as the industry braces for a potential recession.

Treasury Secretary Janet Yellen said the department will begin taking special accounting maneuvers on Jan. 19 to avoid breaching the U.S. debt limit, urging lawmakers to boost the ceiling to avert a devastating payments default.

The banking industry pushed Congress to pass the Fair Hiring in Banking Act as part of last year's defense spending bill. But while banks and some public interest groups hailed the move, others say it doesn't go far enough.

Community banks and credit unions have pooled their resources and ideas to develop a bilingual challenger bank, banking-as-a-service playbook, cheaper alternative to Zelle and other innovations.

Crypto pain deepens, credit union merger is official and more in banking news this week.

The New York bank, which recorded an 8% increase in expenses last year, projects that they will rise by 5% in 2023. Other megabanks are also contending with higher costs.

Some Affirm customers reported duplicate charges this week to their bank accounts for Affirm's buy now/pay later loans. The San Francisco-based fintech on Friday said it's resolved the problem.

Steve Kenny, who has been with the institution for more than 35 years and at the helm for roughly 13 years, stepped down from his leadership roles on Jan. 9.

The fintech is also relying more heavily on its bank charter as rising interest rates make selling loans to investors more challenging.

Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase or Bank of America's fourth-quarter results. Wells Fargo's headcount dropped to 238,698 from 249,435 a year earlier