The Latest

UBS Group raised Chief Executive Officer Ralph Hamers's total compensation to 12.2 million Swiss francs ($13 million) for his second full year in the job, even as bonuses for the rest of the firm were cut in a challenging period for dealmaking.

Acting Comptroller of the Currency Michael Hsu compared FTX's unwinding to the collapse of Bank of Credit & Commerce International, which similarly operated across borders to evade regulatory scrutiny.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said that the rise of hybrid and remote work, alongside rising interest rates, could be creating lingering risk in the maturity of some bank loans.

Robert Hill Jr., who had been CEO of the company before it merged with CenterState Bank in 2020, will resign in April. The company says it's replacing his position with a nonexecutive chairman "as part of a broader, ongoing effort to enhance the independence of the company's board."

Joe Montesano, a key player in Goldman Sachs's ascent to the industry's No. 1 rank in equities for two straight years, is said to have told the firm he is stepping down as head of equities trading for the Americas.

The generative AI technology has been through a cycle of media buzz, disappointment and disillusionment. 

The regional firm said it had won out over other candidates to provide investment program support to roughly 100 Comerica financial advisors.

Banks, flush with money to lend, will keep upward pressure on inflation in 2023 and perhaps several more years as they lend out their bloated reserve balances.

SeaComm Federal Credit Union of Massena, New York, and St. Lawrence Federal Credit Union of Ogdensburg, New York, are planning to merge by the end of the year.

The New York megabank unveiled the most complete accounting to date of its carbon footprint, and pledged to further reduce emissions from various high-emitting industries. Climate activists offered a mix of praise and concern.