Organization Root Tag

The Pittsburgh company says its new president, Michael Lyons, will report to William Demchak, who will continue as chairman and chief executive. Lyons is positioned to become PNC's next CEO someday, observers said.

The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.

It won't be easy, but implementing a common-sense overhaul of how we measure banks' liquidity would help avoid the kind of crisis we experienced in 2023.

Capital One Financial's proposed acquisition of Discover Financial Services would create a credit card behemoth with its own payments network. The deal is likely to draw tough regulatory scrutiny, though analysts say there are many compelling strategic reasons for the combination.

Sens. Sherrod Brown of Ohio, Jack Reed of Rhode Island and Elizabeth Warren of Massachusetts asked Early Warning Services, which operates the payment platform Zelle, to clarify its reimbursement policy around impostor scams.

Ex-State Street exec joins Citizens Financial's board, payment software firm Toast will cut workers, Visa rolls out enhanced digital wallet tools and more in the weekly banking news roundup.

Amid an upturn in deposits, banks are searching for ways to put this new cash to work. The traditional option — boosting lending — is hard to do right now. That's left banks to park more money in high-quality securities that they believe will boost returns without heaping on too much credit risk.

His pay jump was greater than every other major U.S. bank CEO whose compensation has been disclosed.

Federal Reserve Vice Chair for Supervision Michael Barr said Friday that Fed supervisors continue to draw on lessons learned from last March's bank failures—including heightened scrutiny—addressing risks banks currently face including firm asset growth, liquidity pressures and plummeting commercial real estate values.

The bank is arguing in court with Viva founder Haris Karonis over whether it hindered the fintech's growth. The allegations strain a relationship that was already pressured by inflation and other economic factors.

Lawmakers on both sides of the aisle pulled back from criticizing the Federal Home Loan banks, seemingly taking off the table the idea of changing the system's role as a lender to troubled banks.

The departures are occurring during a period of heightened U.S. political backlash against the environmental, social and governance investing strategy. Republican officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from firms such as BlackRock, which championed sustainable investing.

The regulator's action indicates that — after years of overhauling its operations — the bank has finally shown it's in compliance with the agency's standards on sales conduct.

A Delaware chancery court judge ruled that JPMorgan's obligation to cover the costs of Javice's defense in its fraud suit against her, as well as a separate criminal prosecution, didn't extend to her claims that the bank wrongly terminated her roughly a year after it bought Frank, her college financial planning startup.

After focusing on cost control throughout much of 2023, including a round of job cuts, the Pittsburgh company has announced plans to expand in high-growth markets like Texas and refurbish more than 1,200 existing offices.

The government-sponsored enterprise financed 955,000 mortgages last year, down from the 1.8 million loans it backed in 2022.

The global debt crisis requires sustained attention from leaders and institutions in the U.S. Failure to address it will doom untold millions of people to suffering.

Wells Fargo's Charlie Scharf and Morgan Stanley's James Gorman recorded the biggest gains among the CEOs whose compensation has been disclosed so far.

Customers with deferred compensation plans at the bank had personally identifiable information compromised through a third party, Infosys McCamish.

The revamp would be the latest effort by CEO Bill Winters to improve Standard Chartered's returns. The bank's shares have languished under the 62-year-old CEO and currently trade about 40% below where they traded when he took the reins in 2015.