Clients that have a brokerage account with either bank can invest in the exchange-traded funds tied to the spot price of bitcoin, as the currency's value sits at historic highs.

Barry Sommers comes in for high praise amid his firm's attempts to move beyond the banking scandals of its past.

Truist has made about 20 hires including bankers, traders, and sales personnel from Wells Fargo, Hilltop Securities and T. Rowe Price, to build up its muni team.

CEO Charlie Scharf has added another former JPMorgan Chase colleague to his leadership team as his shake-up of Wells Fargo continues. The hire of veteran investment banker Doug Braunstein comes as Scharf makes progress on his efforts to grow Wells' investment bank.

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.

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.

In this month's roundup of top banking news: Truist Financial announces plans to shutter 4% of its branch network, Fiserv pursues a special-purpose bank charter, Wells Fargo distributes a $1,000 bonus to lower-paid employees and more.

Workers are eligible for the one-time cash grants if they earned a salary of less than $75,000 last year, and their total cash compensation was less than $85,000. The payments come amid a unionization push at the San Francisco-based megabank.

Revenue from the fixed-income trading business was little changed from a year earlier, disappointing analysts who had expected an increase.

The San Francisco-based bank warned for months that charge-offs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.

In 2023, the four giant banks raked in $253 billion in NII , about $80 billion higher than 2021's total. Now, most banks see rate cuts coming, all while they have to pay more on deposits or risk losing customer savings to higher-yielding options. 

The company spent $15.8 billion in the fourth quarter, down 2% from a year earlier, while analysts had estimated an 11% drop. Severance expenses and a special deposit insurance assessment contributed $3 billon to that total.

Executives at America's largest banks are making rosier predictions about the financial health of U.S. households than they were a year ago, when their forecasts proved to be overly pessimistic.

The vote by workers in a New Mexico branch is the first union victory at a megabank in decades, though unionization efforts at another Wells branch took a step back.

Across the industry, the pace of branch shutdowns slowed this year. Still, large financial institutions continued to trim their physical footprints, with two super-regional banks taking the most aggressive actions.

The KBW Bank Index soared 9% over two days on the heels of the Wednesday afternoon meeting, its best such rally in nearly three years.

The Ohio Democrat is pressuring the CEOs of JPMorgan Chase, Bank of America, Citigroup and Wells Fargo to proactively provide financial benefits to active-duty service members. Those protections are enshrined in a 2003 law, but many service members do not seek them out.