Retail & Commercial

Credit Suisse Group is shifting resources in the pursuit of business from a broader range of rich clients, as the lender focuses more on wealth management amid cuts to its troubled investment bank. 

A recent mini-tender offer to shareholders in Truist Financial serves as a cautionary tale. "They're trolling around for investors that aren't paying attention," one lawyer said.

In a joint letter to the Consumer Financial Protection Bureau, three industry groups challenged the legal basis for a recent information request and accused the agency of unfairly disparaging the quality of customer service that banks provide.

Interest-free credit and fast approval make BNPL an attractive payment option for consumers, who are increasingly using short-term installment credit to manage their cash flow when paying for immediate, small-dollar purchases.

The layoffs appear to be focused on the company's bank subsidiary, according to the San Antonio Express-News. USAA declined to provide any details on the job cuts.

Data as of Jun. 30, 2022. Dollars in thousands.

Data as of Jun. 30, 2022. Dollars in thousands.

JPMorgan Chase led U.S. banks increasing direct loans to states and local governments last quarter as the firms filled a void left by mutual fund investors who fled the traditional municipal bond market amid soaring inflation and surging yields.

A luxury yacht formerly owned by sanctioned Russian businessman Dmitry Pumpyansky will be sold at auction on Tuesday after the billionaire failed to repay JPMorgan Chase a loan, according to an auctioneer's website.

Conversations with about a dozen Credit Suisse dealmakers, traders, financiers and wealth advisors depict a unit girded for a reckoning.