Banking

The cuts are said to be part of a plan to trim headcount by about 300 people — or 3% of overall jobs — across the corporate and investment bank.

The Biden administration's misguided attempt to protect the banking system from itself will reduce credit available to the Americans who need it most.

M&T Bank, Truist Financial and Eastern Bankshares are among the banks that have sold all or part of their insurance subsidiaries over the last year. Though the price is right, analysts warn that when interest rates decline, sellers will be without a key source of fee income.

The Detroit-based firm said the job cuts will occur across divisions and aren't isolated to a single line of business.

Activist investor Abbott Cooper, who has been locked in a battle with management at AmeriServ Financial for more than a year, plans to nominate former Amalgamated Financial head Keith Mestrich in a bid to end the impasse.

U.S. Bancorp and Truist picked literal names for their virtual assistants to avoid confusing customers, while Fifth Third and Regions created characters called "Jeanie" and "Reggie" to put clients at ease. Other companies are trying to split the difference.

In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.

FedNow and RTP are only going to get better and more efficient as they become interoperable and develop new use cases. It's time to get on board.

The Royal Bank of Canada has made a series of transactions that should boost the profitability of its struggling U.S. subsidiary. Debt securities that had been owned by City National have lost value as a result of rising long-term bond yields.

With multiple economic factors driving up the costs of owning a vehicle, the $1.9 billion-asset institution in New Hampshire is partnering with Credit Union Leasing of America to make car ownership more affordable for members.

Donald Trump wanted to get higher on the Forbes billionaires list and save a fortune on loan terms by overvaluing his properties, according to documents presented by New York Attorney General Letitia James at the former president's civil fraud trial. 

The $23 million deal, signed in 2021 and initially projected to close in the second quarter of 2022, was delayed multiple times amid leadership turnover at the Los Angeles-based RBB.

German financial watchdog BaFin has appointed an independent monitor to oversee Deutsche Bank's progress in resolving issues at its consumer unit. It's the second time BaFin has taken the unusual step since Christian Sewing became CEO in 2018.

Making the Consumer Financial Protection Bureau's funding subject to congressional appropriations would bring some much-needed accountability to a runaway regulator.

In September's roundup of top banking news: Truist Financial promises to cut costs by roughly $750 million; former Wells Fargo exec Carrie Tolstedt is sentenced to three years probation; and more.

Commercial real estate borrowers, including vulnerable office tower landlords, are increasingly struggling to make payments and, as a result, more lenders are expected to report higher credit costs.

MidWestOne will reinvest proceeds of branch sales into Denver Bankshares; promotions are afoot in JPMorgan's investment banking unit; Bethpage Federal Credit Union expands into Queens and New Jersey; and more in the weekly banking news roundup.

The combination of inflation and rising interest rates over the last 18 months has made it more difficult for Americans to stay on top of their loan payments, especially on credit cards and auto loans.

A proposed settlement between the Philadelphia-based community bank and an activist investor group that has waged a nearly two-year battle for control also calls for overhauling the board of directors.

To help those who may not get paid during a budget deadlock, credit unions are reviving past programs such as low-interest loans, payment deferrals and forms of relief.