Banking

The Dallas-based bank, whose shares have slumped 19% this year, laid off the staff last week, according to a spokesperson.

Morgan Stanley's investment bank and its giant wealth unit surpassed analysts' expectations in the first quarter even as profits fell from a year earlier, dragged down by a drop-off in dealmaking and a jump in loan-loss provisions.

With once-in-a-generation levels of inflation whittling away at their savings, Americans are once again beginning to fall behind on payments, bank earnings show.

After seeing deposit increase over the second half of March, CFO Dermot McDonogh restated the New York custody giant's guidance for a 20% year-over-year jump in spread income, hinting the company might actually overshoot its target.

Headcount at the nation's second-largest bank has fallen by around 1,000 since the end of last month. More job reductions are in the works after noninterest expenses rose by 6% during the first quarter.

As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.

The FDIC seems poised to let small banks off the hook for replenishing the deposit insurance fund after Silicon Valley Bank and Signature Bank's failures last month. But regulators should remember that small banks can still pose systemic risks.

The Federal Deposit Insurance Corp. said it will propose a special assessment to cover losses from Silicon Valley Bank and Signature Bank in May, and noted that bank deposit outflows are largely uninsured.

In an open letter to National Credit Union Administration Chairman Todd Harper, NAFCU's B. Dan Berger calls for the 89-year-old interest rate ceiling to be reconsidered.

As more potential buyers began inquiring about the availability of QCash, WSECU decided the time was right to offload the credit union service organization it launched in 2015.

Fixed-income trading revenue declined 17% in the first quarter, contributing to firmwide revenue that fell short of analysts' estimates. Overall net income dropped 19% to $3.09 billion.

Deposits at BNY Mellon stood at $281.3 billion, versus the average $277 billion forecast by analysts tracked by Bloomberg.

First-quarter net income rose 15% at Bank of America on strong fixed-income trading revenue and net interest income, which offset higher credit and noninterest expenses as well as an investment-banking slump.

The Boston-based custody bank reported a 9% decline in fee income from a year earlier and a shift away from non-interest-bearing deposits that cost it millions in net interest income. As a result, earnings per share fell 12 cents short of analysts' expectations.

The hotel, retail and multifamily residential sectors are all showing signs of recovery, which is helping the regional bank. But company executives acknowledged that the firm's relatively large exposure to the office segment figures to pose challenges for some time.

More credit unions are diversifying their investments and accessing federal funding from multiple sources to shore up against risk.

The bank's decision to allow former boss Jes Staley to leave on good terms is under fresh scrutiny as several U.S. legal cases reveal new details of his interactions with Jeffrey Epstein.

One of the architects of Britain's financial regulation has called for higher capital charges on banks as a "quid pro quo" if the government decides to strengthen deposit guarantees in the wake of Silicon Valley Bank's collapse.

Charles Schwab's underwater securities portfolio has prompted some analysts to lump it together with Silicon Valley Bank. CEO Walt Bettinger says those views are vastly mistaken.