Banking

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

Regulators are bringing enforcement cases while also proposing wider changes that would alter the industry for years to come. The scrutiny covers pricing discrimination, products that make car purchases more expensive and lenders' handling of repossessions.

Binance, the world's largest cryptocurrency exchange, said it's temporarily suspending deposits and withdrawals of U.S. dollars using bank accounts, and will work to restart the service soon.

Coinbase, Paxos, MetaBank and PayPal all claim the primary purpose exception, which allows companies to place deposits at banks without limits applied to brokered deposits.

Thomas Zernick will become chief executive of the Florida bank when Anthony Leo retires at the start of 2024.

One of Germany's greenest banks has quit the world's biggest climate-finance alliance in protest, citing concerns that Wall Street is preventing the group from achieving its stated goal.

After the scandal explodes, Wells Fargo's former chief security officer embarks on a long journey into the legal system.

The House of Representatives approved a bill that would amend the Federal Credit Union Act to halve the number of board meetings many credit unions would have to conduct each year.

After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."

Executives cited uncertainty created by surging interest rates, heightened regulatory scrutiny and the potential for a recession.

Greenville, in particular, is attracting financial institutions enticed by its growing population and healthy business climate.

An article in the Los Angeles Times provides an opportunity for bank executives to address the underlying problems. Instead comes a focus on damage control.

Proposals submitted to several of the largest U.S. banks seek stronger commitments on reducing financing for the fossil-fuel industry and 2030 greenhouse gas emission targets.

Toronto-Dominion Bank struck a deal to provide financial content for the immigrant-geared CanadaVisa website, part of its bid to win a greater share of the new Canadians who are an increasingly important source of growth for the country's big lenders.

The subprime lender OppFi sued California's consumer protection agency last year, arguing its loans are not subject to the state's interest rate cap of 36%. State officials are asking a judge for an injunction on new loans until the broader fight is resolved.

The Dallas-based company is rolling out a national investment banking unit as it seeks to serve clients through the entire business life cycle. It has also promoted three top-level executives into new roles.

Jason Hall is taking over for Jay Young, who announced his retirement in 2021.

The minority depository institution largely caters to Mexicans in the U.S. Their trust in smartphones and distrust of traditional banking has influenced its approach to developing digital tools.

Deutsche Bank is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit.

The Austin-based credit union chose its chief strategy officer, Michael Ver Schuur, to be its next president and CEO.