Commercial banking

The Mer Rouge State Bank in Louisiana and Mission National Bank in San Francisco are among 184 banks to receive $70 million of grants from the Bank Enterprise Award Program, its largest awards ever.

The Federal Reserve's rate hikes so far are just "catching up," the JPMorgan chairman and CEO says. Dimon predicts inflation will be at 4% early next year and "won't be coming down for a whole bunch of reasons."

As part of the changes, the Spanish bank is combining individual countries' retail and commercial banking businesses under a new global unit, which will be headed by Daniel Barriuso, and creating a new digital consumer bank area that will be led by Jose Luis de Mora.

BMO says the shutdown will result in job losses as it shifts its resources to other areas.

Instead, the Canadian bank will try to ramp up its current strategy, which includes growth in commercial lending and technology upgrades, as well as streamline management. 

The former U.S. vice president turned climate crusader says Big Oil and the banks backing it still have huge financial incentives to stick with fossil fuels, even though their decision to do so is the leading cause of the climate crisis.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.

Mergers and acquisitions are rebounding and equity capital markets are thawing, says C.S. Venkatakrishnan. That's a welcome forecast after a persistent slump sapped investment banking revenue across the industry. 

After a steep sell-off early in 2023, the sector has recovered ground in summer trading as recession worries ease. But investors remain wary because loan demand is light, deposit costs are high, and net interest margins are under pressure.