The top five banks and thrifts have combined total deposits of more than $7 trillion as of September 30, 2023.

The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.

The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.

The recently announced merger of Capital One and Discover would create a credit card behemoth, but would also create a credible challenger to the Visa-Mastercard duopoly. Regulators will have to choose between having both or neither.

Capital One Financial's proposed acquisition of Discover Financial Services would create a credit card behemoth with its own payments network. The deal is likely to draw tough regulatory scrutiny, though analysts say there are many compelling strategic reasons for the combination.

Ex-State Street exec joins Citizens Financial's board, payment software firm Toast will cut workers, Visa rolls out enhanced digital wallet tools and more in the weekly banking news roundup.

The Los Angeles-based bank said that it's eliminating roles across its footprint. The job cuts follow a year in which expenses soared and losses piled up.

Amid an upturn in deposits, banks are searching for ways to put this new cash to work. The traditional option — boosting lending — is hard to do right now. That's left banks to park more money in high-quality securities that they believe will boost returns without heaping on too much credit risk.

His pay jump was greater than every other major U.S. bank CEO whose compensation has been disclosed.

Buying North Shore Bancorp in Peabody, Massachusetts, would give Hometown nearly $6 billion of assets and a higher profile in New England.

Rep. Andy Barr, R-Ky., will propose legislation on Friday that would curtail the Federal Reserve's ability to slow down the bank merger process by mandating that the central bank must approve or deny applications within 90 days of receiving them.

The departures are occurring during a period of heightened U.S. political backlash against the environmental, social and governance investing strategy. Republican officials across the country have launched investigations into banks and asset managers, introduced anti-ESG laws and pulled funds from firms such as BlackRock, which championed sustainable investing.

A Delaware chancery court judge ruled that JPMorgan's obligation to cover the costs of Javice's defense in its fraud suit against her, as well as a separate criminal prosecution, didn't extend to her claims that the bank wrongly terminated her roughly a year after it bought Frank, her college financial planning startup.

The top five fintech and payments M&A deals had a combined dollar volume of more than $23 billion.

In all, the Denver-based bank plans to sell nine branches to two buyers as part of a decision to exit the state and invest more in technology and other markets where "it has the greatest growth potential."

Pam Habner, head of U.S. branded cards and lending at Citi, talks about what drew her to financial services and how to keep women in the game.

Wells Fargo's Charlie Scharf and Morgan Stanley's James Gorman recorded the biggest gains among the CEOs whose compensation has been disclosed so far.

The revamp would be the latest effort by CEO Bill Winters to improve Standard Chartered's returns. The bank's shares have languished under the 62-year-old CEO and currently trade about 40% below where they traded when he took the reins in 2015. 

In the largest deal based on the bank's assets announced since January 1, 2023, the credit union has nearly $12 billion in total assets and the target bank more than $1.5 billion in total assets.

French payments company Worldline may cut 8% of its workforce, Moneygram advances its digital strategy by hiring four new leaders, Fed issues enforcement action against Peoples-Marion Bancorp and more in our weekly banking news roundup.