The OCC, part of the Treasury Department, said Tuesday the products present credit, compliance and reputation challenges for the banks.

Barofsky, a former inspector general of the Troubled Asset Relief Program and frequent Wall Street critic, was removed as ombudsman by Credit Suisse in November 2022.

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

The two companies announced the deal more than a year ago and had anticipated closing it in the first half of 2023. But advocacy groups have urged regulators to withhold approval, arguing that it will hurt consumers.

United Federal Credit Union plans to enter the state through a merger next year, and that could be a problem for Keystone-state banks and credit unions that are already struggling to grow.

Banks including Morgan Stanley, HSBC, Goldman Sachs and JPMorgan Chase have announced individual sustainable finance targets for 2030 that range from $750 billion to $2.5 trillion. Yet such statements leave investors with little real insight into the very different ways in which banks are defining what's sustainable.

A small bank stock index posted its biggest gain of the year in early November before that progress faded. What will it take for investors to sustain confidence in the sector?

The Toronto-based company is now forecasting more than $800 million USD in annual cost savings as a result of its Bank of the West acquisition in February. That's up nearly 20% from an earlier projection.

Wells Fargo is expanding into New York City's Hudson Yards, Mastercard launches a new generative AI-powered shopping tool, Banc of California closes PacWest acquisition and more in the weekly banking news roundup.

Expenses at Canada's second-biggest bank are higher than they should be, and the layoffs are one part of a plan to control costs going forward, executives say. Other Canadian banks including CIBC, Scotiabank and BMO have also shed workers this year.

Sloan is seeking to force Wells Fargo to honor multiple canceled stock awards and a bonus he says he was promised, according to a complaint filed Friday in California state court. He's also seeking unspecified damages for, among other things, emotional distress.

Brandon Milhorn, former top staffer to FDIC Vice Chairman Travis Hill, has been named president and CEO of the Conference of State Bank Supervisors, effective Monday.

The Berkshire Hathaway legacy of Warren Buffett's longtime business partner includes large checks written to national banks as well as curt remarks about the industry's shortcomings. Munger died on Tuesday, a few weeks before of his 100th birthday.

A London court handed a big win to Deutsche Bank and other creditors holding obscure notes issued by Lehman Brothers before its collapse.

The move gives stockholders a greater portion of recurring, predictable income as private equity asset sales stagnate due to higher interest rates and jitters over a potential recession. In exchange, the firms' dealmakers will get a bigger slice of the gains when their investments pay off.

The platform will allow banks to share the names and account information of suspected scammers almost in real time. The American Bankers Association is set to test the system with a group of 20 pilot banks early next year.

Synchrony Financial bought Pets Best ahead of a pandemic-driven surge in the pet insurance business. Now it's selling the subsidiary for a $750 million after-tax gain.

The seller, Merchants and Manufacturers Bank in Illinois, has experienced rapid growth and zero lifetime losses in its niche portfolio. First Busey says that business line was a key reason it decided to buy its in-state peer.

The Federal Deposit Insurance Corp. announced Tuesday that two financial officials with European regulatory backgrounds, Sir Jon Cunliffe and Elke Koenig, will join its Systemic Resolution Advisory Committee meeting on December 5 to discuss Dodd-Frank resolution authority and related issues.

The big China deals that lined rainmakers' pockets for decades have evaporated. Banks and law firms alike are cutting jobs. Those advisers that remain are chasing smaller deals and taking extended vacations.