If confirmed to the National Credit Union Administration, Otsuka would succeed Rodney Hood and become the board's first Asian American member.

The top five banks have an average reputation score among customers of 84.1 in 2023.

The bank has committed to hit a base wage of $25 an hour by 2025; officials also said it would lease space in a giant new office tower in Dallas, its second-largest hub.

Eighteen banks announced agreements to sell themselves last month. It was the most active month for bank deals since July 2022.

Boston-based Eastern Bankshares says its premium on the sale of Eastern Insurance Group will help fund the acquisition of Cambridge Trust and build a wealth management powerhouse. But some analysts point out more revenue is being sacrificed than gained.

The $223 billion-asset bank said it will train its commercial bankers to work with clients to develop decarbonization transition plans. It also committed to reaching carbon neutrality within 12 years.

The combination would create a company with $27 billion of total assets, $18 billion of loans and $22.6 billion of deposits.

Cboe Global Markets says Edward Tilly has resigned following an investigation that determined he didn't disclose personal relationships with colleagues. The derivatives and securities exchange has appointed Fredric Tomczyk, a current member of Cboe's board of directors, to replace Tilly. 

The commitment of derivatives firms headquartered in Chicago is being tested by some $800 million in taxes proposed by the new mayor.

PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.

USAlliance Federal Credit Union names Harry Zhu as its next president and chief executive; HSBC launches business account-opening portal in 20 countries; Swift enters next phase of its central bank digital currency solution and more in the weekly banking news roundup.

UBS's schedule, which targets the integration to be finished by the end of 2025, is very ambitious and not certain to be met, according to sources.

The unit, which includes a $10.2 billion portfolio of private student loans, could fetch interest from alternative asset managers or rival student-loan platforms.

Kristine Braden, the head of Citigroup's Europe unit, is leaving the U.S. lender amid Chief Executive Officer Jane Fraser's comprehensive reorganization of the top management structure to boost returns.

Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.

The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.

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. 

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn't comply with an internal review.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.