The automated investment service is the latest offering from the U.K. challenger bank as it works to break into non-European markets.

Fidelity is the latest high-profile traditional-finance firm to join the race after BlackRock Inc. made a splash with its June 15 application for a spot ETF, which opened the floodgates for others to try their hand at it, as well.

Libor was never meant to become such an integral part of the financial system, yet it would eventually come to determine the cost of borrowing around the world, from interest-rate swaps and collateralized loan obligations to student loans and mortgages.

Switzerland's decision to eliminate $17 billion of Credit Suisse's additional tier 1 debt as part of the government-brokered rescue of the troubled bank by UBS Group AG has made it a lot tougher for other Swiss lenders to issue those types of risky bonds, says a Vontobel Holding AG executive.

Globally, deal values have fallen more than 40% this year to $1.2 trillion, according to data compiled by Bloomberg.

Sen. Elizabeth Warren, D-Mass., said bank regulators have been shortsighted in allowing banks to merge and should be tougher when issuing M&A guidelines.

The Ninth U.S. Circuit Court of Appeals reversed a prior ruling made in 2021 that dismissed the class action, thereby reinstating the litigation that claims the media giant's advertising platform allowed for redlining practices.

Bankers, traders and support staff in Credit Suisse's investment bank in London, New York and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter said. 

When community lenders report second-quarter results next month, all eyes will be on deposit levels and funding costs. By extension, analysts expect more banks to roll out expense reduction plans to protect their bottom lines.

The European Cental Bank recently urged banks it supervises "to speed up their downsizing and exit strategies by adopting clear road maps" and regularly reporting on progress, according to Andrea Enria, who leads the ECB's supervisory board.

The name change is being timed to the closing of the bank's sale to investors later this summer. Following an earlier acquisition, the bank's name was changed from EverBank to TIAA Bank in 2018.

Private equity and private credit shops are among the few firms with the capital and appetite needed to buy sizable amounts of consumer assets originated by bigger banks.

Crown was the longest-serving board member of JPMorgan Chase, having been a director for the bank or its predecessor firms going back to 1991.

Goldman Sachs Group has started cutting managing directors across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter.

Goldman Sachs Group plans to add Tom Montag to its board, enlisting a prominent alum at a time when discontent in the firm's ranks has spilled into public view.

The KBW Bank Index and KBW Regional Banking Index have each fallen more than 4% this week and are set for their worst weeks since early May, when JPMorgan Chase agreed to acquire First Republic Bank following its failure.

While the vast majority of staffers are following the firm's rules for hybrid work, the moves are focused on those employees with persistent, unexplained absences.

A former employee of The Change Company, which is the largest non-traditional mortgage lender in the U.S., claims in a new lawsuit that the firm mischaracterized the race, ethnicity and income of its borrowers. The company says the allegations, which relate to the representations it makes to be certified as a community development financial institution, are meritless.

Some of the firms include Sequoia Capital, the world's most prominent venture-capital firm, which got covered for the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million. 

Through May, there were 32 U.S. bank mergers and acquisitions announced, fewer than half of the 66 deals announced over the same span of 2022. But analysts say higher costs and more regulation could spur consolidation.