Investment banking

The bank was one of the last major holdouts to bow to expense pressures that have left no one immune.

Truist Financial eliminated about 5% of its investment banking division amid uncertainty surrounding the dealmaking environment, according to people with knowledge with the matter.

The Dallas-based company is rolling out a national investment banking unit as it seeks to serve clients through the entire business life cycle. It has also promoted three top-level executives into new roles.

Deutsche Bank is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit.

Citigroup is raising compensation for its junior investment bankers by as much as 15% even as many Wall Street peers are cutting jobs and slashing bonuses after last year's industrywide deals slump.

Credit Suisse Group is close to an agreement to buy Michael Klein's advisory boutique after several rounds of tense negotiations, according to people briefed on the talks.

The Spanish lender, aiming to become a leader among second-tier lenders in the U.S., expects to increase the number of bankers at its securities and advisory unit, its head of corporate and investment banking said.

Wells Fargo nabbed a spot among the top 10 advisors on mergers and acquisitions last year, a first for the firm as it ramps up its investment bank under Chief Executive Charlie Scharf.

Banks saw dealflow weaken in 2022, both for deals on which they advised and for their own M&A involving other banks and fintech companies.

Investment bankers working on mergers and acquisitions need to review their due diligence processes to ensure deals aren't upended by an evolving set of ESG risks, according to Berkeley Research Group.

Across Wall Street, this year's bleak expectations for banker bonuses are rapidly proving true, as a slump in dealmaking ends the industry's war for talent and firms regain the upper hand in setting pay.

Bank of Montreal took a hit in the fiscal fourth quarter as a chill in capital markets weighed on investment banking revenue.

Carlyle Group plans to raise at least $8.5 billion for a new private credit fund, as it competes with rivals to snap up lending business abandoned by banks.

Bonus season is looking grim on Wall Street, with year-end incentive pools expected to drop sharply across the finance industry amid a pullback in mergers and acquisitions, persistent inflation and the threat of a potential recession.

A new debit card for military veterans, Google expands a billing test and more in banking news this week.

Former Goldman Sachs Group banker Asante Berko was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank.

Investment banking fees at Citigroup plummeted 64% in the third quarter, the company said last month.

Credit Suisse Group is planning a fresh round of job cuts at the global wealth management business starting next week, adding to dismissals that already started at the investment bank, according to people familiar with the matter.

Credit Suisse Group reported its fourth straight loss as its investment bank continued to struggle, wealthy clients fled and the lender booked a charge related to a critical overhaul that's been in the making for months.

Credit Suisse Group said that Michael Klein is expected to become chief executive of the spun-out First Boston unit, as a result of the radical restructuring of the Swiss lender's investment bank.