Strategic planning

Deutsche Bank laid off dozens of origination and advisory staffers within its investment banking division globally as fears of a recession stymie dealmaking, according to a person with knowledge with the matter.

Rather than trying to reach the masses, which proved to be expensive, Goldman is focusing on marketing its online banking platform to its existing pool of wealth management clients. The investment bank has learned that it's "better to play to our strengths," CEO David Solomon said Tuesday.

The San Francisco bank tallied $2.2 billion in net operating losses, higher than in any quarter since late 2017. The charges offset what otherwise would have been a strong third-quarter performance.

Some online banks are offering the highest rate on savings accounts only to new customers. The strategy could suppress deposit costs at a time when the Federal Reserve's aggressive rate increases have begun to put pressure on expenses.

Klarna Bank, months after announcing major job cuts and taking a $39 billion hit to its valuation, is planning to restructure parts of its business further to suit a slower-growing, smaller operation, people familiar with the matter said. 

The Phoenix bank is forming an executive leadership team that it said will ensure continuity within its senior ranks. The moves come five months after CEO Kenneth Vecchione received a contract extension through at least 2024.

Since last year, banks have sharply reduced what they charge when consumers spend more money than they have, according to new research. Monthly maintenance charges and fees for using out-of-network ATMs have remained much more stable.

The megabank had previously announced plans to shed consumer and commercial banking units in Russia, which invaded Ukraine in February. The revised plan is expected to cost about $170 million over the next year and a half.

Goldman Sachs Group is reconsidering how to launch a long-delayed product for the masses as senior executives wrestle with cost overruns.

Conversations with about a dozen Credit Suisse dealmakers, traders, financiers and wealth advisors depict a unit girded for a reckoning.

A warning for investment bankers who enjoyed lavish bonuses for 2021, when banks opened their wallets to reward busy dealmakers amid a war for talent: Don't expect a repeat this year.

Robinhood Markets cut almost a quarter of its workforce in a broad reorganization after a punishing first year as a public company.

Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter. 

With Ulrich Koerner taking over as chief executive officer, Credit Suisse Group’s top ranks are looking more like UBS Group, suggesting the firm may draw from its crosstown rival’s playbook.

Visa said it will hand out annual raises for more-junior employees earlier as it seeks to help staffers battling once-in-a-generation levels of inflation.

Credit Suisse Group plans to announce the departure of Chief Executive Thomas Gottstein, The Wall Street Journal reported, part of efforts to turn around the struggling company. 

The latest expense guidance also stems from rising operating losses at the North Carolina bank. Cost-cutting was a key rationale for the 2019 merger of BB&T and SunTrust, which created Truist.

Goldman Sachs Group plans to slow hiring and reinstate annual performance reviews as the Wall Street bank looks to rein in expenses.

When Goldman Sachs executives set out to woo investors in early 2020, they offered a promising outlook for their novelty Main Street business. The unit would go from a money-suck to break-even in 2022. It isn’t quite working out that way. 

The two megabanks said that their capital requirements will rise in the wake of Federal Reserve stress tests, putting downward pressure on their distributions to shareholders. Meanwhile, Bank of America, Wells Fargo, Goldman Sachs and others announced plans to raise their dividends.