Strategic planning

Goldman Sachs Group plans to anchor a new office tower in Dallas that would hold thousands of employees, part of the bank’s expansion beyond its Manhattan base.

The Dallas bank is joining the branch-consolidation trend that has accelerated during the pandemic, announcing plans to shutter 22 branches in Michigan, Texas and California.

Credit Suisse Group Chief Executive Thomas Gottstein batted away questions on whether the bank is a takeover target and said he’s still holding out hope for a profitable second quarter.

The chief executive of Klarna Bank has polarized opinion on social media after posting a contact list of former employees recently dismissed by the Swedish company as part of a drive to curb costs.

PayPal Holdings began laying off staffers who worked in risk management and operations this week as the firm seeks to shore up profits after growth in spending on its platform stagnated in recent quarters.

Seiffert, who succeeded longtime CEO William Wagner, orchestrated the company’s entry into Indiana and the sale of its insurance unit. Northwest reported a record $161.9 million profit in 2021.

The nation's largest bank indicated Monday that it may again offer home equity lines of credit to a wide audience. Rising mortgage rates have made the product more attractive after a long drought when low rates suppressed demand.

Bank of America is moving three months early on its most recent plan to raise its hourly base pay. “Until the labor market eases, the weight of wage growth is going to be strong,” CEO Brian Moynihan said during a CNBC interview.

Inside JPMorgan Chase, senior executives are counting on an investor day to redeem themselves from a routine January conference call now widely viewed as disastrous.

The Wisconsin company is the latest bank to plan cutbacks in the fees. Its fee income is projected to fall by about 2% from its level last quarter.

Wells Fargo missed analysts’ expectations on first-quarter revenue and expenses as Chief Executive Charlie Scharf continues to face challenges turning around the bank after years of scandals.

The niche railcar leasing unit, which the North Carolina company inherited with its acquisition of CIT, may generate roughly 25% of the combined entity's noninterest income, executives said. They vowed to slow the sale of boxcars that had been underway at CIT.

The average Wall Street bonus increased 20% last year as a flurry of initial public offerings and higher underwriting fees boosted profitability across the industry. 

Lynn Fuller, a onetime CEO of the Iowa company, called his ouster “retaliation” for publicly criticizing Heartland’s strategy. He had planned to step down as chairman in May.

At the bank’s investor day, CEO Jane Fraser and other top executives outlined where they are investing, how they are reorganizing and what it will all cost.

Citigroup said profitability will fall as the bank pursues a strategy shift that it said will raise expenses in the near term.

Royal Bank of Canada is still benefiting from the pandemic-era boom in capital markets.

A busy end to the year for Barclays’ dealmakers helped offset a slump in trading activity and lift the British bank to its highest annual profit on record.

Wages, marketing spending and technology investments are all on the rise. While higher interest rates should eventually help tame inflation, it's not clear how quickly banks will be able to limit their spending increases.

The central bank also signed off on Webster Financial’s acquisition of Sterling Bancorp and WSFS Financial’s purchase of Bryn Mawr Bank Corp. The moves come amid a political fight over the bank merger approval process.