banking industry

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Major Banks Try to Ease Junior Bankers' Exhaustion

JPMorgan, Bank of America take steps to prevent overwork amid criticism

(Newser) - Two leading investment banks are taking steps to prevent junior bankers from working more than 100 hours a week following complaints of overwork. JPMorgan is instituting an 80-hour weekly cap for junior bankers in a first-of-its-kind move for the bank, while Bank of America, which already flags work beyond a...

Biggest Retail Bank Warns Free Checking May Go Away

Chase exec says it's a potential result of capped credit card fees

(Newser) - No more free checking accounts? An exec with JPMorgan Chase, the nation's biggest retail bank, warned the perk could go away in the not-too-distant future, reports the Wall Street Journal . Marianne Lake—the CEO of consumer and community banking who also is on the short list to eventually replace...

Female Exec's Departure May Be Bad Sign for Goldman

Stephanie Cohen leaves, and she's only latest high-ranking woman to do so

(Newser) - A senior exec named Stephanie Cohen is leaving Goldman Sachs to work for the cloud-services provider Cloudflare, reports MarketWatch . But the otherwise ordinary-sounding executive shuffle announced Monday is only the latest example of a female partner deciding to leave Goldman, reports the Wall Street Journal . Cohen had been with the...

Citigroup Laying Off 10% of Workforce
Citigroup Laying Off
20K Workers
Jan 12, 2024 2:49 PM CST

Citigroup Laying Off 20K Workers

Streamlining under CEO Jane Fraser continues

(Newser) - Citigroup is shrinking: The banking giant said Friday it will lay off 20,000 workers, or 10% of its workforce, by 2026, reports the Wall Street Journal . The news came as Citi posted a $1.8 billion loss in the fourth quarter, compared to a $2.5 billion profit a...

Big Banks Warn Customers of Deposit Delays

'Manual error' said to cause 'processing issue' at Chase, Bank of America, Wells Fargo, others

(Newser) - Deposits at major banks across the nation were delayed Friday, due to what the Federal Reserve is calling a "processing issue" caused by human error. CNN Business reports that customers at Bank of America, Chase, Wells Fargo, US Bank, and Truist started complaining about the problem Friday morning, with...

Mastercard Brings Hammer Down on Pot Purchases

Company says it's banning cannabis transactions on its debit cards, as cannabis isn't legal federally

(Newser) - Looking to pick up some pot at the dispensary? Don't pull out your Mastercard. On Wednesday, the payment processing company announced it had informed financial institutions that it would not be allowing marijuana purchases on its debit cards, in what Reuters describes as "a blow to an industry...

It's the Second-Largest Bank Failure in US History
It's the Second-Largest Bank
Failure in US History
the rundown
May 1, 2023 6:08 AM CDT

It's the Second-Largest Bank Failure in US History

Regulators seize First Republic, sell most of it to JPMorgan Chase

(Newser) - Another midsize US bank has gone under, the third in two months. Regulators seized First Republic Bank on Monday and sold the bulk of it to the nation's largest bank, JPMorgan Chase, reports the BBC . The move, however, which was telegraphed over the weekend , is not being received as...

In Silicon Valley Bank Fail, the Fed's 'Mea Culpa' (Sort Of)

US central banking system blames lax oversight, weakened regulations for bank's collapse

(Newser) - The Federal Reserve blamed last month's collapse of Silicon Valley Bank on poor management, watered-down regulations, and lax oversight by its own staffers, adding that the industry needs stricter policing on multiple fronts to prevent future bank failures. The Fed was highly critical of its own role in the...

Jamie Dimon: Repercussions of Bank Crisis Will Last

But JPMorgan chief emphasizes it's not as severe as the 2008 crisis

(Newser) - Ten months ago, the chief of America's biggest bank warned that an economic "hurricane" was brewing and might slam the US. On Tuesday, Jamie Dimon of JPMorgan Chase sounded a lot more optimistic about the forecast, referencing "storm clouds" instead, reports Axios . In his annual letter to...

Nation's Banks Throw $30B Lifeline to One Struggling

As a result of the help for First Republic, the stock market had a strong day

(Newser) - Stocks rallied on Thursday after a group of big banks offered a lifeline to a bank Wall Street had zeroed in on in its hunt for the next victim in the industry’s struggles, per the AP . The benchmark S&P 500 jumped nearly 2% Thursday, erasing earlier losses following...

Explaining the SVB Mess in 30 Words
SVB Made 'Elementary'
Error Before Its Collapse
the rundown
Mar 14, 2023 9:25 AM CDT

SVB Made 'Elementary' Error Before Its Collapse

Larry Summers weighs in on bank's mistake of failing to account for rate hikes in investments

(Newser) - The fallout continues over last week's collapse of Silicon Valley Bank , as well as the government's response to protect depositors' money. A look at coverage:
  • In short: Former Treasury Secretary Larry Summers tweeted that SVB is guilty of "one of the most elementary errors" a bank can
...

Biden Tries to Shore Up Confidence in Bank System

'Your deposits will be there when you need them'

(Newser) - One of President Biden's first orders of business on Monday was to attempt to reassure Americans—and the financial markets—that the banking system is on solid ground after a tumultuous few days .
  • "Your deposits will be there when you need them," said Biden in a national
...

UK Offshoot of Failed US Bank Sells for ... $1.21

HSBC acquires Silicon Valley Bank subsidiary for 1 British pound

(Newser) - These are tense days in the world of banking , as seen in an unusual price tag Monday morning: HSBC will acquire the British subsidiary of Silicon Valley Bank for all of 1 British pound, reports the BBC . That's the equivalent of about $1.21. SVB, of course, is the...

Number of 2023 Bank Failures Now Up to 3
Bank Depositors Will Get
Their Money Back
the rundown
Mar 13, 2023 5:38 AM CDT

Bank Depositors Will Get Their Money Back

US takes action to ease pain of SVB collapse, as another big bank fails

(Newser) - The government has taken what the AP calls "extraordinary steps" to avert a potential banking crisis in the wake of Silicon Valley Bank's failure , with the Treasury Department, Federal Reserve, and FDIC issuing a joint statement Sunday assuring SVB clients they would all be protected and that depositors,...

Exodus From Russia Now Includes Wall Street Banks

Goldman Sachs is first to make the move

(Newser) - Another financial shot to Russia: Goldman Sachs on Thursday became the first major Wall Street bank to pull out of the nation since the invasion of Ukraine, reports NPR . It's a sign of the increasing economic isolation being imposed on Moscow by the West, though CNBC describes US banking...

Whistleblower Reveals 18K Secret Swiss Bank Accounts

Credit Suisse did business with some nefarious characters

(Newser) - The idea of not-so-upright characters stashing money in a Swiss bank account is a staple of Hollywood—and a large leak of account holders with the giant Credit Suisse suggests it's right on the money:
  • The leak: A whistleblower gave the German newspaper Sueddeutsche Zeitung data on more than
...

JP Morgan CEO Jamie Dimon Just Got a Raise

He earned $34.5M in stocks and cash in 2021

(Newser) - At an age where many people are gearing up for retirement, the 65-year-old CEO of JPMorgan Chase got 50 million reasons to stay in his post. Jamie Dimon received a $50 million bonus in early 2021 as an incentive to stay with the mega bank for a minimum of five...

Wells Fargo CEO Sorry for Complaint About Black Talent

Charles Scharf blamed bank's lack of diversity on 'very limited' pool of talent

(Newser) - The CEO of Wells Fargo has apologized for an "insensitive" memo in which he said the bank wasn't meeting diversity goals because of a shortage of skilled Black workers. "The unfortunate reality is that there is a very limited pool of Black talent to recruit from with...

Deutsche Bank's Push to Be a Banking Giant Is Dead

The Frankfurt-based bank began cutting 18K jobs on Monday

(Newser) - Germany's Deutsche Bank on Monday began cutting 18,000 jobs, marking the end of a long, failed attempt to compete with the planet's investment banking giants. The bank plan unveiled Sunday aims to take Deutsche Bank "back to our roots" by refocusing on traditional strengths like serving...

Deutsche Bank Cuts Businesses, and Plans to Trim 18K Jobs

Board approves retreat from global ambitions

(Newser) - In a sweeping restructuring, Deutsche Bank announced Sunday that it will cut 18,000 jobs and abandon its global equities sales and trading business. The bank intends to cut costs as much as $19 billion in coming years, CNBC reports. That would leave it with 74,000 employees by 2022....

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