SVB Financial Group, the former parent company of Silicon Valley Bank, has made progress in its bankruptcy case by reaching a deal with key creditors. This development brings the company closer to resolving its financial challenges and potentially emerging from bankruptcy, Bloomberg reported Tuesday (Jan....
Barclays reportedly laid off about 5,000 workers in 2023 as part of a cost-cutting campaign. A spokesperson for the British bank told Reuters Monday (Jan. 8) that most of those cuts happened in Barclays Execution Services, the company’s support unit. “Barclays removed approximately 5,000 headcount globally through...
Europe’s banks are reportedly set to have a much better year than their U.S. rivals. The KBW Bank Index, made up of the top 24 banks in America, is expected to return less than 1% this year, Bloomberg News reported Monday (Jan. 8) while Europe’s Stoxx...
Several megatrends are shaping financial services, Nilesh Dusane, global head of institutional payments at AWS, and Shane Conway, executive general manager of transaction banking, enterprise payments and asset servicing at National Australia Bank, told Karen Webster. The digitization of banking is creating new customer experiences for consumers but also...
Regulators in Europe are reportedly probing the ties between banks and non-bank financial institutions (NBFIs). This investigation is borne out of concerns about possible contagion due to stresses in the larger system, European Banking Authority (EBA) Chair José Manuel Campa said in a Financial Times (FT) interview published Wednesday (Jan. 3)....
Small community banks in the United States are ending the year in crisis mode. Many of these banks are wrestling with choices they made when interest rates were low, and they now find themselves squeezed by rapid rate hikes by the Federal Reserve, The Wall...
JPMorgan Chase is ending 2023 as the leading figure in the U.S. banking sector. The company’s banking operation earned $38.9 billion in profits for the first nine months of the year, or about 18% of the industry total, according to calculations published Wednesday (Dec. 27) by the Financial...
The world’s biggest banks reportedly slashed more than 60,000 jobs in 2023. It was a year in which investment banks suffered their second year in a row of declining fees amid a downturn in dealmaking and companies going public, the Financial Times (FT) reported Monday (Dec. 25). ...
Goldman Sachs is reportedly aiming to double the size of its $110 billion private credit business. That shift involves reshuffling senior executives in the unit, Marc Nachmann, global head of asset and wealth management, told Bloomberg News on Monday (Dec. 11). “We think it’s the biggest opportunity...
