Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

Citigroup and Bank of America have teamed up with five other banks to form Octaura Holdings, an electronic trading platform for syndicated loans and collateralized loan obligations.

Wyndham Capital, Open Mortgage and reverse mortgage lender American Advisors Group eliminated jobs this week.

The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.

Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.

Some firms are undergoing their second or third rounds of terminations since the beginning of the year.

Executives at banks north of the border pointed this week to several potential U.S. economic snags, including inflation, the possibility of a housing market correction and soaring energy prices.

Corrigan thrived on crisis situations, a colleague said. He received plenty of practice in 25 years at the Fed and another two decades at Goldman Sachs.

Only about 31% of the bank’s shareholders voted Tuesday in favor of a nonbinding “say on pay” resolution. The harsh verdict followed a one-time award of $52.6 million in stock options to keep Chairman and CEO Jamie Dimon on the job for five more years.

Completion of U.S. Bancorp’s $8 billion acquisition of MUFG Union Bank, originally slated for June, has been pushed to the second half of 2022, the seller’s parent company says.

GradFin offers advisory services to Americans who want assistance with their student loans. The acquisition is part of the Cleveland bank’s strategy of adding niche digital businesses.

In a recent survey, just over half of community bankers expressed concern that the central bank will harm the U.S. economy by raising rates too fast in its quest to contain inflation.

The bank didn’t disclose which specific employees, or how many, were impacted by the announcement.

The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.

Despite perceptions that smaller companies are riskier, they pose less risk to investors. Realized loss rates are lower, and they deliver higher returns.

The Federal Reserve's unanimous approval is a win for the Rhode Island company, though it will have have to take part in an additional round of stress tests in 2023.

The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.

The agreement to acquire Vantage Financial in Minnesota comes less than a year after Peoples Bank purchased North Star Leasing in Vermont.

The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.

Democrats largely left the financial sector alone last year. But they are attempting to resurrect a bank tax-reporting plan to help pay for President Biden’s social policy package while keeping a close eye on cryptocurrency and how regulators review mergers.