Rocket shrunk its workforce by about 20% year-over-year, while Academy cut 250 employees prior to being acquired by Guild Mortgage.

Rep. Maxine Waters, ranking member of the House Financial Services Committee, led the letter, spurred by the recent merger announcement between Capital One and Discover, which the letter said would enable the merged company "to influence multiple points of the marketplace."

The lawmakers, led by Sen. Elizabeth Warren, D-Mass., said the deal would further anti-consumer bank consolidation, but also criticized the OCC's proposed changes to the merger process, asking that they be strengthened.

The blockbuster merger proposal will be reviewed at a time when the Biden administration is expressing skepticism about consolidation. Its analysis will have to account for markets dominated by both big banks and the likes of Visa and Mastercard.

The deal involving Southern California Bancorp and California BanCorp, expected to close in the third quarter, would form a $4.6 billion-asset lender with a footprint spanning San Diego, Greater Los Angeles and the San Francisco Bay Area.

Banks began marketing the loan, which funded a 47% stake purchase in Everise in early November. But the sale for the B3 rated debt struggled and dragged on for over a month. 

In a deal arranged by the Federal Deposit Insurance Corp., the Pittsburgh bank has bought a portfolio from the wreckage of Signature Bank. The purchase should help PNC expand its fund banking business, which helps private equity firms manage liquidity and finance investments in the short term.

The trust will repay notes through a $160.7 million, floating-rate class benchmarked to the three-month Secured Overnight Financing Rate (SOFR), and a $25.1 million of fixed-rate, class B.

The Canadian bank initially told investors the acquisition would result in more than $350 million in cost savings. But a recent analysis suggests that number could be even higher.

The job cuts come amid caution about the industry's growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.

The delivery of immediate cash value to WMC stockholders was one of two points that solidified the deal.

Rich-world peers from Italy to France and the UK are in the spotlight as higher interest rates impact debt levels exceeding 100% of annual output. Stakes are even higher for capital-hungry developing nations.

Seibly, a 35-year banking industry veteran, takes over the Jacksonville, Florida, online bank now that private equity investors have purchased it from TIAA.

The mortgage company was able to move a lot closer to its goal to become a $1 trillion servicer with the expiration of the final tender offer and closing of the deal.

The Berkshire Hathaway unit first invested in the underwriter in May 2022. Previously it was wholly owned by Realogy.

Federal officials have questioned prime brokers about leveraged trading in government bonds by their fast-money clients.

The impasse increases the likelihood the House and Senate both vote on any deal next week, mere hours before June 1 the date by which the US could run out of cash to pay its bills.

The US inching closer to a potential default could spark panic among investors, Dimon said in an interview with Bloomberg Television. That could ultimately impact other markets outside of the U.S.

The Tennessee bank confirmed in its earnings report that the deal, already delayed by several months amid heightened regulatory scrutiny, likely would not close by a May 27 deadline. No new target date has been set.

Banks could be in for a long, slow trickle of bank failures and consolidation in the coming months and years, particularly if inflation persists and interest rates keep rising. A downturn in commercial real estate could add to banks' problems.