Coinbase Global in Wilmington, Del., will cut nearly a fifth of its employees. The crypto exchange said in a Tuesday regulatory filing that it will lay off about 1,100 employees by the end of this month.  The cuts are part of a restructuring plan to manage operating expenses “in response to current market conditions and ongoing business prioritization efforts,” the filing said. Coinbase said it expects to incur $40 million to

Truist Financial in Charlotte, N.C., has opened a wealth management office in downtown Chicago.The $554 billion-asset company said in a press release Monday that Truist Wealth launched the office after hiring a 10-person team. Truist Wealth offers banking, financial planning, investment management, risk management and other products to individuals, families and business owners. "Disciplined expansion will help us achieve our strategic goals, and our Chicago team brings a combination of private banking,

PacWest Bancorp in Los Angeles will soon have a new president.The $39 billion-asset company said in a press release Monday that Paul Taylor will take on the role on July 1. Taylor joined the PacWest board in January 2021; he is a member of the asset/liability management and risk committees. Taylor will succeed Matthew Wagner, who will remain CEO until his expected retirement at the end of 2023. Wagner would

Comerica in Dallas plan to close 22 branches later this year.The $89 billion-asset company said in a press release Monday that it will close 11 branches in Michigan, eight in Texas and three in California in September. The closures represent about 5% of the company’s total branch network. "While we are constantly evaluating how we serve our customers, the accelerated pace of change has us acting with even more urgency,” Cassandra McKinney,

Achieva Credit Union in Dunedin, Fla., has begun offering a bitcoin service on its mobile app.The $2.6 billion-asset credit union said in a press release that it began working with NYDIG, a bitcoin technology company, in December. Achieva said it had noticed in the past year that its members had been trading in more than $2.6 million of cryptocurrency. “It was clear that many members want to get involved with

The list of banks curbing overdraft and nonsufficient funds (NSF) fees continues to grow. Cullen/Frost Bankers in San Antonio said on Monday that it has expanded its $100 overdraft feature to two more checking accounts. The $51 billion-asset company also said it will eliminate fees on nonsufficient and returned items for all consumer customers.  "Combined, the expansion of these features means Frost expects to forgo as much as $3.5 million per year" in

First Waterloo Bancshares in Waterloo, Ill., has agreed to buy Village Bancshares in St. Libory, Ill.The $803 million-asset First Waterloo said in a press release that it plans to complete the purchase of the $116 million-asset Village in the fourth quarter. It did not disclose the price it will pay. "We believe that we are stronger together and can better serve the needs of our customers and our communities through this

Daryl Byrd is stepping down as chairman of First Horizon in Memphis, Tenn. The $88.7 billion-asset company disclosed in a regulatory filing that Byrd will resign on July 1 in accordance with the provisions of his employment agreement and its bylaws. Byrd, who was CEO of Iberiabank when it was sold to First Horizon in 2020, was required to retire as an executive, employee and director on the merger’s second anniversary. Bryan