•    The first move by new HSBC CEO John Flint was to shake up the leadership and structure of its scandal-ridden private banking operation, reports the FT. Flint is on a mission to simplify the bank, Europe's largest lender, and has combined the UK and Swiss private bank units into a single entity, and put London-based Chris Allen in charge. The former head of the Swiss private bank, Franco Morra, is to leave HSBC altogether. The change comes three years after HSBC was forced to apologise over accusations its Swiss private banking arm was running accounts for tax-dodging clients. Investigations into the allegations are ongoing in several countries, the paper reports. •    US tax cuts and higher interest rates have helped Bank of America's profit hit the double-digits for the first time in seven years, reports the FT. BofA reported a profit of 10.8 per cent for the first three months of 2018. JPMorgan Chase and Citigroup reported similar upbeat results last week, in what the FT describes as evidence the "Trump bump" (which saw top 500 bank stocks in the US rise 44 percent since Donald Trump won the election) is "finally flowing through to bottom lines".•    A top Federal Reserve official has warned that not enough has been done to solve the problem of "too big to fail" banks in the US and not enough pain was inflicted on the big banks, raising the risk of another financial crisis. The Business Insider reports that Minneapolis Fed President Neel Kashkari says the pain from the 2008 crisis was too easily forgotten. "The shareholders got bailed out. The boards of directors got bailed out. Management got bailed out. So from their perspective, there was no crisis," Kashkari said. As one of the most "dovish" of the Federal Open Market Committee, Kashkari has voted against the Fed's rate hikes and is pushing for banks to be forced to raise more equity to fund investments rather than relying so heavily on debt.