Commercial
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Alerus Financial to buy Minnesota bank in $116M deal
The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.
By Rajashree Chakravarty • May 16, 2024 -
Fed, OCC to hold meeting July 19 on Capital One-Discover deal
At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.
By Lynne Marek • May 15, 2024 -
Trendline
Artificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
NYCB to sell $5B in mortgage loans to JPMorgan Chase
The transaction is set to finalize in the third quarter. NYCB has pledged to cut its commercial real estate exposure to about $30 billion as it revamps its balance sheet.
By Dan Ennis • May 15, 2024 -
CFG Bank launches accounts to boost Key Bridge relief efforts
A money market account through the bank is donating 0.05% of accrued interest to a nonprofit fund offering financial support for families affected by the bridge collapse.
By Gabrielle Saulsbery • May 14, 2024 -
JPMorgan objects to proxy adviser’s push for CEO, chair split
The bank said ISS’s recommendation “fails to match the empirical evidence of the last 18 years of leadership” by Jamie Dimon, who occupies both roles at JPMorgan.
By Rajashree Chakravarty • May 14, 2024 -
Column
Dive Deposits: May just might be succession strategy month
Banco Popular became the second bank in a week to name a president — a steppingstone to CEO if not a long-term plan. Look back, and JPMorgan and Morgan Stanley each launched multiyear races in May.
By Dan Ennis • May 14, 2024 -
RBC restructures its investment-banking unit
Putting a U.S.-based executive in charge of global investment banking may reflect how crucial the Canadian bank's "second home" is to its growth strategy.
By Dan Ennis • May 13, 2024 -
JPMorgan lures $28B adviser team from Merrill Lynch
The Gray-Polverini team that joined JPMorgan’s wealth management unit in Los Angeles generated nearly $10 million in annual revenue.
By Rajashree Chakravarty • May 13, 2024 -
Pot banking bill advocates push for action this year
Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.
By Caitlin Mullen • May 13, 2024 -
Column
Dive Deposits: Are we in a parallel 2020? Ask a Spanish bank
FDIC culture woes. The rise of women execs. Regulators' rush to issue final rules before an election. 2020 had all of that, too — along with a failed BBVA bid for Sabadell. But in 2024, it turned hostile.
By Dan Ennis • May 9, 2024 -
Aspiration spins off consumer financial brand
The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.
By Rajashree Chakravarty • May 8, 2024 -
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
By Rajashree Chakravarty • May 8, 2024 -
Wells Fargo hires JPMorgan vet Rivas to boost investment bank
Fernando Rivas, who was among the lead negotiators in JPMorgan's First Republic acquisition, had been set to retire when he left JPMorgan in February.
By Caitlin Mullen • May 8, 2024 -
FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
By Dan Ennis • May 6, 2024 -
Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
By Rajashree Chakravarty • May 6, 2024 -
U.S. Bank promotes Kedia to president
Elevating the bank’s vice chair of wealth, corporate, commercial and institutional banking likely positions Gunjan Kedia as the successor to CEO Andy Cecere, a Piper Sandler analyst said.
By Caitlin Mullen • May 6, 2024 -
Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
Column
Dive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
By Dan Ennis • May 3, 2024 -
Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
By Gabrielle Saulsbery • May 2, 2024 -
JPMorgan expects to pay $100M more in trading penalties
The penalty, which the lender said it will pay to a third, unnamed U.S. regulator, adds to the $348.2 million JPMorgan agreed to pay the OCC and the Fed in March.
By Rajashree Chakravarty • May 2, 2024 -
Citi banker, accused of berating and intimidating employees, leaves: report
Edward Ruff was placed on leave in January as the bank investigated allegations he intimidated one co-worker and shouted insults at members of his team because they were late to a call.
By Dan Ennis • May 2, 2024 -
Wells Fargo shareholders reject union-busting audit
Workers at a handful of the bank’s 4,000 branches have made a splash in recent months by voting to unionize.
By Gabrielle Saulsbery • May 1, 2024 -
NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
By Caitlin Mullen • May 1, 2024 -
Morgan Stanley’s $20M bonuses draw proxy adviser’s fire
Glass Lewis recommended shareholders reject a pay package that gave one-time $20 million awards to the bank's newly minted CEO and his two fellow candidates to succeed James Gorman.
By Dan Ennis • April 30, 2024 -
HSBC CEO to step down
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Noel Quinn said Tuesday. HSBC will consider internal and external candidates for the role, it said.
By Rajashree Chakravarty • April 30, 2024