Commercial
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NYCB rebrands as Flagstar Financial
The board has approved an amendment to change New York Community Bank’s name to Flagstar Financial, effective Oct. 25.
By Rajashree Chakravarty • Oct. 17, 2024 -
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Truist CEO: No ‘merger hangover’ with expenses
As the bank approaches five years since the completion of the SunTrust-BB&T merger, Truist CEO Bill Rogers sought to assure analysts Thursday that it’s on offense rather than defense.
By Caitlin Mullen • Oct. 17, 2024 -
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TrendlineTop 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
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SoFi, Best Egg get boosts from private credit
Fortress Investment Group extended $2 billion to SoFi and led a $500 million purchase facility to Best Egg to help grow their loan platforms.
By Gabrielle Saulsbery • Oct. 16, 2024 -
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Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
By Rajashree Chakravarty • Oct. 15, 2024 -
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Citi ‘can walk and chew gum at the same time’: Fraser
CEO Jane Fraser cited the bank’s ability to cut expenses while addressing the data, risk and control flaws regulators have flagged.
By Caitlin Mullen • Oct. 15, 2024 -
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Goldman profits soar 45% year over year
CEO David Solomon touted an “improving operating environment” and reported gains in wealth management and investment banking fees. But its Platform Solutions business saw a 42% quarterly drop.
By Gabrielle Saulsbery • Oct. 15, 2024 -
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Associated Bank takes ‘needs-based’ approach to growth
The Wisconsin lender’s sales team has retrained to have “more holistic conversations” with clients and use “advice and guidance” as its bedrock, an executive said.
By Caitlin Mullen • Oct. 14, 2024 -
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Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
By Caitlin Mullen • Oct. 11, 2024 -
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After Helene, banks aim to meet needs ‘exactly where they’re at right now’
With Hurricane Milton tearing through Florida just after Helene devastated parts of the Carolinas and Tennessee, banks with a heavy Southeast presence are working to provide employees and customers with financial relief and basic needs like showers.
By Caitlin Mullen • Oct. 10, 2024 -
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TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
By Dan Ennis , Gabrielle Saulsbery • Oct. 10, 2024 -
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NY comptroller projects Wall Street bonus boost for 2024
Wall Street salaries, on average, slid again last year as profits tumbled from pandemic highs, but the state comptroller’s office predicts bonuses will grow 7.4% this year, as profits in the first half of 2024 soared.
By Caitlin Mullen • Oct. 9, 2024 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
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Hawaii bank postpones acquisition-vote meeting
Territorial Bank sent a letter urging shareholders to vote in favor of the acquisition by Los Angeles-based Hope Bancorp and not get distracted by another investor’s “illusory, non-binding, highly conditional” proposal.
By Rajashree Chakravarty • Oct. 7, 2024 -
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Hurricane Helene aftermath prompts card, cash troubles
After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.
By Lynne Marek • Oct. 3, 2024 -
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Would-be acquirer Blue Hill boosts offer for Hawaii bank
Territorial Bank rejected a third all-cash offer from the investor group Blue Hill Advisors, instead sticking with its planned acquisition by California’s Hope Bancorp.
By Rajashree Chakravarty • Sept. 30, 2024 -
Europe’s other players are watching Commerzbank, UniCredit, too
Executives from BNP Paribas and BBVA weighed in on the state of M&A and offered differing theories about why the continent is falling short globally against Wall Street.
By Dan Ennis • Sept. 27, 2024 -
UniCredit’s Orcel labels Commerzbank buy-up merely ‘an investment’
The Italian CEO said a tie-up with Germany’s second-largest lender would be best, but only under the right terms. Meanwhile, if Commerzbank is looking for a lifeline, it won’t be from Deutsche Bank.
By Dan Ennis • Sept. 25, 2024 -
Commerzbank names next CEO amid UniCredit advances
Executives met to discuss strategy after Italy’s UniCredit rapidly amassed a sizable stake in the German bank, in what may be a hostile push to create a European counterbalance to Wall Street.
By Dan Ennis • Sept. 24, 2024 -
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NY credit union-bank tie-up pushes 2024 to brink of M&A record
Rochester-based ESL's proposed acquisition of Generations Bancorp is the 16th announced whole-bank purchase by a credit union this year, tying it with 2022.
By Rajashree Chakravarty • Sept. 24, 2024 -
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Las Vegas’ Lexicon Bank bets on growth with nonprofits
As a de novo, the lender experienced quick growth through PPP loan processing. Now, it aims to build on its business with nonprofits, CEO Stacy Watkins said.
By Caitlin Mullen • Sept. 24, 2024 -
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Bank of America on pace to open 165 branches by 2026
The lender’s expansion will include roughly 40 branch openings this year, including its first location in Louisville, Kentucky.
By Rajashree Chakravarty • Sept. 23, 2024 -
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Western Alliance sharpens California middle-market focus
After last year’s turmoil, the regional lender is adding bankers to serve aerospace and agriculture clients in the state, said Julian Parra, a BofA veteran hired to grow the bank’s business with middle-market clients.
By Caitlin Mullen • Sept. 23, 2024 -
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First Bank CEO: Small banks will need more deposits before lending can take off
If smaller banks aren’t able to attract more deposits, they may have to get comfortable with slower loan growth, the CEO of New Jersey’s First Bank suggested.
By Caitlin Mullen • Sept. 20, 2024 -
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NY’s Five Star Bank pivots away from BaaS
The bank cited regulators’ changing expectations. Banking-as-a-service accounts for 2% of Five Star’s deposits and less than 1% of its loans and two of its 12 clients have already begun offboarding, it said.
By Dan Ennis • Sept. 20, 2024 -
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JPMorgan creates role to oversee junior bankers’ ‘wellbeing’: memo
Ryland McClendon’s appointment comes amid a spike in concern over the workload and expectations of associates and analysts after a 35-year-old Bank of America banker died in May.
By Rajashree Chakravarty • Sept. 19, 2024
