Commercial: Page 13
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Kate Tornone/Banking Dive
Citizens trimmed 650 jobs in Q4
Among bright spots in the quarter, the lender launched its private bank, which it expects to break even in the second half of this year.
By Dan Ennis • Jan. 18, 2024 -
Permission granted by Arc Technologies
Neobank Arc looks to fill SVB gap with venture debt platform
Arc Technologies CEO and co-founder Don Muir likened Arc Capital Markets to Uber Black, describing the platform as a dedicated concierge service that meticulously vets its lenders.
By Anna Hrushka • Jan. 17, 2024 -
Explore the Trendline➔
da-kuk via Getty Images
TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
Courtesy of Ally Financial
Ally Financial taps insider as interim CEO
Doug Timmerman, a 38-year veteran of Ally, takes the top role on an interim basis Feb. 1. His ascent comes after a handful of high-profile departures.
By Rajashree Chakravarty • Jan. 16, 2024 -
Mario Tama via Getty Images
Morgan Stanley to pay $249M to resolve block-trading probe
The bank signed a three-year nonprosecution agreement with the Justice Department. Former bank executive Pawan Passi agreed to a one-year ban from the securities industry and will pay a $250,000 fine.
By Dan Ennis • Jan. 12, 2024 -
Alaska credit union to buy Washington bank in $231.2M deal
With $1.5 billion in assets, Renton-based First Financial Northwest stands to be the largest bank purchased by a credit union after Global Federal completes the deal, expected in the fourth quarter.
By Rajashree Chakravarty • Jan. 12, 2024 -
Melissa Sue Gerrits via Getty Images
First Citizens can move forward with $1.2B poaching suit against HSBC
The judge in the case called the suit “confusing," and gave First Citizens 28 days to file an amended complaint. The bank alleges an ex-SVB executive masterminded a plan to bring 42 colleagues to HSBC.
By Gabrielle Saulsbery • Jan. 12, 2024 -
Drew Angerer via Getty Images
Citi to cut 20K jobs in ‘medium term’
The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.
By Anna Hrushka • Jan. 12, 2024 -
Justin Sullivan via Getty Images
Citi flags $3.8B hit on charges, reserves
In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.
By Anna Hrushka • Jan. 11, 2024 -
Permission granted by Huntington Bank
Huntington technology, operations chief to retire
Paul Heller joined the bank in 2012 and has spent 38 years in financial services. Three executives will join Huntington's executive leadership committee in conjunction with Heller's departure.
By Gabrielle Saulsbery • Jan. 11, 2024 -
Permission granted by TD Bank
TD execs knew in November 2022 about DOJ’s probe into AML: report
Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.
By Dan Ennis • Jan. 11, 2024 -
Andrew Burton / Staff via Getty Images
BlackRock cuts 600 jobs, or 3% of staff
“As a growth company, it is vital that we continually challenge ourselves and ask how we can best prepare for … opportunities,” CEO Larry Fink and President Rob Kapito wrote in a staff memo Tuesday.
By Gabrielle Saulsbery • Jan. 10, 2024 -
Justin Sullivan / Staff via Getty Images
SVB Financial to retain VC business under creditors in asset shuffle
SVB Financial agreed with key creditors to form a new company that would hold the firm’s venture capital unit in a step toward its bankruptcy exit plan.
By Rajashree Chakravarty • Jan. 10, 2024 -
Win McNamee via Getty Images
Deep DiveBarr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024 -
Fotolia
5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
Davis Turner/Stringer via Getty Images
Bank of America to take $1.6B charge in Q4 earnings
The bank has had to reclassify some figures associated with interest rate swaps tied to a Bloomberg index — a Libor alternative — that's closing.
By Dan Ennis • Jan. 8, 2024 -
4kodiak via Getty Images
Western Alliance hires PNC vet as chief credit officer
The addition of Lynne Biggio Herndon completes a raft of executive moves the Phoenix, Arizona-based bank began in 2022 and enables Herndon's predecessor to take another role after a 16-month delay.
By Dan Ennis • Jan. 8, 2024 -
Thomas Lohnes via Getty Images
Deutsche hires Citi veteran as its next global M&A chief
Alison Harding-Jones joins the bank as Deutsche looks to boost its profile as an M&A adviser amid a 17% drop in dealmaking volume worldwide last year.
By Dan Ennis • Jan. 5, 2024 -
Stock via Getty Images
Chinese shadow bank Zhongzhi files for bankruptcy, liquidation
The lender declared a shortfall of as much as $36.4 billion in November, telling investors it was “severely insolvent.” Its wealth management arm came under police investigation days later.
By Dan Ennis • Jan. 5, 2024 -
Maks_Lab via Getty Images
Alabama credit union to buy 5 branches of community bank
After the transaction, 22nd State Bank will relocate its charter to Mobile, and operate as an independent community bank with two locations in the area.
By Rajashree Chakravarty • Jan. 4, 2024 -
Lintao Zhang via Getty Images
Citi could launch China investment bank unit this year: report
The bank aims to hire roughly 30 people for the unit, and has brought aboard at least three key executives, a source told Reuters. The move comes as Citi retreats from several businesses elsewhere.
By Gabrielle Saulsbery • Jan. 4, 2024 -
Pascal Le Segretain via Getty Images
ColumnIt may be loose-end season at BNP Paribas
France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.
By Dan Ennis • Jan. 3, 2024 -
Michael M. Santiago via Getty Images
Big banks cut 62K positions in 2023: report
UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.
By Dan Ennis • Jan. 2, 2024 -
Michael M. Santiago/ via Getty Images
Goldman regains (or retains) its hold over M&A
The bank, which trailed JPMorgan midway through 2023, advised on the year's two biggest deals as volume shot up $160 billion in the fourth quarter. It marked Goldman's seventh straight year atop M&A.
By Dan Ennis • Jan. 2, 2024
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