Ally layoffs could affect more than 500 employees: report

The Detroit-based bank began an effort Monday to shrink headcount by less than 5%, an Ally spokesperson told Bloomberg.

By Dan Ennis • Oct. 4, 2023

Wells Fargo to close South Carolina office, but is doubling down on Chicago

As many as 525 employees may be affected by the closure. The bank, meanwhile, aims to invest $175 million in Chicago, growing its presence to 30 branches from seven.

By Rajashree Chakravarty • Oct. 3, 2023

Explore the Trendline➔

Artificial 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

PNC buys $16.6B portfolio from Signature

The capital commitments facilities include $9 billion in funded loans, used mostly to help private equity investors manage liquidity and bridge financing, the bank said.

By Gabrielle Saulsbery • Oct. 3, 2023

Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors

Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.

By Rajashree Chakravarty • Oct. 2, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023

8 Truist board members to leave at year-end

Four reached mandatory retirement age, and four others are leaving voluntarily. Truist's inaugural CEO, Kelly King, is among those leaving, though the timing of his departure was set in 2019.

By Dan Ennis • Oct. 2, 2023

Credit Suisse, Mozambique settle tuna bonds case

UBS, Credit Suisse's acquirer, gave no financial details of the agreement, ahead of a trial in the case. UBS also said it was "not aware" of a sanctions-related Justice Department probe that was reported last week.

By Dan Ennis • Oct. 2, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Landmark cannabis banking bill heads to full Senate

While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

By Anna Hrushka • Sept. 27, 2023

Deposits drop year over year for first time in 29 years: S&P

Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.

By Rajashree Chakravarty • Sept. 27, 2023

Cannabis-friendly banks face pressure to differentiate

Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.

By Anna Hrushka • Sept. 26, 2023

Wells Fargo taps ex-diplomat, Morgan Stanley vet as vice chair

Thomas Nides, a former U.S. ambassador to Israel, will replace William Daley, who is retiring.

By Rajashree Chakravarty • Sept. 25, 2023

Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?

CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance. 

By Dan Ennis • Sept. 25, 2023

JPMorgan, BofA, Wells face price-fixing suit over municipal bonds

Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.

By Rajashree Chakravarty • Sept. 22, 2023

Bank of America boosts minimum hourly wage to $23

If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.

By Rajashree Chakravarty • Sept. 21, 2023

Citizens pledges $50B to help commercial clients go greener

The Providence, Rhode Island-based lender also aims to achieve carbon neutrality by 2035 and to engage with its oil and gas clients by next year regarding transition options.

By Dan Ennis • Sept. 20, 2023

Rakuten withdraws bid for NCUA charter

The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.

By Anna Hrushka • Sept. 19, 2023

Citi launches token service for institutional clients

The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.

By Rajashree Chakravarty • Sept. 19, 2023

Santander retools its structure

The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.

By Dan Ennis • Sept. 19, 2023

FinCEN fines Puerto Rico bank $15M on alleged BSA violations

Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

By Rajashree Chakravarty • Sept. 18, 2023

Senate panel to hold vote on cannabis banking bill

The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

By Anna Hrushka • Sept. 18, 2023

City National hires ex-Fifth Third CEO as executive board chair

Greg Carmichael will report directly to RBC CEO Dave McKay. The Toronto-based lender acquired City National in 2015.

By Rajashree Chakravarty • Sept. 15, 2023

Goldman fires transaction banking chief, execs over communication breach

Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

By Rajashree Chakravarty • Sept. 14, 2023

Incoming Lazard CEO aims to double revenue by 2030

Peter Orszag wants to boost productivity in the bank’s investment-banking and asset-management businesses after taking the helm Oct. 1.

By Gabrielle Saulsbery • Sept. 14, 2023

TD, First Horizon lay out post-breakup woes at the same conference

TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.

By Dan Ennis • Sept. 14, 2023