Commercial: Page 2
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Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
Sean Pavone via Getty Images
Louisiana banks scrap merger plans
MC Bancshares and Heritage Nola called off the deal, announced last July, over “uncertainties in the regulatory environment,” one CEO said.
By Rajashree Chakravarty • June 18, 2024 -
Explore the Trendline➔
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TrendlineCustomer service
Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.
By Banking Dive staff -
Chris Hondros via Getty Images
UBS to set aside $900M to compensate Greensill investors
The Swiss bank inherited the issue when it acquired Credit Suisse. The amount accounts for 90% of what clients are owed from the 2021 collapse of the supply chain financing firm.
By Rajashree Chakravarty • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 2024 -
Jeff Zelevansky via Getty Images
Provident Bank to close 22 branches in New Jersey
Provident, whose merger with in-state peer Lakeland Bancorp closed last month, has decided to shutter branches due to overlapping proximity, the lender announced recently.
By Rajashree Chakravarty • June 14, 2024 -
Justin Sullivan / Staff via Getty Images
Wells, PNC CFOs see office spaces leading CRE stress
“Older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress,” Wells Fargo CFO Mike Santomassimo said Tuesday.
By Caitlin Mullen • June 12, 2024 -
Chris Hondros / Staff via Getty Images
JPMorgan names firmwide CTO
Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.
By Gabrielle Saulsbery • June 11, 2024 -
Spencer Platt/Getty Images via Getty Images
BNY rebrands with new logo but no Mellon
The oldest U.S. bank revealed its shortened name, a modern font and teal coloring Tuesday. Some revisions can be expected over the next year, the bank said.
By Rajashree Chakravarty • June 11, 2024 -
Drew Angerer via Getty Images
TD sues wealth advisers who left for Raymond James
Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.
By Rajashree Chakravarty • June 10, 2024 -
Permission granted by U.S. Bank
U.S. Bank promotes 2 execs under new president
Felicia La Forgia will oversee the bank's newly minted institutional client group, while Stephen Philipson will lead product business for wealth, corporate, commercial and institutional banking.
By Dan Ennis • June 6, 2024 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sued in alleged aid of $300M Ponzi scheme
The proposed class action claims that the lender, from 2011 until 2021, knew of a scheme that duped more than 1,000 investors, most of whom were seniors.
By Rajashree Chakravarty • June 6, 2024 -
Spencer Platt / Staff via Getty Images
NYCB names Otting executive chair
Alessandro DiNello, whom Otting replaces, will retain a seat on the board and serve as a senior adviser, NYCB said.
By Caitlin Mullen • June 5, 2024 -
Pablo Blazquez Dominguez via Getty Images
Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Permission granted by Atlanta Postal Credit Union
Georgia credit union to buy Affinity Bank
The acquisition is the 11th whole-bank purchase by a credit union this year, tying 2023's level of activity — with seven months remaining in 2024.
By Rajashree Chakravarty • May 31, 2024 -
Alex Wong / Staff via Getty Images
Truist CEO on cost cuts: We needed ‘a shock to the system’
Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.
By Caitlin Mullen • May 31, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman alum Esposito lands at Citadel Securities
The 28-year Goldman vet will take on a new role as president at the market maker. He'll join in September and be responsible for growing client and partner relationships.
By Dan Ennis • May 31, 2024 -
Daniel Berehulak via Getty Images
UBS wealth-management split gives CEO race two front-runners
Iqbal Khan and Rob Karofsky will co-lead the global wealth unit in a shake-up that also will see Credit Suisse's last CEO leave the bank.
By Rajashree Chakravarty • May 30, 2024 -
Davis Turner/Stringer via Getty Images
Merrill Lynch to pay $20M to settle racial discrimination case
Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.
By Gabrielle Saulsbery • May 30, 2024 -
Win McNamee / Staff via Getty Images
Dimon: ‘No magic formula’ on CEO, chairman moves
The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.
By Caitlin Mullen • May 29, 2024 -
Chris Hondros via Getty Images
UBS looks internally for Ermotti’s successor: report
The Swiss banking giant plans to disclose the names of three potential CEO successors as early as next year, the Financial Times reported Monday. Sergio Ermotti expects to step down once the UBS-Credit Suisse integration is complete.
By Rajashree Chakravarty • May 28, 2024 -
Spencer Platt via Getty Images
JPMorgan fined by CFTC over surveillance gap probe
JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.
By Rajashree Chakravarty • May 24, 2024 -
Mario Tama via Getty Images
Gorman to step down as Morgan Stanley board chair
The ex-CEO's departure at year end could be seen as a vote of confidence in his successor, Ted Pick. The bank held its annual general meeting Thursday.
By Dan Ennis • May 23, 2024 -
Joe Raedle / Staff via Getty Images
TD CEO: Spending on AML remediation could extend into 2025
TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.
By Caitlin Mullen • May 23, 2024 -
Permission granted by Varo Bank
Varo Bank faces lawsuit over March data breach
The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers.
By Rajashree Chakravarty • May 22, 2024 -
SouthState to acquire Independent Bank in $2B deal
The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.
By Rajashree Chakravarty • May 21, 2024
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