JPMorgan, Goldman and others to pay $499M to end stock-lending suit

Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.

By Gabrielle Saulsbery • Aug. 24, 2023

Savi Financial gets FDIC approval for Washington state de novo charter

Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

By Rajashree Chakravarty • Aug. 23, 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

Wells Fargo beats shareholders’ fake-interview lawsuit

Plaintiffs could not show the bank conducted widespread sham interviews, or that any of three key executives knew about them, a judge ruled.

By Rajashree Chakravarty • Aug. 22, 2023

Goldman Sachs explores selling part of its wealth business: reports

The bank bought United Capital Financial Partners for $750 million in 2019 and grew its registered investment advisory unit from there. It is at least the second David Solomon-era deal (along with GreenSky) Goldman has sought to undo.

By Rajashree Chakravarty • Aug. 21, 2023

Citi may break up commercial unit into 3 pieces

The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

By Dan Ennis • Aug. 21, 2023

Fed orders wind-down of FTX-associated Farmington State Bank

The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

By Gabrielle Saulsbery • Aug. 18, 2023

Citi gives Edward Jones a second chance at banking

The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.

By Anna Hrushka • Aug. 18, 2023

Bank of the West to cut over 200 jobs next month

The layoffs come ahead of the conversion associated with Bank of Montreal's acquisition of Bank of the West, slated for Labor Day weekend.

By Rajashree Chakravarty • Aug. 17, 2023

Silvergate CEO out as bank continues wind-down

CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.

By Gabrielle Saulsbery • Aug. 17, 2023

3 ways banks can navigate the commercial real estate slump

It’s not clear if or when the CRE market will return to pre-pandemic levels, but experts say there are steps that banks with significant exposure to the space can take to help mitigate losses.

By Anna Hrushka • Aug. 16, 2023

UBS to pay $1.4B to settle mortgage-backed securities fraud case

The Justice Department has recovered $36 billion in civil penalties from 18 financial institutions in connection with mortgage-backed securities fraud. UBS was the last one to settle.

By Rajashree Chakravarty • Aug. 15, 2023

Carver Bank names interim CEO as Pugh exits

Michael Pugh will leave the bank to join the Local Initiatives Support Corporation as its executive head on Oct. 2.

By Rajashree Chakravarty • Aug. 14, 2023

Custodia launches with US dollar deposits, preps crypto custody

The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

By Anna Hrushka • Aug. 14, 2023

PayPal names Intuit exec as CEO

The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.

By Lynne Marek • Aug. 14, 2023

Senators urge Fed to overhaul big-bank merger policy

A revamp is critical given the spate of regional bank failures this year, said Sen. Sherrod Brown, D-OH, and three others, who accused the central bank of approving mergers under an “old rubric.”

By Anna Hrushka • Aug. 10, 2023

Goldman Sachs names next chief of staff

Russell Horwitz, who helped negotiate the bank’s 1MDB settlements, will return to Goldman after leaving in 2020. His predecessor, John Rogers, will remain in an EVP role focused on regulation, according to a memo.

By Dan Ennis • Aug. 8, 2023

Banks’ 10-Q filings become unexpected must-reads

Apart from disclosing their estimated share of the FDIC's special assessment fee, some financial institutions revealed deepening relationships and even a compensation package.

By Dan Ennis • Aug. 7, 2023

RBC hiring climate transition chief amid fossil-fuel criticism

The job opening seeks an executive to “orchestrate, unify and advance” a federated set of climate-related activities.

By Rajashree Chakravarty • Aug. 4, 2023

Citi’s commercial-banking chief Ybarra is leaving the bank

The 36-year veteran will leave in the first half of next year, CEO Jane Fraser wrote in a memo Thursday.

By Dan Ennis • Aug. 3, 2023

Senate ‘making good progress’ on pot banking bill, Schumer says

There may be bipartisan agreement on SAFE Banking’s goal to help the cannabis industry enter the banking fold, but lawmakers are reportedly haggling over some of the bill’s details.

By Anna Hrushka • Aug. 1, 2023

Laurentian Bank seems to have missed first deadline to find buyer

Both TD and Scotiabank last week backed out as potential buyers of Canada's ninth-largest bank, according to The Globe and Mail.

By Gabrielle Saulsbery • Aug. 1, 2023

Shopify taps Ramp to save on corporate expenses

E-commerce company Shopify is adopting more artificial intelligence by automating its corporate expenses through Ramp.

By James Pothen • Aug. 1, 2023

Dream First acquires Heartland Tri-State in Kansas bank failure

Heartland "became insolvent due to an isolated event," the state regulator said. Dream First adds four branches, around $139 million in assets and $130 million in deposits.

By Rajashree Chakravarty • July 31, 2023

FDIC seeks buyers for $18.5B in Signature Bank loans

The portfolio is made up of 201 loans to private equity firms, and part of the $60 billion in Signature loans the FDIC plans to offload.

By Gabrielle Saulsbery • July 31, 2023

Goldman Sachs vet jumps to Sixth Street

Julian Salisbury, a 25-year Goldman vet, is one of a number of executives to leave the firm in the wake of its asset management overhaul.

By Gabrielle Saulsbery • July 28, 2023