Citi says its predecessors likely benefited from slavery

The conclusion came in an independent review the bank agreed to as part of its 2020 racial equity pledge.

By Rajashree Chakravarty • July 28, 2023

Santander to hire 150, expand US investment bank: reports

The bank also laid off its U.S. head of commercial banking and is combining that unit with its commercial real estate and vehicle-financing businesses, a source told the Boston Business Journal.

By Anna Hrushka • July 28, 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

Fed, FDIC, OCC propose 19% boost in held capital for biggest banks

The 1,089-page proposal also would force banks with $100 billion in assets to account for unrealized gains and losses on some securities and alter the way banks calculate risk-weighted assets.

By Dan Ennis • July 27, 2023

JPMorgan notches a second win in the banking crisis

The bank is the mystery buyer of $1.8 billion in single-family residential loans from Banc of California, sources told Bloomberg and Reuters.

By Dan Ennis • July 27, 2023

Fintechs ‘deeply concerned’ with Senate SBA bill

A bill aimed at reining in the SBA’s 7(a) expansion plan would subject nonbanks to unfair and overly burdensome regulations, fintech trade groups said.

By Anna Hrushka • July 26, 2023

NatWest CEO Alison Rose steps down

The move comes less than a day after Rose admitted a “serious error of judgment” in discussing the closure of politician-turned-pundit Nigel Farage’s account with a journalist.

By Rajashree Chakravarty • July 26, 2023

Banc of California agrees to buy PacWest

The deal includes a $400 million investment from Warburg Pincus and Centerbridge Partners, and gives the private-equity firms a 19% stake in the combined company.

By Dan Ennis • July 26, 2023

Citi acquires Deutsche Bank’s Mexico license

The deal will help Citi separate its institutional and private business in Mexico from its consumer, small-business and middle-market operations ahead of a planned IPO for Banamex in 2025.

By Rajashree Chakravarty • July 25, 2023

JPMorgan vet to lead new Lazard capital-raising unit: report

Capital-markets deals are often outside the purview of boutique firms such as Lazard because they don’t have underwriting capability. But investment banks are looking to diversify amid a slump in deal volume.

By Dan Ennis • July 25, 2023

Dimon confirms JPMorgan’s plan to launch digital bank in Germany

“It has always been clear to us that we want to introduce Chase not only in the U.K., but also in Germany and other European countries,” the CEO told the German newspaper Handelsblatt.

By Rajashree Chakravarty • July 21, 2023

Senate bill would rein in SBA’s fintech lending plan

The legislation, which heads to the full Senate, is in response to the agency’s decision to end a 40-year moratorium on admitting new nonbank entrants to its 7(a) loan program.

By Anna Hrushka • July 21, 2023

Flagstar hires dozens of First Republic vets in private-client push

The move is Flagstar's second large-scale gain from this year's banking crisis, after buying much of Signature Bank in March.

By Dan Ennis • July 20, 2023

Blue Ridge Bank holding company’s CEO resigns

The president of the bank’s fintech division, Kirsten Muetzel, also is leaving the bank this month, according to her LinkedIn profile.

By Anna Hrushka • July 20, 2023

Wells Fargo, Hello Alice team on $70M small-business fund

The fund is meant to increase banks' risk tolerance and help underserved small-business owners with credit enhancements and cash collateral deposits.

By Anna Hrushka • July 19, 2023

Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

By Anna Hrushka • July 19, 2023

Citi launches digital client platform for commercial banking

The outlet is meant to offer users a better view of their banking activities across cash, loans, trade, foreign exchange, servicing and onboarding, the bank said.

By Rajashree Chakravarty • July 19, 2023

Goldman takes nearly $1B in impairments as profit falls 60%

The bank took losses tied to commercial real estate and GreenSky, reporting its lowest three-month net income in three years.

By Gabrielle Saulsbery • July 19, 2023

Peoples Bank names next CEO

Tyler Wilcox will serve as the Ohio lender's chief operating officer in a transitional role until he succeeds Chuck Sulerzyski, who is retiring March 31, the bank said.

By Rajashree Chakravarty • July 13, 2023

JPMorgan cuts 63 NJ workers, adds 27-year SVB vet

The bank hired John China, the president of SVB Capital, to co-lead a commercial-banking unit focused on supporting startups and venture capital-backed firms.

By Dan Ennis • July 12, 2023

Wells promotes its commercial bank’s head of Native American banking

The bank named Dawson Her Many Horses a managing director. The move comes as Wells tries to reclaim its reputation after a hiring policy and mortgage lending disparity threw race into the spotlight at the bank.

By Dan Ennis • July 11, 2023

Wells Fargo staff allege anti-Latino bias in mortgage lending

Bilingual mortgage sales team members were directed to steer Spanish-speaking customers away from home equity lines of credit into costlier refinancing options without any associated disclosures, plaintiffs said.

By Rajashree Chakravarty • July 7, 2023

Goldman should disclose profit from SVB bond sale: Warren

In a letter addressed to Goldman CEO David Solomon, Sen. Elizabeth Warren, D-MA, accused the firm of profiting “at nearly every stage of Silicon Valley Bank’s collapse.”

By Anna Hrushka • July 6, 2023

Goldman in talks to transfer Apple card deal to Amex: reports

The move, if true, would mark a 180-degree turn after the bank and tech giant extended their partnership until 2029 in October.

By Gabrielle Saulsbery • July 5, 2023

Fed, FDIC, OCC, NCUA push short-term CRE loan accommodations

The agencies asked lenders “to work prudently and constructively with creditworthy borrowers during times of financial stress,” in an update to the 2009 commercial real estate loan guidelines.

By Rajashree Chakravarty • June 30, 2023

SVB Securities sale clouded by liability questions

"I can't believe you'd even try to sneak this by me," a bankruptcy judge told attorneys for SVB Financial.

By Gabrielle Saulsbery • June 30, 2023