Signature Bank closed by NY regulator

Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature's assets could begin Monday.

By Dan Ennis • March 13, 2023

Ex-Goldman banker Ng sentenced to 10 years in 1MDB case

Prosecutors last week recommended a 15-year prison term.

By Gabrielle Saulsbery • March 10, 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

Regulators take over Silicon Valley Bank

The California Department of Financial Protection and Innovation closed the embattled bank and appointed the FDIC as receiver, regulators said Friday.

By Anna Hrushka • March 10, 2023

Citi alum Ray McGuire joins Lazard as president

The move will reunite the former Citi vice chair with Peter Orszag, the ex-Citi dealmaker serving as CEO of Lazard's financial advisory business.

By Rajashree Chakravarty • March 9, 2023

WaFd fintech spinoff Archway launches after $15M funding round

“We’re trying to close that digital divide so the community and regional banks can really foster those relationships without making them sacrifice the technology side,” said Dustin Hubbard, Archway’s president.

By Gabrielle Saulsbery • March 8, 2023

Ex-Fifth Third CEO Carmichael to retire from bank’s board

The move comes just nine months after Carmichael stepped down as CEO. Fifth Third’s board is shrinking, the bank said, making it unlikely that relatively new CEO Tim Spence will get a seat yet.

By Dan Ennis • March 7, 2023

Bank of America misled PPP borrowers, lawsuit alleges

The bank failed to tell borrowers that contractors had a separate means of applying for PPP support, and told firms to apply for higher loan amounts than the SBA would forgive, three small businesses said.

By Anna Hrushka • March 7, 2023

Prosecutors eye 15-year sentence for ex-Goldman banker Ng

Sentencing is Thursday for Ng, who was convicted last April on 1MDB-related charges. He told the judge last month he thinks time served is sufficient.

By Dan Ennis • March 6, 2023

Banking technology provider Amount cuts 25% of staff

The Chicago-based fintech, which was valued at $1 billion in 2021, has initiated its second round of layoffs in less than a year.

By Anna Hrushka • March 6, 2023

Silvergate closes its crypto payments network

The abrupt closure follows an exodus of Silvergate partners and the bank's acknowledgment that it may be “less than well-capitalized.”

By Gabrielle Saulsbery • March 6, 2023

Citi to cut hundreds of investment banking, mortgage, tech jobs: reports

The cuts represent less than 1% of the bank’s headcount, people familiar with the matter told Bloomberg and Reuters.

By Dan Ennis • March 3, 2023

JPMorgan decries ‘fishing expedition’ in Epstein case

Lawyers for the bank agreed, however, to find a date this month for a deposition of Mary Erdoes, JPMorgan’s asset and wealth management chief.

By Dan Ennis • March 2, 2023

Partners drop Silvergate amid delays, financial review

Coinbase, Paxos and others reconsider their relationship with the crypto-heavy bank after it delays filing its 10-K document as an audit wraps up.

By Gabrielle Saulsbery • March 2, 2023

First Fidelity Bank enters BaaS space with Episode Six partnership

Unifimoney, a San Francisco-based multi-asset digital wealth management platform, is the first customer to go live with the new BaaS solution.

By Rajashree Chakravarty • March 1, 2023

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

Black banks have dwindled in number, but a new one’s coming

Redemption Holding Co. purchased Utah-based Holladay Bank and Trust. Pending regulatory approval, it'll be one of 17 Black-owned banks.

By Gabrielle Saulsbery • March 1, 2023

Goldman pins its hopes on asset and wealth management

The bank is “considering strategic alternatives” to its consumer business, CEO David Solomon said at Goldman's investor day, without elaborating.

By Dan Ennis • Feb. 28, 2023

Connecticut AG seeks more authority after M&T-People’s United deal

The state's top lawyer said his office received more than 400 complaints following the acquisition. A proposed bill would let him look at them further.

By Gabrielle Saulsbery • Feb. 27, 2023

Partners Bank finds a new buyer in LinkBank

The transaction, expected to close in the third quarter, positions LinkBank to extend into Delaware, Maryland, New Jersey and Virginia, and gives Partners a boost after a tie-up with OceanFirst fell apart.

By Rajashree Chakravarty • Feb. 27, 2023

Regulators sign off on TD deal. No, the other one.

While much of the attention surrounding TD's U.S. expansion has centered on the First Horizon transaction, its $1.3 billion tie-up with the brokerage Cowen has plugged along on schedule.

By Dan Ennis • Feb. 27, 2023

At Goldman, Fridays are for radical honesty

Looking ahead to its investor day Tuesday, the bank detailed a shortfall in set-asides and an expansion into a probe of credit-card practices.

By Dan Ennis • Feb. 24, 2023

US Virgin Islands, Epstein plaintiff seek more documents from JPMorgan

Plaintiffs allege CEO Jamie Dimon was involved in the bank’s decision to maintain a relationship with the financier, who died awaiting trial on sex-trafficking charges.

By Gabrielle Saulsbery • Feb. 24, 2023

Wells Fargo cuts 500 more jobs in home lending

Cuts include a few top producers who attended a company-sponsored sales conference this month, as well as bankers who operated in areas outside of the bank’s branch footprint, according to CNBC.

By Dan Ennis • Feb. 23, 2023

Cannabis banking fintech Dama Financial taps new CEO

Patrick O'Boyle will be responsible for overseeing Dama Financial's strategic direction, growth initiatives and the launch of new products, the firm said.

By Anna Hrushka • Feb. 22, 2023

Citi boosts Fraser’s pay 8.9% to $24.5M

Fraser stands as the only CEO at a top-six U.S. bank to see a hike in compensation for 2022. She is tied with Wells Fargo’s Charlie Scharf for the lowest-paid among them.

By Dan Ennis • Feb. 22, 2023