Commercial: Page 32

  • The concept of the word M&A on cubes on a beautiful green background. Business concept
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    Newtek gets OCC green light to acquire NBNYC

    The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.

    By • Dec. 6, 2022
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    Fed’s Barr calls for stricter capital requirements

    The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

    By • Dec. 5, 2022
  • An AI processor on a futuristic printed circuit board Explore the Trendline➔
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    da-kuk via Getty Images
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    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
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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    Wells Fargo launches new commercial banking platform

    Vantage replaces the bank’s two-decade-old Commercial Electronic Office Portal and aims to bring a "consumer-like experience" to Wells' commercial and corporate clients, an executive said.

    By • Dec. 5, 2022
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    Fotolia
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    10 top reads from Banking Dive

    If you're new, welcome. Here's a chance to catch up on some of our best work.

    By • Dec. 4, 2022
  • Woman stands under TD Bank sign.
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    Drew Angerer via Getty Images
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    TD, BMO adjust their timelines for First Horizon, Bank of the West deals

    TD now aims to wrap its transaction by April and give First Horizon stockholders an extra $0.65 per share. BMO said its deal is “rounding third base,” on track for a first-quarter close.

    By • Dec. 2, 2022
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    Courtesy of State Street
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    State Street, Brown Brothers Harriman scrap $3.5B deal

    “The regulatory path forward would involve further delays, and all necessary approvals have not been resolved,” State Street said.

    By • Dec. 1, 2022
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    Novo grows customizable small-business banking platform, eyes lending

    The fintech, which raised $35 million from GGV Capital last week, announced a new partnership Wednesday with LegalZoom to provide entity formation services to Novo customers.

    By • Nov. 30, 2022
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    Daniel Berehulak via Getty Images
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    UBS chair rules out M&A for its US growth strategy

    “The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.

    By • Nov. 30, 2022
  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images
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    RBC to buy HSBC’s Canada unit for $10B

    The transaction, expected to close in late 2023, would bolster Canada’s largest lender with a further $99.6 billion in assets and 130 branches. It may also ease investor pressure on HSBC to divest its foreign footprints.

    By • Nov. 29, 2022
  • Clipboard with small business loan application form and pen on wooden desk background.
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    Piotrekswat via Getty Images
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    Can the SBA make its 7(a) loan program attractive to fintechs?

    A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.

    By • Nov. 29, 2022
  • BMO's logo in the dark next to public transit and vehicle lights.
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    The image by Abdulkadir A is licensed under CC BY 2.0
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    BMO unveils $40B community benefits plan

    The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.

    By • Nov. 29, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images
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    Credit Suisse warns of $1.6B Q4 loss

    Credit Suisse saw $88.3 billion in outflows between Sept. 30 and Nov. 11, the bank reported Wednesday. Wealth-management customers removed $66.7 billion of that.

    By • Nov. 23, 2022
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    Dan Kitwood via Getty Images
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    Credit Suisse cuts one-third of China-based investment-banking jobs

    The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.

    By • Nov. 22, 2022
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    Mario Tama via Getty Images
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    Morgan Stanley’s generational drain continues

    Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.

    By • Nov. 22, 2022
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    JPMorgan maintains status as world’s most systemically important bank

    Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

    By • Nov. 21, 2022
  • Mergers and acquisitions
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    BM Technologies’ acquisition of Seattle community bank pushed to 2023

    The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.

    By • Nov. 21, 2022
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    Courtesy of KeyBank
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    KeyBank taps chief strategy officer as next CFO

    Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.

    By • Nov. 18, 2022
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
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    Atstock Productions via Getty Images
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    Wintrust boosts wealth management with deal for Rothschild unit

    The acquisition, expected to close in the first quarter of 2023, will add $8 billion in assets under management to Wintrust’s subsidiary, Great Lakes Advisors.

    By • Nov. 17, 2022
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    luza studios via Getty Images
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    BankProv braces for $27.5M hit on bad crypto mining loans

    The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.

    By • Nov. 17, 2022
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    Mario Tama via Getty Images
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    NY Fed, banks launch new 12-week CBDC project

    Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

    By • Nov. 16, 2022
  • The curved banner of a Walmart store, the brand name in white letters and the characteristic yellow sunburst logo to the right, against a blue sky.
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    Daphne Howland/Banking Dive
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    Deep Dive

    How deep of a banking threat is Walmart’s One?

    The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

    By • Nov. 16, 2022
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
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    Zhanna Hapanovich via Getty Images
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    OceanFirst, Partners call off $186M merger

    OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

    By • Nov. 14, 2022
  • An aerial view on a sunny morning of several of San Francisco's most well known architectural landmarks. A backdrop of the skyscrapers and Bay Bridge behind them.
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    WaFd to buy Luther Burbank in $654M deal to enter California

    The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.

    By • Nov. 14, 2022
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    Flickr
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    Puerto Rico’s FV Bank launches digital asset custody

    The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.

    By • Nov. 10, 2022
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Goldman touts diversity of biggest Solomon-era partner class

    Women account for 29% of the class — a recent high — and traders and investment bankers comprise 60%, a recent low.

    By • Nov. 10, 2022