BMO Harris ordered to pay $564M in Ponzi scheme case

The bank said it will take a $833.6 million charge in connection with the ruling, which it may appeal. The verdict spotlights the responsibility banks may have for the actions of institutions they acquire.

By Dan Ennis • Nov. 9, 2022

Citi, Barclays launch investment-banking cuts

The headcount reductions — numbering in the dozens for Citi and 200 for Barclays — come as the banks report double-digit percentage-point year-over-year declines in fees in the sector.

By Rajashree Chakravarty • Nov. 9, 2022

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

Scharf is still on Warren’s bad side, but he’s not the only one

Federal Reserve Chair Jerome Powell also finds himself in the senator's cross-hairs after two ethics incidents at the central bank.

By Gabrielle Saulsbery • Nov. 8, 2022

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

TIAA to sell banking unit

The retirement giant is selling its $38.6 billion-asset bank to a group of investment funds as it turns its focus to its core retirement and asset management businesses.

By Anna Hrushka • Nov. 4, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

Indiana-based First Financial to cut 10% of its branch footprint

The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.

By Rajashree Chakravarty • Nov. 3, 2022

JPMorgan launches life sciences private equity team

The new practice will leverage the bank’s resources and expertise to support early and growth-stage healthcare companies working on novel therapeutics and technologies, the bank said.

By Rajashree Chakravarty • Nov. 2, 2022

Safe Harbor to buy cannabis banking, payments fintech

The deal will add 300 accounts to Safe Harbor’s portfolio and expand the firm’s operations to more than 30 states.

By Anna Hrushka • Nov. 2, 2022

Wells Fargo hires second-ever DEI executive from within

The current head of home lending was previously president of a community bank’s mortgage division, and held vice president and senior vice president roles at Fannie Mae for 15 years.

By Gabrielle Saulsbery • Nov. 2, 2022

Small business owners want more advice from banks, study finds

A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.

By Rajashree Chakravarty • Nov. 1, 2022

Customers Bank to pay KServicing $58M over PPP dispute

Under the settlement, the bank will pay the bankrupt small-business loan servicer $23 million and forfeit nearly $35 million in servicing and referral fees KServicing withheld as part of a PPP loan contractual dispute.

By Anna Hrushka • Nov. 1, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022

Wall Street’s pre-pandemic boom has ended, NY comptroller says

An annual New York City securities industry report predicts a 22% drop from 2021’s record-high compensation packages.

By Rajashree Chakravarty • Oct. 28, 2022

Flagstar, NYCB extend looming deadline upon OCC approval

The combination will create an $88.4 billion-asset bank with a 395-branch footprint across nine states, so long as a green light from the Fed comes in time.

By Gabrielle Saulsbery • Oct. 28, 2022

Credit Suisse to trim 9K jobs, break up investment bank

The Swiss bank is spinning off its capital markets and advisory units under a revived CS First Boston banner. It also announced plans to raise $4 billion — including $1.5 billion from the Saudi National Bank.

By Dan Ennis • Oct. 27, 2022

HSBC ousts CFO, appoints new one

New CFO Georges Elhedery, formerly the bank's co-CEO of global banking and markets, returned from a six-month sabbatical in September. Outgoing CFO Ewen Stevenson will step down Dec. 31.

By Rajashree Chakravarty • Oct. 25, 2022

Peoples Bank to nearly double Kentucky footprint in $208.2M acquisition

Buying Louisville-based Limestone Bank will give the Ohio lender an added $1.5 billion in assets, $1.1 billion in loans and $1.2 billion in deposits. The transaction is set to close in the second quarter of 2023.

By Dan Ennis • Oct. 25, 2022

Banking-as-a-service grows as regulators play catch-up

The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

By Anna Hrushka • Oct. 25, 2022

Credit Suisse chief compliance officer set to exit

Rafael Lopez Lorenzo's departure is not related to the bank's upcoming revamp, sources told Bloomberg. He served for more than a year in a role that once also encompassed overseeing risk at the bank.

By Rajashree Chakravarty • Oct. 24, 2022

Capital One looks to revamp airport lounge experience

The bank partnered with Washington-area chef José Andrés to design a menu that focuses on tapas in spaces located a short distance from departure gates at two major U.S. airports.

By Rajashree Chakravarty • Oct. 21, 2022

Fed disputes allegations of favoritism over BNY Mellon crypto move

The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

By Anna Hrushka • Oct. 21, 2022

14 Republican AGs probe 6 big banks’ climate pledges

The banks’ involvement in the Net-Zero Banking Alliance will prevent farmers from getting loans, Missouri Attorney General Eric Schmitt said.

By Gabrielle Saulsbery • Oct. 20, 2022

What Q3 earnings taught us about layoffs, M&A and other costs

All but one of the nation's six largest banks reported higher headcounts despite job-cut anticipation. State Street flagged concern over its BBH deal. And Truist decried “other” expenses.

By Dan Ennis • Oct. 20, 2022

JPMorgan taps ex-Celsius exec for crypto legal post

The bank appears to be expanding its digital assets legal team despite CEO Jamie Dimon’s well-known skepticism. Aaron Iovine began the year at Cross River Bank before an eight-month stint at Celsius.

By Gabrielle Saulsbery • Oct. 19, 2022