Commercial: Page 34
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Whither the investment-banking chief?
Longtime executives at Credit Suisse and JPMorgan Chase are expected to leave their respective companies in the coming months.
By Rajashree Chakravarty • Oct. 18, 2022 -
Paul Morigi via Getty Images
Goldman Sachs overhaul splits Marcus
The platform’s consumer-focused operations will fall under a newly combined asset- and wealth-management unit. Meanwhile, a corporate-client-centric Marcus unit will become a stand-alone entity.
By Anna Hrushka • Oct. 17, 2022 -
Explore the Trendline➔
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TrendlineArtificial 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 -
Courtesy of U.S. Bank
Regulators approve U.S. Bank-MUFG Union merger
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.
By Dan Ennis • Oct. 14, 2022 -
Alex Wroblewski via Getty Images
Jamie Dimon isn’t the only bank CEO expecting a recession: KPMG
Some 85% of bank chiefs believe the U.S. is headed for recession in the next 12 months, the accounting giant found in its annual CEO outlook. Nearly half see layoffs in the next six months.
By Gabrielle Saulsbery • Oct. 13, 2022 -
Courtesy of U.S. Bank
U.S. Bank, MUFG Union sell 3 California branches to HomeStreet Bank
Seattle-based HomeStreet will gain roughly $490 million in deposits, $22 million in loans and 16,000 new customer relationships in the deal. The bank also pledged to retain all employees in those branches.
By Dan Ennis • Oct. 13, 2022 -
Drew Angerer via Getty Images
TD’s postal partnership in Canada turns an eye toward US efforts
The bank launched a small-dollar lending product Wednesday aimed at rural, remote and Indigenous Canadians. But a U.S. Postal Service pilot last year generated just six customers.
By Rajashree Chakravarty • Oct. 13, 2022 -
Justin Sullivan via Getty Images
Prosperity Bank to acquire two Texas community banks for $570M
The Houston-based lender announced a plan to expand in west Texas less than a month after settling with the Justice Department in a PPP case.
By Gabrielle Saulsbery • Oct. 12, 2022 -
Courtesy of State Street
State Street taps Wells vet to lead compliance as BBH deal hits crunch time
The bank has floated several modifications to its pending $3.5 billion acquisition of a Brown Brothers Harriman unit in an effort to gain regulatory approval by year's end.
By Rajashree Chakravarty • Oct. 12, 2022 -
Chris Hondros via Getty Images
Goldman Sachs to pare back consumer ambitions: report
The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.
By Anna Hrushka • Oct. 10, 2022 -
Courtesy of Bank of the West
Disappearing sand billboard pushes Bank of the West’s climate message
The San Francisco-based lender partnered with a nonprofit on a kelp forest-focused campaign meant to be washed away on the day it was created.
By Rajashree Chakravarty • Oct. 10, 2022 -
Davis Turner/Stringer via Getty Images
Bank of America to pay $1.84B to settle last Countrywide case
The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.
By Gabrielle Saulsbery • Oct. 7, 2022 -
Drew Angerer/Getty Images via Getty Images
What decriminalization could mean for cannabis banking
De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.
By Anna Hrushka • Oct. 7, 2022 -
Permission granted by Walden Mutual Bank
FDIC approves first new US mutual bank in 50 years
New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.
By Anna Hrushka • Oct. 6, 2022 -
Matt Cardy/Getty via Getty Images
ColumnGo international or shed foreign assets? HSBC, Taiwanese bank take opposing tacks
Britain's largest lender is exploring a sale of its Canada unit, sticking to a well-worn big-bank trend. Taichung Commercial Bank, meanwhile, seized the moment to broach the U.S. market.
By Dan Ennis • Oct. 5, 2022 -
PPP loan servicer KServicing files for bankruptcy amid fraud probes
The firm, formerly known as Kabbage, is using the bankruptcy process to obtain a reprieve from having to defend against several federal and state investigations, the company’s restructuring adviser said.
By Anna Hrushka • Oct. 5, 2022 -
DenisTangneyJr via Getty Images
M&T pledges to rectify People’s United account access issues
The bank’s pledge, in response to letters of concern from five senators and Connecticut’s attorney general, came during a week when M&T disclosed 325 layoffs in the Nutmeg State.
By Gabrielle Saulsbery • Oct. 3, 2022 -
Permission granted by Partner Colorado Credit Union
Pot banking firm targets talent, M&A following SPAC deal
Safe Harbor Financial is looking for a second sponsor bank, and has its eye on adding an insurance offering.
By Anna Hrushka • Oct. 3, 2022 -
Drew Angerer via Getty Images
Lakeland Bank to pay $13M in DOJ redlining settlement
The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.
By Gabrielle Saulsbery • Sept. 29, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
Digital banks, credit unions should factor into merger reviews: Fed’s Bowman
Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.
By Dan Ennis • Sept. 29, 2022 -
Zhanna Hapanovich via Getty Images
NJ’s Provident, Lakeland to merge in $1.3B deal
The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.
By Dan Ennis • Sept. 27, 2022 -
PNC buys restaurant point-of-sale firm Linga
The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.
By Anna Hrushka • Sept. 27, 2022 -
Poike via Getty Images
Banc of California acquires Deepstack in payment processing play
The acquisition gives the bank access to predictable fee income and enables it to capture a larger share of revenue per transaction, Banc of California said.
By Anna Hrushka • Sept. 26, 2022 -
Megan Quinn/Banking Dive
Diversity, inflation, payments fraud to take center stage at hearings
Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.
By Anna Hrushka • Sept. 20, 2022 -
Chris Hondros via Getty Images
Column
Goldman grows where it can — but may have just started its cull
The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.
By Dan Ennis • Sept. 20, 2022 -
Mark Wilson via Getty Images
OCC frees Capital One from consent order tied to 2019 breach
The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.
By Gabrielle Saulsbery • Sept. 19, 2022
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