Commercial: Page 5
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Wells, PNC CFOs see office spaces leading CRE stress
“Older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress,” Wells Fargo CFO Mike Santomassimo said Tuesday.
By Caitlin Mullen • June 12, 2024 -
JPMorgan names firmwide CTO
Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.
By Gabrielle Saulsbery • June 11, 2024 -
Trendline
Top 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
BNY rebrands with new logo but no Mellon
The oldest U.S. bank revealed its shortened name, a modern font and teal coloring Tuesday. Some revisions can be expected over the next year, the bank said.
By Rajashree Chakravarty • June 11, 2024 -
TD sues wealth advisers who left for Raymond James
Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.
By Rajashree Chakravarty • June 10, 2024 -
U.S. Bank promotes 2 execs under new president
Felicia La Forgia will oversee the bank's newly minted institutional client group, while Stephen Philipson will lead product business for wealth, corporate, commercial and institutional banking.
By Dan Ennis • June 6, 2024 -
Wells Fargo sued in alleged aid of $300M Ponzi scheme
The proposed class action claims that the lender, from 2011 until 2021, knew of a scheme that duped more than 1,000 investors, most of whom were seniors.
By Rajashree Chakravarty • June 6, 2024 -
NYCB names Otting executive chair
Alessandro DiNello, whom Otting replaces, will retain a seat on the board and serve as a senior adviser, NYCB said.
By Caitlin Mullen • June 5, 2024 -
Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Georgia credit union to buy Affinity Bank
The acquisition is the 11th whole-bank purchase by a credit union this year, tying 2023's level of activity — with seven months remaining in 2024.
By Rajashree Chakravarty • May 31, 2024 -
Truist CEO on cost cuts: We needed ‘a shock to the system’
Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.
By Caitlin Mullen • May 31, 2024 -
Goldman alum Esposito lands at Citadel Securities
The 28-year Goldman vet will take on a new role as president at the market maker. He'll join in September and be responsible for growing client and partner relationships.
By Dan Ennis • May 31, 2024 -
UBS wealth-management split gives CEO race two front-runners
Iqbal Khan and Rob Karofsky will co-lead the global wealth unit in a shake-up that also will see Credit Suisse's last CEO leave the bank.
By Rajashree Chakravarty • May 30, 2024 -
Merrill Lynch to pay $20M to settle racial discrimination case
Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.
By Gabrielle Saulsbery • May 30, 2024 -
Dimon: ‘No magic formula’ on CEO, chairman moves
The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.
By Caitlin Mullen • May 29, 2024 -
UBS looks internally for Ermotti’s successor: report
The Swiss banking giant plans to disclose the names of three potential CEO successors as early as next year, the Financial Times reported Monday. Sergio Ermotti expects to step down once the UBS-Credit Suisse integration is complete.
By Rajashree Chakravarty • May 28, 2024 -
JPMorgan fined by CFTC over surveillance gap probe
JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.
By Rajashree Chakravarty • May 24, 2024 -
Gorman to step down as Morgan Stanley board chair
The ex-CEO's departure at year end could be seen as a vote of confidence in his successor, Ted Pick. The bank held its annual general meeting Thursday.
By Dan Ennis • May 23, 2024 -
TD CEO: Spending on AML remediation could extend into 2025
TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.
By Caitlin Mullen • May 23, 2024 -
Varo Bank faces lawsuit over March data breach
The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers.
By Rajashree Chakravarty • May 22, 2024 -
SouthState to acquire Independent Bank in $2B deal
The transaction, expected to close in the first quarter of 2025, is set to expand SouthState’s footprint in Texas and Colorado.
By Rajashree Chakravarty • May 21, 2024 -
Citi ATM fee waivers discriminate by race, lawsuit says
The plaintiffs allege Citi unlawfully granted fee waivers to people using out-of-network ATMs only if their accounts were held at nonwhite-owned banks, according to the suit filed Friday.
By Rajashree Chakravarty • May 20, 2024 -
Citi ex-treasurer Verdeschi in line for Schwab’s CFO role
The move marks a landing spot for one of a number of longtime Citi veterans who've stepped aside during the bank's reorganization.
By Dan Ennis • May 17, 2024 -
Arizona credit union to acquire bank
Pima's acquisition of Republic Bank of Arizona, expected to close in the second half of the year, would give the Tucson-based credit union a foothold in the Phoenix area.
By Rajashree Chakravarty • May 17, 2024 -
NYCB’s COO resigns
Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.
By Dan Ennis • May 17, 2024 -
Alerus Financial to buy Minnesota bank in $116M deal
The combined company will have roughly $5.5 billion in assets after the transaction, which is expected to close in the fourth quarter.
By Rajashree Chakravarty • May 16, 2024