Commercial: Page 5
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Courtesy of Fifth Third
Fifth Third fined $20M over fake accounts, auto repossessions
The Cincinnati bank must compensate roughly 35,000 harmed consumers. The CFPB settlement resolves a March 2020 lawsuit that asserted the bank created fake accounts and used an aggressive “cross-sell” strategy.
By Rajashree Chakravarty • July 9, 2024 -
Spencer Platt / Staff via Getty Images
Citi urges court to dismiss ex-employee’s retaliation lawsuit
Kathleen Martin sued the bank, claiming she was fired for refusing to misreport data to the OCC. Citi claims she was fired for lacking “the requisite leadership and engagement skills” her role demands.
By Rajashree Chakravarty • July 1, 2024 -
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 -
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JPMorgan, BofA, others eye $46M interest rate swaps settlement
Ten banks, including Goldman Sachs, Citi, Morgan Stanley and UBS, are seeking to end an eight-year case, brought by several pension funds, alleging market manipulation.
By Rajashree Chakravarty • June 28, 2024 -
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M&T’s ex-CFO is leaving the bank
Darren King is departing “for personal reasons” after 24 years, a spokesperson for the Buffalo, New York-based bank said.
By Rajashree Chakravarty • June 27, 2024 -
Justin Sullivan via Getty Images
GM subsidiary withdraws ILC charter application
The move comes just one business day after the FDIC approved its first ILC charter in four years. GM's application received approval from a Utah banking regulator June 14.
By Rajashree Chakravarty • June 25, 2024 -
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Riverview Bank taps M&A expert as next CEO
Nicole Sherman has led 10 mergers in her career. She will replace acting head Dan Cox, who took over in September, when former CEO Kevin Lycklama was fired.
By Rajashree Chakravarty • June 24, 2024 -
Denis Tangney Jr. via Getty Images
Thrivent receives ILC charter
Following its approval for deposit insurance, the financial services company plans to convert Thrivent Federal Credit Union into online-only Thrivent Bank.
By Gabrielle Saulsbery • June 24, 2024 -
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Citi calls carbon emissions report from environmental group ‘misleading’
Stand.earth reported last week that Citi is a leading financier of the maritime liquefied natural gas industry, but the bank takes issue with the methodology used.
By Lamar Johnson • June 24, 2024 -
Spencer Platt / Staff via Getty Images
Bank of America zeroes in on innovation with business banking app
The team behind the bank’s CashPro app aims to stay a step ahead of rivals, in part by working closely with clients on improvements, said Jennifer Sanctis, the app’s product head.
By Caitlin Mullen • June 24, 2024 -
First Interstate Bank CEO to step down
In Kevin Riley's nine years as CEO, the Billings, Montana-based lender expanded to a 14-state footprint and $30 billion in assets, the bank said.
By Rajashree Chakravarty • June 20, 2024 -
Justin Sullivan / Staff via Getty Images
Goldman, Credit Suisse vet joins HSBC
Danielle Johnson took the helm as global head of HSBC's institutional client group June 3, the bank announced Thursday.
By Gabrielle Saulsbery • June 20, 2024 -
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Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
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Louisiana banks scrap merger plans
MC Bancshares and Heritage Nola called off the deal, announced last July, over “uncertainties in the regulatory environment,” one CEO said.
By Rajashree Chakravarty • June 18, 2024 -
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UBS to set aside $900M to compensate Greensill investors
The Swiss bank inherited the issue when it acquired Credit Suisse. The amount accounts for 90% of what clients are owed from the 2021 collapse of the supply chain financing firm.
By Rajashree Chakravarty • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 2024 -
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Provident Bank to close 22 branches in New Jersey
Provident, whose merger with in-state peer Lakeland Bancorp closed last month, has decided to shutter branches due to overlapping proximity, the lender announced recently.
By Rajashree Chakravarty • June 14, 2024 -
Justin Sullivan / Staff via Getty Images
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 -
Chris Hondros / Staff via Getty Images
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 -
Spencer Platt/Getty Images via Getty Images
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 -
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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 -
Permission granted by U.S. Bank
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 -
Courtesy of Wells Fargo multimedia resources
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 -
Spencer Platt / Staff via Getty Images
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 -
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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 -
Permission granted by Atlanta Postal Credit Union
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
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