Commercial: Page 8
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Truist CIO, chief audit officer leave bank
The bank, meanwhile, has added new leaders in its payments business and logged $70 million in restructuring charges in the first quarter, CEO Bill Rogers said Monday.
By Caitlin Mullen • April 22, 2024 -
Permission granted by TD Bank
TD faces investor angst over AML probe, CEO succession
CEO Bharat Masrani said the bank has made strategic hires to improve its AML compliance and reassured investors of TD's "robust" bench of leaders.
By Rajashree Chakravarty • April 19, 2024 -
Explore the Trendline➔
da-kuk via Getty Images
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 -
JPMorgan, Russia’s VTB Bank sue each other
VTB sued JPMorgan in Russia to regain access to assets frozen due to sanctions violations. JPMorgan countersued, saying VTB breached a 2008 agreement to handle any issues in New York.
By Gabrielle Saulsbery • April 19, 2024 -
Chris Hondros via Getty Images
UBS plans fresh cuts amid Credit Suisse integration: report
The Swiss banking giant plans to trim headcount in banking, markets and wealth management, Bloomberg reported. The lender has said it aims to save around $6 billion in staff costs in the coming years.
By Rajashree Chakravarty • April 18, 2024 -
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Senators probe Bank of America on Apollo co-founder’s payments to Epstein
The Senate Finance Committee’s chairman asked the bank about the extent of due diligence it conducted before processing $158 million in fees Leon Black paid to Jeffrey Epstein using his BofA accounts, The New York Times reported.
By Rajashree Chakravarty • April 16, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
Alex Wroblewski via Getty Images
JPMorgan’s Dimon follows through on million-share sale
The CEO offloaded 178,222 shares of the bank, JPMorgan disclosed Monday, after selling 821,778 in February. The move underscores the ticking timeline toward Dimon's eventual handoff of power.
By Dan Ennis • April 16, 2024 -
Zhanna Hapanovich
Wintrust to buy Michigan’s Macatawa Bank in $510M deal
The transaction, set to close in the second half of this year, would push the Illinois bank holding company's branch total to near 200 and its assets to the brink of $60 billion.
By Dan Ennis • April 16, 2024 -
Permission granted by Customers Bank
Customers Bancorp boots CFO for ‘cause’
Carla Leibold was terminated Wednesday over a violation of company policy, a characterization she reportedly disputes. Philip Watkins was promoted to take her place, the company said.
By Rajashree Chakravarty • April 15, 2024 -
Mario Tama / Staff via Getty Images
Q&ABofA evolves AI-powered assistant toward deeper digital integration
Six years into the Erica era, customers are taking advantage of the tool's insights as often as they're asking questions of it, said Nikki Katz, the bank's head of digital.
By Caitlin Mullen • April 15, 2024 -
Mario Tama / Staff via Getty Images
BNY Mellon hires Geico alum as its next people chief
Shannon Hobbs takes the reins from Alejandro Perez, who has served as interim chief people officer since Jolen Anderson moved on from the role in February.
By Gabrielle Saulsbery • April 15, 2024 -
Spencer Platt / Staff via Getty Images
NYCB hires new CFO, general counsel
The beleaguered Long Island-based lender brought aboard four executives Friday whose careers had crossed paths with that of newly minted CEO Joseph Otting.
By Dan Ennis • April 15, 2024 -
Getty Images/Staff via Getty Images
Provident, Lakeland deal gets final regulatory approval
Upon completion, the new Provident will be the 83rd largest insured depository firm in the U.S.; and the 7th largest in New Jersey, where it will represent approximately 4.1% of total deposits in the state.
By Gabrielle Saulsbery • April 12, 2024 -
Mario Tama via Getty Images
Morgan Stanley AML probe draws SEC, OCC, Treasury focus: report
The regulators join the Federal Reserve in investigating how the bank verifies identities of wealth clients, The Wall Street Journal reported.
By Rajashree Chakravarty • April 12, 2024 -
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
Chris Hondros via Getty Images
UBS could face stricter capital requirements
The Swiss government outlined a 209-page report Wednesday proposing stricter capital requirements for UBS, which has a balance sheet of $1.7 trillion and floated the idea of additional powers for Finma.
By Rajashree Chakravarty • April 11, 2024 -
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Funding Circle gets final nod for SBA 7(a) loans amid pushback
The London-based company received final approval to proceed with the 7(a) lending program around four months after the SBA announced it would grant three new licenses.
By Rajashree Chakravarty • April 10, 2024 -
Courtesy of KeyBank
KeyBank scouts for fintech partners
The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.
By Caitlin Mullen • April 10, 2024 -
Sean Pavone via Getty Images
Peapack-Gladstone, Dime hire away 16 teams from NYCB
The bankers are set to accelerate Peapack's push into New York and give Dime a presence in Westchester County for the first time.
By Dan Ennis • April 10, 2024 -
Spencer Platt / Staff via Getty Images
Citi snags BlackRock vet as CMO
Some big banks, such as Bank of America and Wells Fargo, have retired the chief marketing role in recent years. Others, like Truist, have combined it with other functions.
By Caitlin Mullen • April 10, 2024 -
BackyardProduction via Getty Images
Citi, TD, HSBC, Northern Trust added to West Virginia restricted list
The state warned the banks in February of consequences if they "boycott" fossil fuels. BMO and Fifth Third avoided being added to the list, the state said.
By Caitlin Mullen • April 9, 2024 -
Win McNamee / Staff via Getty Images
Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by BancorpSouth
Cadence consolidates its executive circle
The bank's president is adding chief credit officer to his title, and the CFO will also oversee mortgage lending and wealth in a move to eliminate layers of management.
By Dan Ennis • April 5, 2024 -
Courtesy of KeyBank
KeyBank, NCRC team up on $25M pledge
The NCRC and the bank will put $8.5 million each toward grants, down payment assistance, fee waivers, product and branch expansion, and marketing that addresses alleged mortgage lending issues.
By Rajashree Chakravarty • April 4, 2024 -
Justin Sullivan via Getty Images
Return-to-office delays burden regional bank real estate portfolios
“There's been a Frankenstein from the pandemic that's been created, and we don't know how to stop it,” Gregory Carlisle, a commercial market president at TD, said last week.
By Suman Bhattacharyya • April 3, 2024
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