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FirstSun, HomeStreet terminate merger
The deal’s collapse frees HomeStreet to pursue another suitor or ease its CRE concentration. FirstSun and HomeStreet warned last month the already-revamped proposal would need further tweaks.
By Dan Ennis • Nov. 20, 2024 -
Anna Hrushka/Banking Dive
‘Dysfunction’ brought down Republic First: FDIC OIG
In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.
By Gabrielle Saulsbery • Nov. 14, 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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Simmons First names next CEO, COO
George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.
By Rajashree Chakravarty • Nov. 14, 2024 -
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Underbanked US population grows to 14.2%, FDIC finds
Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.
By Caitlin Mullen • Nov. 13, 2024 -
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Wall Street bonuses expected to grow across all sectors, consultant finds
Investment banking debt underwriters could see a surge in annual payouts up to 35% due to revenues booming on debt issuance growth, a report published by Johnson Associates said.
By Rajashree Chakravarty • Nov. 12, 2024 -
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ColumnDive Deposits: Carver Bank and the return of the thorn-in-the-side investor
Investment fund Dream Chasers again floats two nominees to take board seats at the Black-owned bank. But does its end strategy for Carver align more with Ping An, Blue Hill Advisors or UniCredit?
By Dan Ennis • Nov. 12, 2024 -
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Execs from 6 banks weigh in on impact of Trump’s election
Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect – and what they’re hoping for – out of a second Trump presidency.
By Caitlin Mullen • Nov. 11, 2024 -
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ColumnDive Deposits: Morgan Stanley can’t keep everyone
The bank may have developed a reputation for persuading executives to stay. But its co-head of investment management just left to become CEO of an asset management unit at insurance giant Prudential.
By Dan Ennis • Nov. 11, 2024 -
Courtesy of PNC
PNC doubles branch expansion plans
Expanding upon branch growth plans announced earlier this year, the super regional aims to spend an additional $500 million to dig deeper in the Southeast and Southwest.
By Caitlin Mullen • Nov. 8, 2024 -
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Ex-TD financial adviser alleges racism, retaliation
Keron McNeil sued the bank, alleging he was subject to racism and retaliation from a colleague and a supervisor, and that after he brought the issues to HR, he lost his job.
By Gabrielle Saulsbery • Nov. 6, 2024 -
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Mid Penn Bancorp to acquire in-state peer in $127M deal
The lender will acquire William Penn Bancorp in an all-stock transaction expected to close in the first half of 2025 to expand in the greater Philadelphia metro area.
By Rajashree Chakravarty • Nov. 4, 2024 -
Spencer Platt / Staff via Getty Images
Flagstar taps CIO, credit review chief
The bank has brought on a number of new executives this year and also completed the sale of its mortgage business to Mr. Cooper on Friday.
By Gabrielle Saulsbery • Nov. 4, 2024 -
Joe Raedle / Staff via Getty Images
Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
By Caitlin Mullen • Nov. 1, 2024 -
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FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
By Dan Ennis • Oct. 31, 2024 -
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New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
By Dan Ennis • Oct. 30, 2024 -
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HSBC insists it’s not gearing up to split
The bank saw profits jump 10% in the third quarter and announced a $3 billion share buyback. But analysts pressed CEO Georges Elhedery on the long-term effects of a recent reorganization.
By Dan Ennis • Oct. 29, 2024 -
TU IS
Kraken to launch its own blockchain
Ink will be rolled out to retail and institutional users early next year, with the aim to offer decentralized finance to a larger audience.
By Gabrielle Saulsbery • Oct. 28, 2024 -
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Intesa Sanpaolo to cut 9,000 jobs in AI-fueled push
Italy’s largest bank aims to hire 3,500 “young people,” many in hybrid contractor roles, in a “generational” shift to artificial intelligence, along with greater emphasis on wealth and insurance.
By Dan Ennis • Oct. 24, 2024 -
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TD faces investor lawsuit over AML failures
The lawsuit alleges bank executives minimized the AML issues and made no indication of the severity of the punishment TD faced.
By Gabrielle Saulsbery • Oct. 24, 2024 -
Drew Angerer / Staff via Getty Images
Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.
By Caitlin Mullen • Oct. 23, 2024 -
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Santander debuts digital bank in US
With Openbank, already established in Europe, the lender aims to accelerate its U.S. growth strategy by generating more deposits to fund its auto lending.
By Rajashree Chakravarty • Oct. 22, 2024 -
Permission granted by HSBC
HSBC names first woman CFO amid restructuring
The bank is simplifying its business into four spheres, but the changes will mean inevitable reductions for "duplicated" senior roles, CEO Georges Elhedery warned.
By Gabrielle Saulsbery • Oct. 22, 2024 -
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Atlantic Union Bank to buy Sandy Spring in $1.6B deal
The acquisition would give the Virginia lender’s footprint the “Golden Crescent” it has sought for years, with 53 added branches in the D.C. area and Maryland, roughly doubling its wealth business.
By Dan Ennis • Oct. 21, 2024 -
Retrieved from OCC.
OCC hits Florida bank over AML concerns
Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.
By Gabrielle Saulsbery • Oct. 18, 2024 -
Drew Angerer / Staff via Getty Images
Truist CEO: No ‘merger hangover’ with expenses
As the bank approaches five years since the completion of the SunTrust-BB&T merger, Truist CEO Bill Rogers sought to assure analysts Thursday that it’s on offense rather than defense.
By Caitlin Mullen • Oct. 17, 2024
