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ColumnDive Deposits: Inside the ‘takeover attempt’ at a long-standing Black bank
An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon.
By Dan Ennis • Feb. 2, 2024 -
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Deutsche Bank to cut 3,500 jobs by 2025
The bank also announced it would return €1.6 billion to investors in the first half of 2024. That includes a €675 million share buyback.
By Dan Ennis • Feb. 1, 2024 -
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TrendlineTop 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 -
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Could the factors that took down SVB combine for a rerun in 2024?
NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.
By Dan Ennis • Jan. 31, 2024 -
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California banks merge in $233.6M deal
The tie-up between Southern California Bancorp and California BanCorp, set to close in the third quarter, will create a $4.6 billion-asset company in some of the state’s strongest areas for mid-market business banking.
By Ken McCarthy • Jan. 30, 2024 -
Retrieved from OCC.
‘Troubled’ Blue Ridge Bank enters consent order with OCC
The OCC alleged that Blue Ridge’s BSA/AML program experienced “systemic internal controls breakdowns,” among other issues, in its second regulatory action against the bank in 18 months.
By Gabrielle Saulsbery • Jan. 29, 2024 -
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Goldman’s global banking and markets co-chief to leave bank
Jim Esposito — a 28-year veteran who had sought to become the bank's CEO or president, The Wall Street Journal noted — co-led a unit that brought in two-thirds of Goldman's revenue last year.
By Dan Ennis • Jan. 29, 2024 -
Alex Wroblewski via Getty Images
JPMorgan Chase shuffles C-suite execs
The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.
By Gabrielle Saulsbery • Jan. 26, 2024 -
Permission granted by Novo
Novo rolls out an embedded payroll tool for small businesses
Powered by Check, the new tool, Novo Payroll, aims to help small businesses manage their finances from a single platform.
By Rajashree Chakravarty • Jan. 24, 2024 -
Courtesy of Comerica
Comerica lays off 250, closes 26 branches
Dubbing the cuts “expense re-calibration efforts,” CFO Jim Herzog said the bank is now better positioned to enhance its funding base, revenue mix, capital efficiency and risk management framework.
By Gabrielle Saulsbery • Jan. 24, 2024 -
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NBT CEO John Watt to step down in May
Scott Kingsley, the Norwich, New York-based bank's CFO, will assume the top role upon Watt’s retirement.
By Rajashree Chakravarty • Jan. 23, 2024 -
Courtesy of Fifth Third
Fifth Third aims to open 31 branches this year in a bet on Southeast
The bank wants to establish about a 50/50 balance between Southeast and Midwest markets, CEO Tim Spence said. Fifth Third plans to boost its Southeast headcount in commercial banking by up to 15%, Bloomberg reported.
By Gabrielle Saulsbery • Jan. 22, 2024 -
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JPMorgan’s Dimon, after 4% raise, got $36M in 2023
A breakdown of the CEO’s salary shows $1.5 million in base salary and $34.5 million in performance-based variable incentive compensation — $5 million of which will be in cash and the rest in stock.
By Rajashree Chakravarty • Jan. 19, 2024 -
Justin Sullivan via Getty Images
First Republic ‘fraudulently’ recruited brokers before collapse, plaintiffs say
Alexander Kadish and Nicholas Davey had profitable careers at Morgan Stanley before First Republic execs lured them to work for the bank with omissions and false representations, they allege.
By Gabrielle Saulsbery • Jan. 19, 2024 -
Kate Tornone/Banking Dive
Citizens trimmed 650 jobs in Q4
Among bright spots in the quarter, the lender launched its private bank, which it expects to break even in the second half of this year.
By Dan Ennis • Jan. 18, 2024 -
Photo illustration: Varo Bank; Getty Images
Varo rolls out free tax prep and filing tool with Column Tax
All Varo Bank customers can access the tax filing service, which uses pre-filled data based on user information and helps to file taxes in less than 15 minutes, the lender said.
By Rajashree Chakravarty • Jan. 17, 2024 -
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FirstSun, HomeStreet to merge
FirstSun will function as the acquirer in the all-stock deal, which upon completion, will create a $17 billion-asset bank.
By Gabrielle Saulsbery • Jan. 17, 2024 -
Courtesy of The Consumer Financial Protection Board.
CFPB proposal would cut overdraft fees as low as $3
Overdraft fees would be reclassified as extensions of credit, forcing banks to disclose an APR. Banks would also choose whether to charge customers a "break-even" fee or an amount set by the CFPB.
By Dan Ennis • Jan. 17, 2024 -
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JPMorgan Securities to pay SEC $18M
A Securities and Exchange Commission investigation found that the firm kept clients from reaching out to the SEC to report potential violations.
By Gabrielle Saulsbery • Jan. 16, 2024 -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
Drew Angerer via Getty Images
Citi to cut 20K jobs in ‘medium term’
The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.
By Anna Hrushka • Jan. 12, 2024 -
Justin Sullivan via Getty Images
Citi flags $3.8B hit on charges, reserves
In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.
By Anna Hrushka • Jan. 11, 2024 -
Permission granted by TD Bank
TD execs knew in November 2022 about DOJ’s probe into AML: report
Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.
By Dan Ennis • Jan. 11, 2024 -
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Deep DiveBarr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
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Ex-Wells, JPMorgan exec tapped to lead mortgage firm Mr. Cooper
Michael Weinbach, a 25-year veteran of the financial services industry, will be responsible for leading Mr. Cooper’s operations, including originations, servicing and technology, the firm said.
By Anna Hrushka • Jan. 10, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024
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