The Latest
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Column
Dive Deposits: Citi allegations put junior banker treatment back in spotlight
Allegations of verbal harassment, in context with BMO's firing of several bankers in a bullying case, put a power dynamic under the microscope.
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Securing tomorrow: How will DORA impact the financial industry, and what should organizations do to prepare?
The European financial industry is bracing for a significant shift with the impending arrival of the Digital Operational Resilience Act (DORA).
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Banking apps fall short on fraud protections: report
Preventing fraud and scams is “crucial” for traditional and digital banks alike, as more of their customers use their mobile apps, said Delicia Hand, senior director at Consumer Reports.
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CFPB warns of ‘dangers’ on standards for open banking
“We know dangers exist when more powerful players weaponize industry standards,” the agency's director, Rohit Chopra, said in advance of finalizing an open banking rule later this year.
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JPMorgan Chase fined $348.2M over gaps in trade data reporting
The bank “failed to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC alleged. “These gaps and deficiencies … constitute unsafe or unsound banking practices.”
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A year later: SVB’s impact on fintech
Fintechs like Mercury and MoneyLion showed their resilience, offering innovative products and assisting their customers through difficult times.
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UK’s Metro Bank eyes £30M more in cost savings by year’s end
The bank expects to lay off additional employees — it has cut 1,000 since October — and it will abandon its seven-day-a-week branch model.
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UK proposal would make banks give customers 3 months’ notice before ‘debanking’
The legislative move comes months after NatWest's CEO stepped down in the wake of allegations that a former Brexit Party leader was "de-banked" over his political views.
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TD cuts CEO Masrani’s pay by $741K over botched deal, AML woes
Four of the five big-bank CEOs in Canada saw their compensation drop in 2023 — a reverse of the pay trend in the U.S., where only Bank of America's Brian Moynihan was paid less than in 2022.
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Starling taps HSBC alum as next CEO
The digital bank's founder, Anne Boden, said she believes Raman Bhatia can move Starling “into its next phase of growth while cherishing the culture and values” her team had worked hard to create.
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Operational resilience regs may be on the way: OCC’s Hsu
While resilience from issues internal and external may take a back seat to capital and liquidity issues, it “warrants our full attention, especially in our highly interconnected world,” Acting Comptroller of the Currency Michael Hsu said.
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Goldman aims to grow its private credit portfolio to $300B: report
The bank’s footprint there already far exceeds its rivals. Goldman, in a year, also nearly cut in half a $30 billion cache of legacy investments.
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FDIC vice chair wants regulators to hurry up on addressing tokenization
Tokenization could be a "major leap" for the monetary system. Travis Hill doesn't want the U.S. to be left out.
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Senators press FDIC, others for answers on SVB, Signature
Sen. Bill Hagerty, R-TN, asked the FDIC why it chose a bid from Related Fund Management in an auction of Signature loans, when Brookfield Property Group offered to pay 14% more for them.
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How Golden 1 used AI to find ‘good risk’
The credit union partnered with Zest AI to build its own customized credit scorecard and has seen a 28% increase in approvals to protected classes of borrowers, Golden 1's CEO said.
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Regional bank execs push back on CRE risk fears
The banking sector relearns every 15 years not to overly concentrate its balance sheet in one area, Fifth Third CEO Tim Spence said. Meanwhile, Citizens Bank expects its CRE loan losses to peak at the end of this year.
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Otting could make $5.75M in first year as NYCB CEO
Alessandro DiNello will receive a base salary of $500,000 per month for his work as NYCB's executive chair, the bank said in a filing. He'll return to a nonexecutive role April 1.
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BNY Mellon digital chief to depart in April
The bank did not identify Roman Regelman’s successor in its securities filing. His departure is set for April 15.
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Sound Credit Union to buy Washington Business Bank
The Sound deal, set to close in the fourth quarter, marks the sixth acquisition of a whole bank by a credit union this year and the second in the Pacific Northwest.
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JPMorgan to launch biometric checkout next year
The bank’s payments unit plans to engage in more pilots this year before rolling out the checkout service broadly next year, said Prashant Sharma, JPMorgan’s executive director of biometrics and identity solutions.
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Compliance, overdraft fees may get greater focus in left-leaning NCUA
Liquidity and interest rate risk remain “very high priorities” for regulatory agencies, credit union executives said at a conference last week.
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Deep Dive
A year after SVB, what’s improved and what needs work?
Banking Dive looks at six factors — from upcoming regulations to commercial real estate — to see how the landscape has changed between the crises of 2023 and 2024.
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OCC clears U.S. Bank from MUFG Union consent order
The enforcement action, for failing to meet federal IT security guidelines, was issued just one day before U.S. Bank announced its $8 billion acquisition of MUFG Union.
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Huntington dives deeper into Texas
Local banking industry veteran Clint Bryant will lead Huntington’s Texas commercial charge, starting with Dallas.
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NYCB names ex-OCC chief Otting as CEO
Former Treasury Secretary Steven Mnuchin will take a seat on the bank's board after his Liberty Strategic Capital and other investors infused NYCB with $1.05 billion.
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Citi hires BofA vet Plaus to lead North America private bank
Don Plaus had announced his retirement from BofA's Merrill Lynch a year ago but had to delay his plans when Andy Sieg announced he was leaving. Plaus' hire reunites the two at Citi.