The Latest

  • 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.

  • The Bank of America logo is displayed on the side of a Bank of America branch office January 20, 2010 in San Francisco, California.
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    15 AGs put BofA on notice for ‘de-banking’ conservatives

    “Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” Kansas Attorney General Kris Kobach wrote.

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    Truist tightens in-office attendance policy

    The bank will require its hybrid employees to work on-site four days a week starting this fall, and its investment bankers to be in the office every weekday from June 1, a spokesperson said.

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    Discover puts $799M more toward card misclassification issue

    The card network opted to increase the card misclassification remediation reserve based in part on discussions with regulators, executives said Thursday.

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    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.

  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    OCC was ‘asleep at the wheel’ on NYCB, Warren says

    The Massachusetts Democrat and another senator asked the regulator's acting chief why it approved NYCB's merger with Flagstar when the FDIC didn't and when it saw red flags.

  • PNC CEO Bill Demchak
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    PNC’s Demchak urges OCC to rethink bank merger review changes

    If regulators don’t promote healthy mergers of banks of all sizes, organic growth of the largest banks will accelerate until they are the only ones left, the CEO wrote in a comment letter last week.

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    TD names head of US consumer banking

    Matt Boss will continue to oversee all consumer product teams, including credit cards and residential lending, which he’s done since 2020.

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    Pathward to pay refunds, penalty tied to NY AG investigation

    The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.

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    Neobank Mercury adds personal banking

    The fintech, which has faced regulatory scrutiny, expanded into consumer banking with Mercury Personal, offering a banking option for founders and investors.

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    Codat seeks to topple check fraud with virtual card adoption

    JPMorgan Chase is an early user of Codat’s Supplier Enablement product, which launched this week.

  • Wells Fargo CEO Charlie Scharf
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    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.

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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.

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    Zhanna Hapanovich
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    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. 

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    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.

  • Rostin Behnam
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    Warren, Grassley want details on CFTC, Bankman-Fried meetings

    FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.

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    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.

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    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.

  • Bank of America's logo on a building façade
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    Q&A

    BofA 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.

  • A Capital One sign is seen
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    Capital One shareholders urged to approve scope 3 target-setting proposal

    The New York State Common Retirement Fund said the targets are necessary to fully assess the bank’s climate risk exposure and mitigation strategies.

  • Jamie Dimon, Chairman and CEO of JPMorgan Chase, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building on December 06, 2023 in Washington, DC.
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    JPMorgan’s Dimon wants more cloud to fuel AI, analytics

    The nation's biggest bank aims to have 75% of its data and 70% of its applications in the cloud this year, the CEO said in his letter to shareholders.

  • A person walks into BNY Mellon's headquarters in New York City.
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    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.

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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.

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    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.

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    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.