The Latest

  • Navy Federal Credit Union, Douglasville Georgia location
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    Permission granted by Navy Federal Credit Union
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    Navy Federal boosts COO to top executive role

    Dietrich Kuhlmann, a 35-year Navy veteran, becomes CEO of the nation’s largest credit union March 1. He takes the helm from Mary McDuffie, under whom membership grew by 5 million and assets nearly doubled.

  • Headshot of Jane Fraser
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    Drew Angerer via Getty Images
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    Fraser’s pay is still on the bottom rung, but the floor has risen

    The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.

  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    Win McNamee via Getty Images
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    Capital One-Discover deal may spark antitrust concern

    While the $35.3 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

  • Truist building
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist sells rest of insurance arm valued at $15.5B to private-equity firms

    Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.

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    Oli Scarff via Getty Images
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    Barclays rolls out reorganization, eyes £10B in shareholder returns

    The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.

  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One to acquire Discover in $35.3B deal

    The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    JPMorgan to pay nearly $350M over trade reporting errors

    The lender has agreed to pay the penalty to two U.S. regulators and is in “advanced negotiations” with a third, JPMorgan said in a filing Friday.

  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images
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    Goldman boosts David Solomon’s pay 24% to $31M

    The bank rewarded its CEO for leading a retreat from consumer lending, despite a 24% dip in net income on the year. The package likely makes Solomon the U.S.'s third-best-paid bank CEO.

  • 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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    Kent Nishimura via Getty Images
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    Warren probes Zelle scam policy

    Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

  • The Federal Reserve building is seen January 22, 2008 in Washington, DC.
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    Chip Somodevilla via Getty Images
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    Cross-border payments remain focus for Fed

    Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

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    Justin Sullivan via Getty Images
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    Wells Fargo fake-accounts consent order lifted by OCC

    The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.

  • The Manhattan skyline in New York City.
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    Courtesy of The Howard Hughes Corp.
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    Column

    Dive Deposits: Regulators, bankers talk about NYCB without saying its name

    The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.

  • Person with umbrella passing Deutsche Bank
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    Thomas Lohnes via Getty Images
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    Deutsche Bank ups its in-office work requirements

    Managers will be required to work in the office four days a week, and others will be required to be present three days a week, starting in June.

  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Fed unveils 2024 stress test scenarios

    The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said. 

  • People pass the JPMorgan Chase & Co. headquarters on the street.
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    Spencer Platt via Getty Images
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    JPMorgan, State Street exit Climate Action 100+ coalition

    BlackRock also revised its membership after the coalition announced its “phase 2” requirements that signatories enhance their corporate disclosure and implement climate transition plans.

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    Justin Sullivan via Getty Images
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    Citi to monitor how often private bankers make client calls: report

    The lender wants its private bankers to contact its clients at least once every 90 days and record in detail the conversations, the Financial Times reported Wednesday.

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    Chris Hondros via Getty Images
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    Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth

    Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.

  • Shot of Morgan Stanley logo
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    Mario Tama via Getty Images
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    Morgan Stanley to cut several hundred wealth management jobs: reports

    Affected employees — mostly non-customer-facing employees and a number of roles made redundant by the E*Trade deal — could be notified this week, sources told The Wall Street Journal.

  • RBC
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    Photo by Matt Cardy/Getty Images via Getty Images
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    RBC’s City National cuts about 100 employees

    The job reductions come in addition to a 5% headcount trim the Los Angeles-based bank’s parent company put in place during the quarter that ended Oct. 31.

  • Two wooden blocks on a computer keyboard that spell out "M&A"
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    Maks_Lab via Getty Images
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    HTLF sheds its Montana footprint

    The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.

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    Jeff Swensen via Getty Images
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    PNC wants to open 100 new branches by 2028

    The bank pledged to invest roughly $1 billion to open locations in cities such as Dallas, Denver and Houston, and to renovate existing branches.

  • An employee gets into his car after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California.
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    Justin Sullivan via Getty Images
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    IRS sues FDIC to get $1.45B in SVB back taxes

    The amount covers corporate income and employment taxes due between 2020 and 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim.

  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Pablo Blazquez Dominguez via Getty Images
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    Santander says no breaches of US sanctions found in internal review: reports

    The Spanish bank conducted an internal review following a Financial Times report that money held there violated sanctions held by the U.S. against Iran, according to a memo seen by Bloomberg and Reuters.

  • solo funds team
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    Permission granted by SoLo Funds
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    SoLo Funds nears 2M users

    The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.

  • Plaid names Cloudflare vet as its first president ahead of ‘eventual’ IPO

    The fintech's hiring of Jen Taylor, Cloudflare's ex-chief product officer, comes months after Plaid appointed its first CFO and named another executive as head of Europe.