Commercial
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Morgan Stanley slashes 1,600 jobs
The move comes on a day when Goldman Sachs CEO David Solomon warned of "bumpy times ahead" and Bank of America chief Brian Moynihan said his firm would slow hiring.
By Dan Ennis • Dec. 7, 2022 -
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Webster Bank gets $9B boost with interLINK acquisition
The deal comes three months after a Dallas bank alleges interLINK’s owner, StoneCastle Partners, “unilaterally terminated” a previous deal to sell the business for $91 million in cash and stock.
By Dan Ennis • Dec. 6, 2022 -
Trendline
Marketing trends
Established and up-and-coming challengers show how they embrace new business silos such as cannabis, BaaS and the metaverse — or connect “ingredients” to stimulate growth.
By Banking Dive staff -
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Newtek gets OCC green light to acquire NBNYC
The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.
By Rajashree Chakravarty • Dec. 6, 2022 -
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Fed’s Barr calls for stricter capital requirements
The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.
By Rajashree Chakravarty • Dec. 5, 2022 -
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Wells Fargo launches new commercial banking platform
Vantage replaces the bank’s two-decade-old Commercial Electronic Office Portal and aims to bring a "consumer-like experience" to Wells' commercial and corporate clients, an executive said.
By Anna Hrushka • Dec. 5, 2022 -
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10 top reads from Banking Dive
If you're new, welcome. Here's a chance to catch up on some of our best work.
By Dan Ennis • Dec. 4, 2022 -
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TD, BMO adjust their timelines for First Horizon, Bank of the West deals
TD now aims to wrap its transaction by April and give First Horizon stockholders an extra $0.65 per share. BMO said its deal is “rounding third base,” on track for a first-quarter close.
By Dan Ennis • Dec. 2, 2022 -
Courtesy of State Street
State Street, Brown Brothers Harriman scrap $3.5B deal
“The regulatory path forward would involve further delays, and all necessary approvals have not been resolved,” State Street said.
By Dan Ennis • Dec. 1, 2022 -
Permission granted by Novo
Novo grows customizable small-business banking platform, eyes lending
The fintech, which raised $35 million from GGV Capital last week, announced a new partnership Wednesday with LegalZoom to provide entity formation services to Novo customers.
By Anna Hrushka • Nov. 30, 2022 -
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UBS chair rules out M&A for its US growth strategy
“The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.
By Dan Ennis • Nov. 30, 2022 -
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RBC to buy HSBC’s Canada unit for $10B
The transaction, expected to close in late 2023, would bolster Canada’s largest lender with a further $99.6 billion in assets and 130 branches. It may also ease investor pressure on HSBC to divest its foreign footprints.
By Dan Ennis • Nov. 29, 2022 -
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Can the SBA make its 7(a) loan program attractive to fintechs?
A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.
By Anna Hrushka • Nov. 29, 2022 -
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BMO unveils $40B community benefits plan
The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.
By Rajashree Chakravarty • Nov. 29, 2022 -
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Credit Suisse warns of $1.6B Q4 loss
Credit Suisse saw $88.3 billion in outflows between Sept. 30 and Nov. 11, the bank reported Wednesday. Wealth-management customers removed $66.7 billion of that.
By Dan Ennis • Nov. 23, 2022 -
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Credit Suisse cuts one-third of China-based investment-banking jobs
The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.
By Gabrielle Saulsbery • Nov. 22, 2022 -
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Morgan Stanley’s generational drain continues
Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.
By Dan Ennis • Nov. 22, 2022 -
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JPMorgan maintains status as world’s most systemically important bank
Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.
By Rajashree Chakravarty • Nov. 21, 2022 -
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BM Technologies’ acquisition of Seattle community bank pushed to 2023
The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.
By Anna Hrushka • Nov. 21, 2022 -
Courtesy of KeyBank
KeyBank taps chief strategy officer as next CFO
Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.
By Rajashree Chakravarty • Nov. 18, 2022 -
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Wintrust boosts wealth management with deal for Rothschild unit
The acquisition, expected to close in the first quarter of 2023, will add $8 billion in assets under management to Wintrust’s subsidiary, Great Lakes Advisors.
By Rajashree Chakravarty • Nov. 17, 2022 -
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BankProv braces for $27.5M hit on bad crypto mining loans
The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.
By Anna Hrushka • Nov. 17, 2022 -
Mario Tama via Getty Images
NY Fed, banks launch new 12-week CBDC project
Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.
By Rajashree Chakravarty • Nov. 16, 2022 -
Daphne Howland/Banking Dive
Deep DiveHow deep of a banking threat is Walmart’s One?
The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.
By Anna Hrushka • Nov. 16, 2022 -
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OceanFirst, Partners call off $186M merger
OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.
By Rajashree Chakravarty • Nov. 14, 2022 -
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WaFd to buy Luther Burbank in $654M deal to enter California
The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.
By Dan Ennis • Nov. 14, 2022
