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    SouthState, Independent deal approved by Fed

    The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.

    By Dec. 13, 2024
  • A person wearing a blue hat and light t-shirt walks past a KeyBank branch location, as the glass reflects the street scene.
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    Scotiabank gets Fed’s approval to take bigger KeyBank stake

    The earlier-than-expected green light will let the Canadian lender proceed to Phase 2 of its investment — a $2 billion infusion and the right to name two directors to the Cleveland bank’s board.

    By Dec. 13, 2024
  • An AI processor on a futuristic printed circuit board Explore the Trendline
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    Trendline

    Artificial intelligence

    Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

    By Banking Dive staff
  • Ally Financial, NYSE facade
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    Courtesy of Ally Financial
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    Ally CEO indicates card business not a core focus

    “In a world of limited capital and limited expenses,” the bank’s next dollar is “not going to go there, despite the fact that it’s a very strong business,” Michael Rhodes said of Ally’s card unit.

    By Dec. 13, 2024
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    Massachusetts banks to combine in $562M deal

    The transaction, expected to close in the second half of 2025, will create a $25 billion-asset entity and enable Independent Bank to enter New Hampshire.

    By Dec. 9, 2024
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    Could a French bank foil UniCredit’s play for Banco BPM?

    Crédit Agricole boosted its stake in BPM — borrowing a strategy UniCredit used on Commerzbank. The French bank insists it doesn’t aim to buy BPM. The Italian government seems OK with that.

    By Dec. 9, 2024
  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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    Wells Fargo to lay off hundreds in Oregon

    The Hillsboro and Salem offices, with 500 and 221 employees, respectively, might be impacted by the lender’s decision to pull out of these locations, according to a WARN notice filed Tuesday.

    By Dec. 5, 2024
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    HSBC names new US CEO

    Lisa McGeough will step into the role Jan. 1. Meanwhile, Annabel Spring will depart from her role as global private banking and wealth CEO.

    By Dec. 5, 2024
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    TD shelves growth targets in wake of AML settlement

    The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.

    By Dec. 5, 2024
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    Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump

    The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.

    By Dec. 4, 2024
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    Column

    Dive Deposits: Wells Fargo looks inward on real-estate right-sizing

    The bank appears to be consolidating its office footprint in its home city. It isn’t the only lender reevaluating real estate: JPMorgan is expanding in Orlando, and Valley National is selling $925 million in loans.

    By Dec. 4, 2024
  • Panoramic view of South Beach at Miami South Pointe Park with high skyscrapers
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    United Community Banks to deepen Miami-area footprint in $80M deal

    The South Carolina-based lender will buy American National Bank in its sixth acquisition since 2018.

    By Dec. 4, 2024
  • SEC settles ransomware case against ICBC unit

    The agency opted not to impose a fine on the U.S. unit of China's largest bank, which had difficulty updating system books and records after a 2023 cyberattack.

    By Dec. 3, 2024
  • A closeup of JPMorgan Chase's headquarters in New York.
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    Michael M. Santiago via Getty Images
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    JPMorgan global investment banking chair to exit next year

    Jennifer Nason, who’s been with the bank almost 40 years, will join the board of consulting firm Accenture after leaving JPMorgan in February.

    By Dec. 3, 2024
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    Fed approves United-Piedmont merger

    The Federal Reserve cleared United Bank to proceed with its proposed $267 million acquisition of Piedmont Bancorp less than seven months after the deal was announced.

    By Dec. 2, 2024
  • A sign for CitiBank is seen on the bank branch in Manhattan on March 01, 2024 in New York City.
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    Citi separates Mexico retail ops from institutional business

    The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.

    By Dec. 2, 2024
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    Justin Sullivan via Getty Images
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    JPMorgan drops suit against Tesla

    The bank sued the Elon Musk-run company in 2021 for $162.2 million after it claimed the carmaker breached a 2014 contract related to stock warrants.

    By Dec. 2, 2024
  • An equestrian statue of Roman emperor and stoic philosopher Marcus Aurelius on Capitoline Hill in Rome, Italy.
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    BPM spurns UniCredit’s takeover bid

    The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.

    By Nov. 27, 2024
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    Courtesy of U.S. Bank
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    U.S. Bank bets on capital markets boost

    The super-regional is expanding its product set and angling for a more prominent position with its clients, the bank’s head of wealth, corporate, commercial and institutional banking said.

    By Nov. 26, 2024
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    HSBC sustainability chief to step down Dec. 31

    The bank cut the sustainability role from its executive committee in an October reshuffle. HSBC on Monday also named an interim risk and compliance chief.

    By Nov. 25, 2024
  • An equestrian statue of Roman emperor and stoic philosopher Marcus Aurelius on Capitoline Hill in Rome, Italy.
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    PaoloGaetano via Getty Images
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    Italy’s UniCredit to buy domestic rival Banco BPM in €10.1B deal

    The move pauses speculation that UniCredit was considering a bid for Germany’s Commerzbank. It also foils a plan by the Italian government to boost competition against UniCredit and its peer, Intesa Sanpaolo.

    By Nov. 25, 2024
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    First Foundation names new CEO

    The Dallas-based bank tapped Thomas Shafer, an M&A veteran at TCF and Huntington, as its next chief, replacing Scott Kavanaugh, who retired.

    By Nov. 25, 2024
  • An aerial view of St. Paul, Minnesota depicts buildings and a bridge near a river.
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    Old National to acquire Minnesota’s Bremer for $1.4B

    The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.

    By Nov. 25, 2024
  • Truist plaza is shown, with a sign reading "Truist" and the company's logo in the foreground, and the skyscraper in the background.
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    The image by Tyler Lahti is licensed under CC BY-SA 4.0
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    Truist pledges $725M in Helene aid

    The bank committed to helping western North Carolina communities affected by the hurricane through capital, investments and philanthropic grants with a three-year initiative.

    By Nov. 22, 2024
  • The Seattle skyline, featuring the Space Needle and skyscrapers.
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    FirstSun, HomeStreet terminate merger

    The deal’s collapse frees HomeStreet to pursue another suitor or ease its CRE concentration. FirstSun and HomeStreet warned last month the already-revamped proposal would need further tweaks.

    By Nov. 20, 2024
  • An aerial shot of Little Rock, Arkansas shows a river, bridges and a number of downtown buildings.
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    Simmons First names next CEO, COO

    George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.

    By Nov. 14, 2024