Commercial
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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 Dan Ennis • Dec. 13, 2024 -
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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 Dan Ennis • Dec. 13, 2024 -
Explore the Trendline➔
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TrendlineArtificial 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 -
Courtesy of Ally Financial
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 Caitlin Mullen • 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 Rajashree Chakravarty • 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 Dan Ennis • Dec. 9, 2024 -
Justin Sullivan / Staff via Getty Images
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 Rajashree Chakravarty • Dec. 5, 2024 -
Justin Sullivan / Staff via Getty Images
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 Gabrielle Saulsbery • Dec. 5, 2024 -
Drew Angerer / Staff via Getty Images
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 Caitlin Mullen • 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 Caitlin Mullen • Dec. 4, 2024 -
Michael M. Santiago / Staff via Getty Images
ColumnDive 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 Dan Ennis • Dec. 4, 2024 -
Tomas Kozak via Getty Images
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 Dan Ennis • Dec. 4, 2024 -
"U.S. Securities and Exchange Commission headquarters in Washington, D.C., near Union Station" by AgnosticPreachersKid is licensed under CC BY 3.0
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 Rajashree Chakravarty • Dec. 3, 2024 -
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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 Caitlin Mullen • 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 Rajashree Chakravarty • Dec. 2, 2024 -
Spencer Platt / Staff via Getty Images
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 Dan Ennis • Dec. 2, 2024 -
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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 Gabrielle Saulsbery • Dec. 2, 2024 -
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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 Dan Ennis • Nov. 27, 2024 -
Courtesy of U.S. Bank
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 Caitlin Mullen • 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 Gabrielle Saulsbery • Nov. 25, 2024 -
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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 Dan Ennis • Nov. 25, 2024 -
Pgiam via Getty Images
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 Rajashree Chakravarty • Nov. 25, 2024 -
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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 Caitlin Mullen • Nov. 25, 2024 -
The image by Tyler Lahti is licensed under CC BY-SA 4.0
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 Rajashree Chakravarty • Nov. 22, 2024 -
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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 Dan Ennis • Nov. 20, 2024 -
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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 Rajashree Chakravarty • Nov. 14, 2024
