Commercial: Page 2


  • ripple
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    Jack Taylor via Getty Images
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    Ripple makes its 2nd acquisition of 2023

    The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.

    By Sept. 11, 2023
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    Oli Scarff via Getty Images
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    Barclays set to cut hundreds in two-pronged effort: reports

    The bank will trim roughly 450 roles in its U.K. retail unit, a labor union said. Barclays could also dismiss up to 5% of client-facing staff in its trading division, according to Bloomberg.

    By Sept. 11, 2023
  • Phone in hand with 'pay' button showing Explore the Trendline
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    Tero Vesalainen via Getty Images
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    Trendline

    Mobile banking trends

    Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps.

    By Banking Dive staff
  • wells fargo
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    Justin Sullivan via Getty Images
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    Wells Fargo’s William Daley to retire at year-end

    The vice chairman of public affairs joined the bank in 2019 from BNY Mellon, where Wells Fargo CEO Charlie Scharf also worked. Daley led an effort to repair the bank’s reputation after its 2016 fake-accounts scandal.

    By Sept. 8, 2023
  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images
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    Goldman may cut 450 or more employees in October: report

    Managers across the bank have drafted lists of bottom performers in preparation for a cut of between 1% and 5% of workers, sources told the Financial Times, but numbers are not final.

    By Sept. 8, 2023
  • first citizens bank
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    Melissa Sue Gerrits via Getty Images
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    First Citizens folds SVB Private into wealth-management unit

    Michael Wilson, who has led First Citizens Wealth for the past decade, will take over SVB Private, the private-banking and wealth-management unit that once belonged to the failed Silicon Valley Bank.

    By Sept. 8, 2023
  • In an aerial view, cars drive by the San Francisco skyline as they cross the San Francisco-Oakland Bay Bridge
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    Justin Sullivan via Getty Images
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    San Francisco to set up US’s first municipal bank

    The business and governance proposal got the green light to start lending as a publicly owned financial corporation, which would be converted into the city’s first public bank.

    By Sept. 7, 2023
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC seeks bids for $33B in Signature CRE loans

    The deadline is set for Nov. 1, according to Bloomberg. About $15 billion of the loans are tied to properties that are rent-stabilized or rent-controlled.

    By Sept. 6, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Ex-Wells Fargo exec Tolstedt should serve prison time, prosecutors say

    Carrie Tolstedt, the only Wells Fargo executive charged in connection to the 2016 fake-accounts scandal, pleaded guilty to obstructing a bank examination in March.

    By Sept. 5, 2023
  • New Ford trucks parked outside at a dealership in Long Beach, California.
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    Eric Thayer via Getty Images
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    Upgrade sets sights on auto loans as legacy banks pull back

    The neobank is venturing into a sector many traditional firms have been exiting amid mounting concerns about credit quality.

    By Sept. 1, 2023
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    Dan Kitwood via Getty Images
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    StanChart hires BofA, Goldman investment-banking alum as next CFO

    Diego De Giorgi joins the British bank Friday and is expected to succeed longtime CFO Andy Halford in the first quarter of 2024. Halford will stay on as an adviser through August.

    By Sept. 1, 2023
  • People enter and exit UBS Bank in NYC.
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    Chris Hondros via Getty Images
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    UBS plans 3,000 job cuts in Credit Suisse integration

    UBS plans to shutter nearly two-thirds of Credit Suisse’s investment bank, including almost all of its trading operations, the bank said Thursday.

    By Aug. 31, 2023
  • Header image for "Biden Names 3 Nominees to Fed's Board of Governors"
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    CFO Editorial Staff
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    Column

    Goldman, regional bank warnings show the Fed is now playing offense

    The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

    By Aug. 31, 2023
  • c6 bank
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    Courtesy of C6 Bank
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    JPMorgan boosts its stake in Brazilian neobank C6 to 46%

    C6 has seen its client base grow from 8 million to 25 million since June 2021, when JPMorgan bought its initial slice. C6’s credit portfolio has more than quadrupled in that time, the neobank said.

    By Aug. 30, 2023
  • A cityscape photographed at dusk, featuring the global headquarters of Goldman Sachs Company in center left, set in contrast to older buildings along New York's financial district.
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    JayLazarin via Getty Images
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    Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures

    Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.

    By Aug. 30, 2023
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images
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    Goldman Sachs sells financial planning arm

    Independent wealth manager Creative Planning purchased Personal Financial Management for an undisclosed sum, the firms announced Monday.

    By Aug. 29, 2023
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    Getty Images/Staff via Getty Images
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    Burke & Herbert to buy West Virginia bank for $371M

    The deal would create a bank with $8.1 billion in assets — tripling Burke & Herbert’s brick-and-mortar footprint and giving it a presence in Kentucky, West Virginia and Maryland’s Eastern Shore for the first time.

    By Aug. 28, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo to pay $35M for overcharging on advisory fees

    The bank negotiated reduced advisory fees with thousands of account holders but sometimes forgot to enter the lower rate, the SEC said.

    By Aug. 25, 2023
  • RBC
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    Photo by Matt Cardy/Getty Images via Getty Images
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    RBC could cut 1,800 jobs next quarter

    The bank has slowed hiring and, so far, credited attrition for its lower headcount. But expenses — particularly, a 17% year-over-year jump in salaries — are outpacing revenue growth.

    By Aug. 24, 2023
  • golden lady justic on wooden background
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    aerogondo via Getty Images
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    JPMorgan, Goldman and others to pay $499M to end stock-lending suit

    Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.

    By Aug. 24, 2023
  • Seattle USA, Washington State, Seattle skyline and Mount Rainier - stock photo
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    Philip Kramer/DigitalVision via Getty Images
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    Savi Financial gets FDIC approval for Washington state de novo charter

    Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

    By Aug. 23, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo beats shareholders’ fake-interview lawsuit

    Plaintiffs could not show the bank conducted widespread sham interviews, or that any of three key executives knew about them, a judge ruled.

    By Aug. 22, 2023
  • image of Goldman Sachs logo on wall with red background.
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    Michael M. Santiago/ via Getty Images
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    Goldman Sachs explores selling part of its wealth business: reports

    The bank bought United Capital Financial Partners for $750 million in 2019 and grew its registered investment advisory unit from there. It is at least the second David Solomon-era deal (along with GreenSky) Goldman has sought to undo.

    By Aug. 21, 2023
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi may break up commercial unit into 3 pieces

    The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

    By Aug. 21, 2023
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Fed orders wind-down of FTX-associated Farmington State Bank

    The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

    By Aug. 18, 2023
  • Edward Jones
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    Permission granted by Edward Jones
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    Citi gives Edward Jones a second chance at banking

    The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.

    By Aug. 18, 2023