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 Gabrielle Saulsbery • Sept. 11, 2023

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 Dan Ennis • Sept. 11, 2023

Explore the 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’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 Rajashree Chakravarty • Sept. 8, 2023

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 Dan Ennis • Sept. 8, 2023

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 Anna Hrushka • Sept. 8, 2023

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 Rajashree Chakravarty • Sept. 7, 2023

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 Dan Ennis • Sept. 6, 2023

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 Gabrielle Saulsbery • Sept. 5, 2023

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 Anna Hrushka • Sept. 1, 2023

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 Dan Ennis • Sept. 1, 2023

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 Rajashree Chakravarty • Aug. 31, 2023

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 Dan Ennis • Aug. 31, 2023

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 Gabrielle Saulsbery • Aug. 30, 2023

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 Gabrielle Saulsbery • Aug. 30, 2023

Goldman Sachs sells financial planning arm

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

By Gabrielle Saulsbery • Aug. 29, 2023

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 Rajashree Chakravarty • Aug. 28, 2023

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 Rajashree Chakravarty • Aug. 25, 2023

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 Dan Ennis • Aug. 24, 2023

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 Gabrielle Saulsbery • Aug. 24, 2023

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 Rajashree Chakravarty • Aug. 23, 2023

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 Rajashree Chakravarty • Aug. 22, 2023

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 Rajashree Chakravarty • Aug. 21, 2023

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 Dan Ennis • Aug. 21, 2023

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 Gabrielle Saulsbery • Aug. 18, 2023

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 Anna Hrushka • Aug. 18, 2023