Commercial: Page 2
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Kate Tornone/Banking Dive
Citizens CEO knocks higher capital requirements
“The rest of the economy is saying this has to be rethought,” CEO Bruce Van Saun said, adding the increase could scuttle lending to entrepreneurs and less affluent borrowers.
By Suman Bhattacharyya • March 29, 2024 -
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Integrated Financial finds another buyer in $66M deal
Capital Bancorp agreed to buy IFH to expand its consumer and lending business. IFH’s prior deal with MVB Financial fell through in May due to delays and changing market conditions.
By Rajashree Chakravarty • March 29, 2024 -
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TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
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Bank of America rolls out platform linking small businesses, CDFIs
The online platform, a partnership with the Community Reinvestment Fund, USA, provides access to around 150 local community development financial institutions and other business support organizations.
By Rajashree Chakravarty • March 28, 2024 -
Pablo Blazquez Dominguez via Getty Images
Santander hires ex-Marcus chief to lead US digital transformation
Swati Bhatia becomes the second Goldman consumer-banking vet to find a landing spot in just over a week.
By Dan Ennis • March 28, 2024 -
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UBS sells $8B in assets to Apollo, renegotiating Credit Suisse deal
The bank will recognize a gain of about $300 million this quarter by spinning off a securitized products business and ending an investment management arrangement Credit Suisse struck in 2022.
By Dan Ennis • March 27, 2024 -
Lari Bat
Ex-OCC chief, Binance.US CEO to lead mortgage broker Meridian
Brian Brooks, who has held four other jobs since his 2020-21 OCC stint, said he would focus on building up Meridian's compliance arm, a process that could take 12 to 18 months.
By Gabrielle Saulsbery • March 27, 2024 -
Drew Angerer via Getty Images
Citi wraps up reorg’s ‘major actions’
The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."
By Dan Ennis • March 27, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo overcharged military members, lawsuit claims
Military families discovered the overcharges in 2022, when the bank sent misleading correspondence and payments to some customers, the proposed class action alleges.
By Rajashree Chakravarty • March 26, 2024 -
Getty Images/Staff via Getty Images
A New Jersey ‘super-community bank’ is just one approval away
The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.
By Gabrielle Saulsbery • March 26, 2024 -
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M&T Bank hires Big Tobacco vet in chief communications role
Sarah Knakmuhs, previously a vice president of government affairs at Phillip Morris parent Altria, will lead a team of 20 people while bolstering the bank’s internal and external communications.
By Rajashree Chakravarty • March 25, 2024 -
Anna Hrushka/Banking Dive
‘Lax lending practices’ led to Iowa bank’s downfall: FDIC OIG
The report called out inaction on the part of the community bank’s management to address issues flagged by regulators in recent years.
By Caitlin Mullen • March 25, 2024 -
Andrew Burton via Getty Images
ColumnDive Deposits: ESG isn’t just BlackRock’s fight
If it seems like banks are backing off of their sustainability efforts, comments from Barclays, TD and UBS may give added perspective.
By Dan Ennis • March 22, 2024 -
Oli Scarff via Getty Images
Barclays to cut hundreds of investment bank jobs: report
The upcoming reduction is a result of the bank's annual culling of low performers, sources told Bloomberg, and comes a week after the CEO said the unit was "a step behind."
By Rajashree Chakravarty • March 21, 2024 -
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JPMorgan is still stuck on soccer
The bank, which saw blowback when it aimed to finance a breakaway European soccer league, has created a "sports investment banking coverage" team, Reuters reported Tuesday.
By Dan Ennis • March 20, 2024 -
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Wall Street securities bonuses drop 2% in 2023: NY comptroller
The industrywide bonus pool stood at $33.8 billion, almost in line with the 2022 pool but well below 2021's $42.7 billion, according to a report released Tuesday.
By Rajashree Chakravarty • March 19, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC leans on ‘boring’ label in new marketing campaign
While PNC’s CEO said his industry “sometimes chases shiny objects,” a J.D. Power analyst asserted the bank’s ads may challenge customers to see the meaning of “boring” differently.
By Caitlin Mullen • March 19, 2024 -
Pablo Blazquez Dominguez via Getty Images
Column
Dive Deposits: Santander pay frustration should be aimed at the US
A proxy adviser urged shareholders to reject a €12.2 million pay package for Chair Ana Botín. She earns less than half what CEOs at similarly sized U.S. banks make, but the gripe is over fixed salary.
By Dan Ennis • March 18, 2024 -
Chris Hondros via Getty Images
UBS eyes US growth with wealth business
As the Credit Suisse-UBS deal reaches its one-year mark, UBS seeks to expand its wealth business in the U.S. through M&A activities in the next three to four years, Chairman Colm Kelleher said Sunday.
By Rajashree Chakravarty • March 18, 2024 -
Michael M. Santiago via Getty Images
Goldman’s Cohen heads for exit as GreenSky deal closes
GreenSky is now owned by an investor group led by Sixth Street. Stephanie Cohen, Goldman’s global head of platform solutions, is leaving the bank for IT firm Cloudflare.
By Gabrielle Saulsbery • March 18, 2024 -
Permission granted by Huntington Bank
Huntington hires JPMorgan vet as next HR chief
Sarah Pohmer, who’s spent nearly 25 years at JPMorgan, has been named the next human resources chief at the Columbus, Ohio-based bank.
By Caitlin Mullen • March 18, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan Chase fined $348.2M over gaps in trade data reporting
The bank “failed to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC alleged. “These gaps and deficiencies … constitute unsafe or unsound banking practices.”
By Dan Ennis • March 14, 2024 -
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UK’s Metro Bank eyes £30M more in cost savings by year’s end
The bank expects to lay off additional employees — it has cut 1,000 since October — and it will abandon its seven-day-a-week branch model.
By Dan Ennis • March 14, 2024 -
R.M. Nunes via Getty Images
TD cuts CEO Masrani’s pay by $741K over botched deal, AML woes
Four of the five big-bank CEOs in Canada saw their compensation drop in 2023 — a reverse of the pay trend in the U.S., where only Bank of America's Brian Moynihan was paid less than in 2022.
By Dan Ennis • March 13, 2024 -
Permission granted by Starling Bank
Starling taps HSBC alum as next CEO
The digital bank's founder, Anne Boden, said she believes Raman Bhatia can move Starling “into its next phase of growth while cherishing the culture and values” her team had worked hard to create.
By Gabrielle Saulsbery • March 13, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman aims to grow its private credit portfolio to $300B: report
The bank’s footprint there already far exceeds its rivals. Goldman, in a year, also nearly cut in half a $30 billion cache of legacy investments.
By Dan Ennis • March 12, 2024
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