Commercial: Page 2


  • The Manhattan skyline in New York City.
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    Courtesy of The Howard Hughes Corp.
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    NYCB’s risk chief left bank ahead of Q4 loss report, stock dip

    The bank’s announcement that it would set aside $552 million in loan-loss reserves and cut its dividend came amid pressure from the Office of the Comptroller of the Currency, Bloomberg reported.

    By Feb. 6, 2024
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    Truist sells asset-management arm in $70M deal

    Toronto-based Guardian Capital has agreed to buy Sterling Capital Management, which has roughly $76 billion in assets under management and advisement.

    By Feb. 5, 2024
  • The Manhattan skyline in New York City. Explore the Trendline
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 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
  • Cryptocurrency
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    da-kuk via Getty Images
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    Vast Bank discontinues crypto mobile app

    The Tulsa, Oklahoma-based lender told customers their digital assets would be liquidated and accounts would be closed. Customers will receive stranded assets via cashier’s check, the bank said.

    By Feb. 5, 2024
  • Watercolor drawing of yellow brick road leading to city by AI
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    Daniil/Adobe.stock.com

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    Sponsored by Shield Compliance

    Margin compression and regulatory challenges and competition, oh my!

    Market and regulatory changes are making lending to the cannabis industry a smart growth strategy.

    By Tony Repanich • Feb. 5, 2024
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    Column

    Dive Deposits: Inside the ‘takeover attempt’ at a long-standing Black bank

    An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon.

    By Feb. 2, 2024
  • Person with umbrella passing Deutsche Bank
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    Thomas Lohnes via Getty Images
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    Deutsche Bank to cut 3,500 jobs by 2025

    The bank also announced it would return €1.6 billion to investors in the first half of 2024. That includes a €675 million share buyback.

    By Feb. 1, 2024
  • The Seattle skyline, featuring the Space Needle and skyscrapers.
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    George Dodd via Getty Images
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    WaFd, Luther Burbank deal gets regulatory nods

    The deal is now expected to close by Feb. 29 and the systems and brand integration is to be completed by the first week of March, according to the banks.

    By Feb. 1, 2024
  • Silicon Valley Bank logo
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    Justin Sullivan via Getty Images
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    Could the factors that took down SVB combine for a rerun in 2024?

    NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.

    By Jan. 31, 2024
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    Art Wager via Getty Images
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    California banks merge in $233.6M deal

    The tie-up between Southern California Bancorp and California BanCorp, set to close in the third quarter, will create a $4.6 billion-asset company in some of the state’s strongest areas for mid-market business banking.

    By Ken McCarthy • Jan. 30, 2024
  • 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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    NY AG sues Citi over denied fraud claims

    “If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

    By Jan. 30, 2024
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    Zhanna Hapanovich via Getty Images
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    Michigan credit union to buy NorthSide Community Bank

    Advia Credit Union will expand its footprint in northeastern Illinois with the third proposed acquisition of a bank by a credit union in 2024.

    By Jan. 29, 2024
  • A sign reading Goldman Sachs is seen on a wood-grained wall.
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    Michael M. Santiago via Getty Images
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    Goldman’s global banking and markets co-chief to leave bank

    Jim Esposito — a 28-year veteran who had sought to become the bank's CEO or president, The Wall Street Journal noted — co-led a unit that brought in two-thirds of Goldman's revenue last year.

    By Jan. 29, 2024
  • The HSBC logo is seen outside a bank branch.
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    Matt Cardy via Getty Images
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    HSBC launches first net-zero transition plan

    The bank’s plan to slash emissions and meet climate objectives comes against a backdrop of financial institutions facing pressure to address risk and sever ties with the fossil-fuel industry.

    By Zoya Mirza • Jan. 26, 2024
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    Alex Wroblewski via Getty Images
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    JPMorgan Chase shuffles C-suite execs

    The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.

    By Jan. 26, 2024
  • 4 BMO bankers fired, 2 resign after bullying probe: report

    An investment banker in the Toronto office of BMO’s mining group was subjected to homophobic slurs and targeted in person and virtually on Microsoft Teams, four sources told The Globe and Mail.

    By Jan. 25, 2024
  • Bank sign on glass wall of business center
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    ultramarine5 via Getty Images
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    NBT CEO John Watt to step down in May

    Scott Kingsley, the Norwich, New York-based bank's CFO, will assume the top role upon Watt’s retirement.

    By Jan. 23, 2024
  • Ally Financial, NYSE facade
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    Courtesy of Ally Financial
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    Synchrony to buy Ally’s point-of-sale lending unit

    The deal, expected to close this quarter, includes relationships with nearly 2,500 merchant locations and more than 450,000 active borrowers in home improvement services and healthcare, the companies said.

    By Jan. 23, 2024
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    Mark Lyons via Getty Images
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    Fifth Third aims to open 31 branches this year in a bet on Southeast

    The bank wants to establish about a 50/50 balance between Southeast and Midwest markets, CEO Tim Spence said. Fifth Third plans to boost its Southeast headcount in commercial banking by up to 15%, Bloomberg reported.

    By Jan. 22, 2024
  • Federal Reserve logo
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    Bet_Noire via Getty Images
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    Fed, NYDFS fine Chinese bank ICBC $32.4M

    “Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.

    By Jan. 22, 2024
  • An image shows a person on a computer and mobile device handling financial transactions.
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    Sukanya Sonlila via Getty Images
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    BaaS to require strong commitment, investment in 2024, experts say

    While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.

    By Jan. 22, 2024
  • Shot of Morgan Stanley logo
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    Mario Tama via Getty Images
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    Morgan Stanley pays ex-CEO Gorman $37M for 2023

    The total represents a 17.5% jump over 2022 and ensures he is better-paid in his final year as the bank's chief executive than longtime rival Jamie Dimon of JPMorgan Chase.

    By Jan. 22, 2024
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    Alex Wroblewski via Getty Images
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    JPMorgan’s Dimon, after 4% raise, got $36M in 2023

    A breakdown of the CEO’s salary shows $1.5 million in base salary and $34.5 million in performance-based variable incentive compensation — $5 million of which will be in cash and the rest in stock.

    By Jan. 19, 2024
  • The Department of Justice in Washington, D.C.
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    Drew Angerer via Getty Images
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    Patriot Bank to pay $1.9M to settle DOJ redlining probe

    From 2015 through at least 2020, other banks received nearly 3.5 times as many loan applications as Patriot in majority-Black and Hispanic neighborhoods in Memphis, the agency said.

    By Jan. 18, 2024
  • The exterior of a Citizens Bank is pictured.
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    Kate Tornone/Banking Dive
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    Citizens trimmed 650 jobs in Q4

    Among bright spots in the quarter, the lender launched its private bank, which it expects to break even in the second half of this year.

    By Jan. 18, 2024
  • Headshot of Arc Technologies CEO Don Muir
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    Permission granted by Arc Technologies
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    Neobank Arc looks to fill SVB gap with venture debt platform

    Arc Technologies CEO and co-founder Don Muir likened Arc Capital Markets to Uber Black, describing the platform as a dedicated concierge service that meticulously vets its lenders.

    By Jan. 17, 2024