City National hires ex-Fifth Third CEO as executive board chair

Greg Carmichael will report directly to RBC CEO Dave McKay. The Toronto-based lender acquired City National in 2015.

By Rajashree Chakravarty • Sept. 15, 2023

Goldman fires transaction banking chief, execs over communication breach

Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

By Rajashree Chakravarty • Sept. 14, 2023

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Incoming Lazard CEO aims to double revenue by 2030

Peter Orszag wants to boost productivity in the bank’s investment-banking and asset-management businesses after taking the helm Oct. 1.

By Gabrielle Saulsbery • Sept. 14, 2023

TD, First Horizon lay out post-breakup woes at the same conference

TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.

By Dan Ennis • Sept. 14, 2023

Wells Fargo to cut jobs to improve efficiency

The lender has cut its employee base by nearly 40,000 since the third quarter of 2020 and has more cuts on the horizon, CFO Mike Santomassimo said Tuesday.

By Rajashree Chakravarty • Sept. 13, 2023

Citi reboots its management chain

The bank scrapped a structure that split its business between two units, opting instead for five unit chiefs reporting directly to CEO Jane Fraser.

By Dan Ennis • Sept. 13, 2023

Citi sells SMB loan platform to Foro

As part of the deal, Citi becomes a minority shareholder in Charlotte, North Carolina-based Foro, which counts former Bank of America CEO Hugh McColl Jr. as one of its founding investors.

By Anna Hrushka • Sept. 13, 2023

Citizens to launch private bank

The Providence, Rhode Island-based lender has gravitated toward the wealthy in recent years, with wealth management acquisitions in 2018 and 2022. Its own full-service private bank is planned for Q4.

By Gabrielle Saulsbery • Sept. 12, 2023

Dimon blasts regulators’ capital proposals

The JPMorgan Chase chief called a plan that requires banks to set aside more capital for times of crisis “hugely disappointing” and lacking in transparency.

By Rajashree Chakravarty • Sept. 12, 2023

Truist plans ‘sizable reductions’ in jobs, unveils $750M in cost savings

The bank wants to save $200 million by 2025 through reducing tech spend. It also plans to consolidate certain business lines, scale back its brick-and-mortar presence and cut four division heads by next quarter.

By Anna Hrushka • Sept. 12, 2023

Credit Suisse COO is leaving the bank

The embattled lender was quick to hold onto Francesca McDonagh after its merger with UBS. McDonagh is leaving to take a CEO role at an unnamed company in January, sources told the Financial Times.

By Dan Ennis • Sept. 11, 2023

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

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 Swiss 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