Commercial: Page 29
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BlackRock cuts 600 jobs, or 3% of staff
“As a growth company, it is vital that we continually challenge ourselves and ask how we can best prepare for … opportunities,” CEO Larry Fink and President Rob Kapito wrote in a staff memo Tuesday.
By Gabrielle Saulsbery • Jan. 10, 2024 -
Justin Sullivan / Staff via Getty Images
SVB Financial to retain VC business under creditors in asset shuffle
SVB Financial agreed with key creditors to form a new company that would hold the firm’s venture capital unit in a step toward its bankruptcy exit plan.
By Rajashree Chakravarty • Jan. 10, 2024 -
Explore the Trendlineâž”
Permission granted by Millbury National Bank
TrendlineTop 5 stories from Banking Dive
Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.
By Banking Dive staff -
Win McNamee via Getty Images
Deep DiveBarr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024 -
5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
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Bank of America to take $1.6B charge in Q4 earnings
The bank has had to reclassify some figures associated with interest rate swaps tied to a Bloomberg index — a Libor alternative — that's closing.
By Dan Ennis • Jan. 8, 2024 -
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Western Alliance hires PNC vet as chief credit officer
The addition of Lynne Biggio Herndon completes a raft of executive moves the Phoenix, Arizona-based bank began in 2022 and enables Herndon's predecessor to take another role after a 16-month delay.
By Dan Ennis • Jan. 8, 2024 -
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Deutsche hires Citi veteran as its next global M&A chief
Alison Harding-Jones joins the bank as Deutsche looks to boost its profile as an M&A adviser amid a 17% drop in dealmaking volume worldwide last year.
By Dan Ennis • Jan. 5, 2024 -
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Chinese shadow bank Zhongzhi files for bankruptcy, liquidation
The lender declared a shortfall of as much as $36.4 billion in November, telling investors it was “severely insolvent.” Its wealth management arm came under police investigation days later.
By Dan Ennis • Jan. 5, 2024 -
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Alabama credit union to buy 5 branches of community bank
After the transaction, 22nd State Bank will relocate its charter to Mobile, and operate as an independent community bank with two locations in the area.
By Rajashree Chakravarty • Jan. 4, 2024 -
Lintao Zhang via Getty Images
Citi could launch China investment bank unit this year: report
The bank aims to hire roughly 30 people for the unit, and has brought aboard at least three key executives, a source told Reuters. The move comes as Citi retreats from several businesses elsewhere.
By Gabrielle Saulsbery • Jan. 4, 2024 -
Pascal Le Segretain via Getty Images
ColumnIt may be loose-end season at BNP Paribas
France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.
By Dan Ennis • Jan. 3, 2024 -
Michael M. Santiago via Getty Images
Big banks cut 62K positions in 2023: report
UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.
By Dan Ennis • Jan. 2, 2024 -
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Goldman regains (or retains) its hold over M&A
The bank, which trailed JPMorgan midway through 2023, advised on the year's two biggest deals as volume shot up $160 billion in the fourth quarter. It marked Goldman's seventh straight year atop M&A.
By Dan Ennis • Jan. 2, 2024 -
Drew Angerer / Staff via Getty Images
TD eyes expansion of middle-markets business
The Canadian lender has identified Chicago and Atlanta as two cities where the firm can capture more middle-market clients, such as universities, nonprofits and healthcare systems without having to build more branches.
By Anna Hrushka • Dec. 22, 2023 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada approves RBC’s $10B deal for HSBC unit
The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.
By Dan Ennis • Dec. 22, 2023 -
Chip Somodevilla via Getty Images
Biden vetoes lawmakers’ efforts to roll back CFPB data collection rule
“If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability,” the president said Tuesday.
By Rajashree Chakravarty • Dec. 21, 2023 -
Drew Angerer via Getty Images
Citi to shutter distressed-debt business: reports
Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.
By Anna Hrushka • Dec. 21, 2023 -
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Santander buys 20% stake in $9B Signature multifamily portfolio
The FDIC will retain an 80% interest in the portfolio, and the Spanish bank will service all of it. The bank paid $1.1 billion for its share.
By Gabrielle Saulsbery • Dec. 21, 2023 -
Courtesy of Fifth Third
Fifth Third shakes up executive suite
The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.
By Gabrielle Saulsbery • Dec. 20, 2023 -
Arnd Wiegmann / Stringer via Getty Images
Finma calls for more powers after Credit Suisse’s collapse
Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.
By Rajashree Chakravarty • Dec. 19, 2023 -
Webster Financial to buy medical fund custodian for $350M
It’s the bank’s second consecutive deal involving a deposit-gathering platform. Webster said it would acquire interLINK, a platform managing $9 billion in deposits, last December.
By Rajashree Chakravarty • Dec. 18, 2023 -
Win McNamee via Getty Images
Capital One continues to top JPMorgan, TD in big-bank satisfaction survey
Capital One holds its spot for a fourth straight year, while Wells Fargo and Truist have secured the bottom two positions, two years in a row, respectively.
By Rajashree Chakravarty • Dec. 15, 2023 -
Scott Olson via Getty Images
Citi to exit municipal business
The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.
By Anna Hrushka • Dec. 15, 2023 -
Spencer Platt via Getty Images
Blackstone joint venture nabs 20% stake in $16.8B Signature portfolio
Blackstone and other investors paid $1.2 billion for their stake in the portfolio, with the rest of it retained by the FDIC.
By Gabrielle Saulsbery • Dec. 15, 2023
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