Commercial: Page 3


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    Alaska credit union to buy $1.5B-asset Washington bank

    Global Federal Credit Union, with over $11 billion in assets, will buy First Financial Northwest Bank in the second such deal this year. The transaction is expected to close in the fourth quarter. 

    By Jan. 12, 2024
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    Melissa Sue Gerrits via Getty Images
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    First Citizens can move forward with $1.2B poaching suit against HSBC

    The judge in the case called the suit “confusing," and gave First Citizens 28 days to file an amended complaint. The bank alleges an ex-SVB executive masterminded a plan to bring 42 colleagues to HSBC.

    By Jan. 12, 2024
  • Trendline

    Customer service

    Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

    By Banking Dive staff
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    Drew Angerer via Getty Images
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    Citi to cut 20K jobs in ‘medium term’

    The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.

    By Jan. 12, 2024
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    Justin Sullivan via Getty Images
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    Citi flags $3.8B hit on charges, reserves

    In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.

    By Jan. 11, 2024
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    Permission granted by Huntington Bank
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    Huntington technology, operations chief to retire

    Paul Heller joined the bank in 2012 and has spent 38 years in financial services. Three executives will join Huntington's executive leadership committee in conjunction with Heller's departure.

    By Jan. 11, 2024
  • TD Bank at One Vanderbilt
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    TD execs knew in November 2022 about DOJ’s probe into AML: report

    Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.

    By Jan. 11, 2024
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    Andrew Burton / Staff via Getty Images
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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 Jan. 10, 2024
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    Justin Sullivan / Staff via Getty Images
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    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 Jan. 10, 2024
  • Federal Reserve Board Vice Chair for Supervision Michael S. Barr with hand to ear as if trying to listen.
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    Win McNamee via Getty Images
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    Deep Dive

    Barr 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 Jan. 10, 2024
  • Front of building with a sign that says "Barclays."
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    The image by Gareth Milner is licensed under CC BY-SA 2.0
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    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 Jan. 9, 2024
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    Fotolia
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    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 , , , Jan. 9, 2024
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    Davis Turner/Stringer via Getty Images
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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 Jan. 8, 2024
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    4kodiak via Getty Images
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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 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 Jan. 5, 2024
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    Stock via Getty Images
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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 Jan. 5, 2024
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    Maks_Lab via Getty Images
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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 Jan. 4, 2024
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    Lintao Zhang via Getty Images
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    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 Jan. 4, 2024
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    Column

    It 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 Jan. 3, 2024
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    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 Jan. 2, 2024
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    Michael M. Santiago/ via Getty Images
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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 Jan. 2, 2024
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    Drew Angerer / Staff via Getty Images
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    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 Dec. 22, 2023
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    Photo by Matt Cardy/Getty Images via Getty Images
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    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 Dec. 22, 2023
  • President Joe Biden signs a bill into law.
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    Chip Somodevilla via Getty Images
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    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 Dec. 21, 2023
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    Drew Angerer via Getty Images
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    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 Dec. 21, 2023
  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Pablo Blazquez Dominguez via Getty Images
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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 Dec. 21, 2023