PNC could cut more than 2,400 employees: report

The bank began a 4% headcount trim last week, Bloomberg reported. PNC will take a $150 million charge in the fourth quarter, but it expects personnel expenses to drop $325 million in 2024.

By Dan Ennis • Oct. 13, 2023

Staley banned by UK regulator, fined £1.8M over Epstein ties

The former Barclays CEO should forfeit or be ineligible for bonuses and incentive pay totaling £17.8 million, in light of the FCA’s findings, the bank said.

By Rajashree Chakravarty • Oct. 12, 2023

Explore the Trendline➔

Top 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

Bluevine’s Israel employees work from home amid war

More than 20 Bluevine employees have been called to reserve duty following Saturday’s deadly attack by Palestinian Islamist group Hamas.

By Anna Hrushka • Oct. 12, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

BMO Capital Markets CEO is retiring

The unit's global head of investment and corporate banking will ascend to the top spot Nov. 1, at a challenging time. The division began cutting 100 jobs in June amid an industrywide dealmaking slump.

By Dan Ennis • Oct. 11, 2023

Fed’s Waller pushes back on criticism of FedNow’s adoption rate

“We have got more in the pipeline and there are various estimates that could range from 250 to 350 by the end of the year, and they just continue to grow as banks do it,” the central bank governor said.

By Rajashree Chakravarty • Oct. 10, 2023

Truist in talks to sell the rest of its insurance arm for $10B: report

The potential buyer, Stone Point Capital, acquired 20% of Truist Insurance Holdings in February. But Truist, since then, has launched a cost-savings effort and is facing higher capital requirements.

By Dan Ennis • Oct. 10, 2023

Barr: Capital proposal will have ‘limited’ impact on lending costs

Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.

By Anna Hrushka • Oct. 9, 2023

BlackRock creates net-zero investment after axing pair of ESG funds

The asset management firm has shifted resources to climate-specific funds after the SEC updated the “Names Rule” to increase accountability on ESG funds.

By Lamar Johnson • Oct. 9, 2023

Metro Bank gets £925M lifeline

The package follows weeks of challenges, which began when regulators turned down the bank’s request that capital requirements for its mortgage business be lowered.

By Gabrielle Saulsbery • Oct. 9, 2023

7 personnel moves that spotlight Truist’s reorganization

The bank’s CMO is out, its Foundry unit is shuttered, and a CIO has jumped to Wells Fargo, according to reports.

By Dan Ennis • Oct. 9, 2023

Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

Fed, OCC should probe Wells Fargo’s response to union efforts: Brown

Allegations of retaliation against employees should factor into regulators' assessments of the bank's safety and soundness, the Senate Banking Committee chair said.

By Dan Ennis • Oct. 5, 2023

Senate bill would let SMBs use SBA loans to cover fintech fees

The Financial Technology Association is backing a bill that would clarify that loans made through the Small Business Administration’s flagship lending program can be used to pay for fintech services.

By Anna Hrushka • Oct. 4, 2023

Ally layoffs could affect more than 500 employees: report

The Detroit-based bank began an effort Monday to shrink headcount by less than 5%, an Ally spokesperson told Bloomberg.

By Dan Ennis • Oct. 4, 2023

Wells Fargo to close South Carolina office, but is doubling down on Chicago

As many as 525 employees may be affected by the closure. The bank, meanwhile, aims to invest $175 million in Chicago, growing its presence to 30 branches from seven.

By Rajashree Chakravarty • Oct. 3, 2023

PNC buys $16.6B portfolio from Signature

The capital commitments facilities include $9 billion in funded loans, used mostly to help private equity investors manage liquidity and bridge financing, the bank said.

By Gabrielle Saulsbery • Oct. 3, 2023

Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors

Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.

By Rajashree Chakravarty • Oct. 2, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023

8 Truist board members to leave at year-end

Four reached mandatory retirement age, and four others are leaving voluntarily. Truist's inaugural CEO, Kelly King, is among those leaving, though the timing of his departure was set in 2019.

By Dan Ennis • Oct. 2, 2023

Credit Suisse, Mozambique settle tuna bonds case

UBS, Credit Suisse's acquirer, gave no financial details of the agreement, ahead of a trial in the case. UBS also said it was "not aware" of a sanctions-related Justice Department probe that was reported last week.

By Dan Ennis • Oct. 2, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Landmark cannabis banking bill heads to full Senate

While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

By Anna Hrushka • Sept. 27, 2023

Deposits drop year over year for first time in 29 years: S&P

Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.

By Rajashree Chakravarty • Sept. 27, 2023

Cannabis-friendly banks face pressure to differentiate

Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.

By Anna Hrushka • Sept. 26, 2023