6 suggestions the Fed’s Michael Barr has for banks, supervisors

The central bank's supervision czar laid out his recommendations for capital requirements, a culture shift promoting quicker action by regulators, and a host of other tweaks.

By Dan Ennis • May 16, 2023

Wells Fargo to pay $1B in fake-accounts class-action settlement

Prior leadership at the bank distorted how quickly it was addressing and fixing risk management systems that allowed sales staff to open millions of phony accounts, plaintiffs alleged.

By Gabrielle Saulsbery • May 16, 2023

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Western Alliance’s chief legal officer delays job change

Randall Theisen was set to become the bank’s head of corporate affairs in the first quarter of 2023. He is fulfilling both that and the CLO role, according to Western Alliance’s website and a recent proxy filing.

By Rajashree Chakravarty • May 15, 2023

HSBC, Scotiabank to pay CFTC, SEC more than $100M in fines

The penalties mark the return of WhatsApp-related regulatory action. Additionally, HSBC settled spoofing-related charges. The British bank warned of both investigations as early as February 2022.

By Gabrielle Saulsbery • May 15, 2023

Banking industry turmoil could spur M&A, experts say

Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.

By Anna Hrushka • May 12, 2023

BankUnited lost its bid for SVB, but it still got a talent boost

The Florida-based bank hired three bankers from First Republic in a move to grow its corporate-banking presence.

By Dan Ennis • May 12, 2023

MVB, Integrated Financial scrap merger

"Changes" in the banking industry since the deal was announced in August forced the lenders to ax the merger, they said.

By Gabrielle Saulsbery • May 11, 2023

6 strategies revealed in FDIC’s disclosure of SVB bids

PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.

By Dan Ennis • May 11, 2023

JPMorgan persuades proxy adviser to reverse course on pay plan

The bank asserted Institutional Shareholder Services incorrectly analyzed pay data from private-equity firm Blackstone in a peer comparison. ISS now cautiously recommends the measure.

By Dan Ennis • May 11, 2023

Bonuses at regional banks could plunge 20%, consultant finds

Retail and commercial bankers at the U.S.’s global banks could see bonuses jump by 10% to 20%, creating a “have and have-not” scenario. But not all regionals are suffering. First Citizens saw its profit jump 30-fold.

By Dan Ennis • May 10, 2023

UBS names next CFO, holds onto Credit Suisse CEO Körner

In a leadership shuffle, Todd Tuckner, CFO of UBS’s global wealth management arm, will succeed Sarah Youngwood as group CFO. Youngwood is leaving the bank.

By Gabrielle Saulsbery • May 9, 2023

Goldman Sachs to pay $215M to settle gender discrimination case

The Wall Street giant will engage an independent expert to review performance evaluation and pay practice to check for gender pay gaps.

By Rajashree Chakravarty • May 9, 2023

Concerns over TD’s AML practices sunk First Horizon deal: report

TD’s five-year, $50 billion community benefits agreement has also become a casualty of the failed tie-up.

By Anna Hrushka • May 9, 2023

Bank failures make construction loans even more challenging

The Fed's interest rate hikes began squeezing the lending environment last year. But Ric Campo, CEO at REIT Camden, said he expects to see a 60% reduction in starts because of the banking crisis.

By Leslie Shaver • May 8, 2023

Republic First Bank to exit mortgage origination

The Philadelphia-based bank is also pulling back on commercial lending in New York City and reducing its workforce there.

By Gabrielle Saulsbery • May 8, 2023

Catawba Indian Nation passes code to woo banks, fintechs

The Catawba Digital Economic Zone hopes to gain regulatory approval for de novo banks to receive charters under the laws of the reservation’s federally recognized land.

By Anna Hrushka • May 8, 2023

KeyBank agrees to third-party racial equity audit

The move comes roughly a month after the National Community Reinvestment Coalition asked the Federal Reserve and the OCC to downgrade KeyBank’s CRA rating over redlining allegations.

By Rajashree Chakravarty • May 5, 2023

PacWest or Pacific West?: Curbing name confusion, Take 2

An Oregon lender distances itself from the troubled regional with two website notices and a press release.

By Dan Ennis • May 5, 2023

Senate panel to hold cannabis banking hearing

Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.

By Anna Hrushka • May 5, 2023

Goldman in talks to settle gender discrimination suit: reports

The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.

By Rajashree Chakravarty • May 4, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 2023

As PacWest explores its ‘options,’ Western Alliance strongly denies the same for itself

Media reported the banks were both exploring sales. Western Alliance, for its part, said that was “absolutely false.”

By Gabrielle Saulsbery • May 4, 2023

TD, First Horizon terminate $13.4B merger

TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.

By Dan Ennis • May 4, 2023

Metropolitan Commercial Bank CEO to repay $7.5M loan

The loan, which helped CEO Mark DeFazio buy 220,200 Metropolitan shares, was deemed "likely impermissible," according to an SEC filing. The bank also canceled the stock purchase.

By Gabrielle Saulsbery • May 3, 2023

Wells Fargo unionization proposal falters

Wells Fargo Workers United member Trevor Brown called Proposal 11 "a cool first step," and a "flashpoint" to employee awareness on collective bargaining efforts.

By Gabrielle Saulsbery • May 2, 2023