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Citi names next chief compliance officer
Tom Anderson, who now serves as chief compliance officer for the bank's personal banking and wealth management division, returned to Citi last year after stints at American Express and JPMorgan Chase.
By Robin Bradley • Updated May 12, 2022 -
Courtesy of Wells Fargo multimedia resources
Judge may rule soon on Wells Fargo commercial real estate 'time bomb'
The bank has moved to dismiss a class-action lawsuit that alleges it improperly inflated underwriting metrics ahead of the pandemic, leaving the company vulnerable to losses in 2020.
By Maura Webber Sadovi • March 7, 2022 -
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TrendlineM&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 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's brand management chief is leaving May 1
Barri Rafferty's "innovative approach to communications" helped the bank achieve "enhanced favorability, trust and ... media sentiment," Bill Daley, the bank's vice chairman of public affairs, wrote in a memo.
By Robin Bradley • March 3, 2022 -
Permission granted by Citigroup
At investor day, Citi makes a plea for time
The bank warned of $4 billion in potential losses and an uptick in expenses from tech investments and hiring. But it also adjusted expectations for a return on tangible common equity.
By Dan Ennis • March 3, 2022 -
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Longtime United Bank CEO Richard Adams to leave top role
Adams, who has led the bank for nearly 47 years, will become executive chair of its board April 1, when his son succeeds him as CEO.
By Robin Bradley • March 2, 2022 -
Citi has a $9.8B Russia headache
In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.
By Dan Ennis • March 1, 2022 -
Drew Angerer / Staff via Getty Images
TD to acquire First Horizon in $13.4B deal
The transaction, expected to close in the fall, would expand the Canadian bank's Southeast footprint, adding $55 billion in loans and $75 billion in deposits to its balance sheet and making it the U.S.'s sixth-largest retail bank.
By Robin Bradley • Feb. 28, 2022 -
Justin Sullivan via Getty Images
Citi calls vaccinated workers back to office March 21
The bank's human resources chief credited a steady decline in the COVID-19 caseload and decreased risk for vaccinated workers in the decision to place employees on site at least two days a week.
By Dan Ennis • Feb. 24, 2022 -
Permission granted by SoFi
SoFi to buy banking software firm Technisys for $1.1B
The deal would give the newly minted bank control of its platform's back-end technology. The transaction could generate $800 million in additional revenue by 2025, the company said.
By Robin Bradley • Feb. 22, 2022 -
Mario Tama / Staff via Getty Images
BNY Mellon poaches treasury services CEO from JPMorgan
Jennifer Barker, a 19-year JPMorgan veteran, takes on a role held until August by Paul Camp, who left BNY Mellon for Wells Fargo.
By Robin Bradley • Feb. 17, 2022 -
Paul Morigi via Getty Images
ColumnA new, understated Goldman tweaks its strategy
The bank updated its targets for return on tangible common equity, consumer banking revenue and asset management in a less splashier fashion than its 2020 investor day.
By Dan Ennis • Feb. 17, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander to wind down US mortgage lending
Santander wants to focus on more profitable silos in the U.S., such as auto loans. U.S. banking accounted for 22% of the Spanish bank's profits in 2021 — more than triple the 7% it comprised in 2019.
By Dan Ennis • Feb. 4, 2022 -
Permission granted by Revolut
Revolut to offer 30-minute, fee-free remittances from US to Mexico
Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.
By Robin Bradley • Jan. 31, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB blasts 'junk fees' in new salvo against overdraft, other charges
The bureau is seeking comments from the public through March 31 concerning fees on bank accounts, credit cards and other financial products that may be seen as excessive or unexpected.
By Robin Bradley • Jan. 27, 2022 -
Drew Angerer via Getty Images
Bank of America to give restricted-stock bonuses to rank and file
Full-time U.S. employees making less than $500,000 a year will get 65 to 600 restricted stock units, which will vest over four years. The bank also bumped salaries by $100,000 for directors and managing directors in some silos.
By Robin Bradley • Updated Jan. 27, 2022 -
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Big banks gear up to return to office despite omicron variant
Citi, Goldman Sachs and others have set hard dates for when workers are expected to return, while Wells Fargo and Capital One are taking a wait-and-see approach.
By Robin Bradley • Jan. 25, 2022 -
Courtesy of Wells Fargo multimedia resources
US banks close 2,927 branches in 2021, a 38% jump
Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.
By Robin Bradley • Jan. 24, 2022 -
Alex Wroblewski via Getty Images
JPMorgan Chase boosts Dimon's compensation 9.5%, to $34.5M
With the package, Dimon would regain his place as the best-paid CEO among the U.S.'s top six banks. JPMorgan's board cited 2021's record profit and revenue, a 23% return on tangible common equity and numerous acquisitions.
By Dan Ennis • Jan. 21, 2022 -
Permission granted by U.S. Bank
U.S. Bank's Q4 profit jumps 10% on reserve release
This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.
By Robin Bradley • Jan. 19, 2022 -
Permission granted by Truist
Truist sees 24% jump in Q4 profit
CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.
By Dan Ennis • Jan. 18, 2022 -
Jeff Swensen via Getty Images
PNC reports 10% dip in Q4 profit
The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.
By Robin Bradley • Jan. 18, 2022 -
Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit
About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.
By Dan Ennis • Updated Jan. 18, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's Q4 profit skyrockets 86%
The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.
By Robin Bradley • Jan. 14, 2022 -
Alex Wroblewski via Getty Images
Dimon: 'We're not going to pay you not to work in the office'
JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."
By Robin Bradley • Jan. 11, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief risk officer to retire in June
"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.
By Robin Bradley • Updated Jan. 19, 2022
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