Commercial: Page 57
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Morgan Stanley to buy fund manager Eaton Vance for $7B
The bank's second multibillion-dollar acquisition this year — after its purchase of E*Trade — nearly doubles its assets under management, hitting a goal CEO James Gorman set in 2018 in less than half his timeline.
By Dan Ennis • Oct. 8, 2020 -
How Bank of America's decentralized innovation approach conceives the future
The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."
By Anna Hrushka • Oct. 7, 2020 -
Explore the Trendline➔
Natalie Meepian via Getty Images
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 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 5, 2020 -
Bank of America invests in 7 minority-owned institutions
The investments, which are part of a $50 million commitment to MDIs and CDFIs, will go toward lending, housing, neighborhood revitalization and other banking services.
By Anna Hrushka • Oct. 5, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • Updated Oct. 2, 2020 -
Permission granted by Azlo
Azlo launches subscription-based banking service
The account is the main thrust of revenue diversification the challenger bank is introducing this year, CEO Cameron Peake said.
By Anna Hrushka • Sept. 29, 2020 -
Permission granted by Citi
Citi taps Morgan Stanley exec as new controller, accounting chief
The bank's latest executive hire comes as it tries to improve its risk management and controls, and follows reports that regulators have been pushing the bank for years to make such improvements.
By Anna Hrushka • Sept. 28, 2020 -
Permission granted by Citi
How Citi's innovation lab is tackling COVID-19 challenges
The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.
By Anna Hrushka • Sept. 23, 2020 -
Biden tax plan could cost top 10 banks $7B per year, report finds
The plan would raise the corporate tax rate from 21% to 28%, partially rolling back changes enacted under the 2017 Tax Cuts and Jobs Act.
By Anna Hrushka • Sept. 17, 2020 -
Deutsche extends remote option until July 2021 for NY-area employees
The bank laid out a tiered approach in calling its U.S. investment bankers back to the office. Risk takers "involved in committing the firm's capital" will likely return full time "Client-facing" staff can work remotely one day a week.
By Dan Ennis • Updated June 3, 2021 -
Citi's Fraser paves the way, but more needs to be done, experts say
Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.
By Anna Hrushka • Sept. 14, 2020 -
FinCEN business loan fraud reports jump 84% for 4th straight monthly record
Financial institutions filed 1,922 suspicious-activity reports in August, up from 1,044 in July and about 14 times the monthly average since the watchdog's database was established in 2014. July's total itself was more than double June's 489.
By Anna Hrushka • Updated Sept. 25, 2020 -
Permission granted by Citigroup
Citi taps Jane Fraser to be CEO when Corbat retires in February
Fraser will become the first woman to lead a major U.S. bank. Before stepping into Citi's No. 2 role last October, she served as CEO of the bank's Latin American operations.
By Anna Hrushka • Sept. 10, 2020 -
Fewer banks servicing pot businesses, FinCEN report finds
The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.
By Anna Hrushka • Sept. 8, 2020 -
Banks went all in on construction lending in Q2, despite delinquencies
Wells Fargo was by far the leading nonresidential construction lender. But Arkansas's Bank OZK boosted its nonresidential loans by the greatest percentage. Construction accounts for 36.4% of the bank's outstanding loans.
By Joe Bousquin , Jennifer Goodman • Sept. 4, 2020 -
City First-Broadway merger would create largest US Black-led bank
The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.
By Anna Hrushka • Aug. 27, 2020 -
Wells Fargo resumes much-anticipated job cuts
Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."
By Dan Ennis • Aug. 21, 2020 -
Scotiabank fined $127M over price manipulation scheme
For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.
By Anna Hrushka • Aug. 20, 2020 -
Rakuten again withdraws application for deposit insurance
If the e-commerce giant decides to submit a third application, industrial loan company charter opponents, which have railed against the model for more than a decade, will likely continue their fight.
By Anna Hrushka • Aug. 19, 2020 -
Banks eye loan specialists, marketers as pandemic boosts debt, digital demands
"Four months ago, a workout specialist couldn't find a job anywhere," said Paul Schaus, president, CEO and founder of the consulting firm CCG Catalyst.
By Anna Hrushka • Aug. 14, 2020 -
Deep Dive
Banks rethink office space, branch strategy to sync with new customer, employee habits
With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.
By Anna Hrushka • Aug. 13, 2020 -
Permission granted by BankMobile
BankMobile to transition from bank to tech company after Customers spinoff
"It gives us the runway, while we still have the stability of Customers partnership," BankMobile's Luvleen Sidhu said of the planned acquisition by Megalith Financial Acquisition Corp.
By Anna Hrushka • Aug. 12, 2020 -
Permission granted by BankMobile
Customers Bancorp to sell BankMobile for $140M
BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.
By Anna Hrushka • Aug. 7, 2020 -
EBay partners with LendingPoint for merchant loans
The tie-up gives merchants an alternative to PayPal Working Capital, a financing solution eBay sellers have used in the past. PayPal's five-year operating agreement with eBay expired last month.
By Anna Hrushka • Aug. 6, 2020 -
PPP cases against JPMorgan, Bank of America, Wells Fargo to stay separate
A panel of judges denied motions to consolidate cases alleging the banks favored larger loans over first-come, first-served processing. JPMorgan Chase called the claims a "jigsaw puzzle of unmatched pieces."
By Dan Ennis • Aug. 6, 2020
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