JPMorgan axing 1,000 First Republic employees

The nation's largest bank is bringing 85% of First Republic employees over with its purchase of the failed bank, leaving about 1,000 without offers.

By Gabrielle Saulsbery • May 26, 2023

NYC regulator halts city deposits at Capital One, KeyBank

New York City Comptroller Brad Lander also voted against allowing Wells Fargo, PNC and International Finance Bank to hold public funds after they failed to submit anti-discrimination plans.

By Rajashree Chakravarty • May 26, 2023

Explore the 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

First Citizens cuts hundreds of SVB veterans

First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”

By Gabrielle Saulsbery • May 25, 2023

Citi abandons sale of Mexico retail unit

The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.

By Dan Ennis • May 24, 2023

PacWest offloads real estate lending unit Civic Financial

Previously originated loans and loan servicing operations were not included in the deal to Roc360, which bought the business for an undisclosed sum.

By Gabrielle Saulsbery • May 24, 2023

PacWest to sell $2.6B in real estate loans

Real estate investment firm Kennedy-Wilson has agreed to buy a portfolio of 74 loans at a discounted price as PacWest tries to bolster its liquidity amid regional bank turmoil.

By Rajashree Chakravarty • May 23, 2023

First Citizens sues HSBC over departure of 42 SVB bankers

The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

By Dan Ennis • May 23, 2023

JPMorgan added roughly 600,000 checking accounts through April

JPMorgan executives addressed the bank's acquisition of First Republic, and more, at an investor day it hosted Monday.

By Gabrielle Saulsbery • May 22, 2023

Defining a personalization strategy? Banks must consider 4 unique consumer profiles

Research reveals the four types of bank customers based on their desired outcome from personalization.

By Katie Pagenkopf • May 22, 2023

Morgan Stanley CEO Gorman to step down within a year, he says

The bank’s board has “identified three very strong senior internal candidates” to succeed him, Gorman said. Morgan Stanley's market capitalization has tripled under Gorman.

By Dan Ennis • May 19, 2023

Crypto company offers 6 months of free custody for female-founded firms

Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.

By Gabrielle Saulsbery • May 19, 2023

Deutsche Bank to pay $75M to Epstein victims

Epstein victims have sued both Deutsche Bank and JPMorgan, alleging they benefited from their relationships with the financier despite knowing of his crimes.

By Gabrielle Saulsbery • May 18, 2023

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

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