Retail: Page 14
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Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
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Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees
Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.
By Ken McCarthy • Feb. 26, 2024 -
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HTLF CEO to retire at year-end
Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.
By Dan Ennis • Feb. 26, 2024 -
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Zions Bank CEO to retire April 1
The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.
By Dan Ennis • Feb. 26, 2024 -
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Barclays rolls out reorganization, eyes £10B in shareholder returns
The U.K. lender launched a long-awaited three-year plan Tuesday to rebalance its investment bank and cut £2 billion in costs.
By Ken McCarthy • Feb. 20, 2024 -
Truist sells rest of insurance arm valued at $15.5B to private-equity firms
Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.
By Gabrielle Saulsbery • Feb. 20, 2024 -
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Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
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Fed unveils 2024 stress test scenarios
The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said.
By Ken McCarthy • Feb. 16, 2024 -
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Wells Fargo fake-accounts consent order lifted by OCC
The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.
By Rajashree Chakravarty • Feb. 16, 2024 -
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HTLF sheds its Montana footprint
The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.
By Ken McCarthy • Feb. 15, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC’s City National cuts about 100 employees
The job reductions come in addition to a 5% headcount trim the Los Angeles-based bank’s parent company put in place during the quarter that ended Oct. 31.
By Dan Ennis • Feb. 15, 2024 -
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Morgan Stanley to cut several hundred wealth management jobs: reports
Affected employees — mostly non-customer-facing employees and a number of roles made redundant by the E*Trade deal — could be notified this week, sources told The Wall Street Journal.
By Dan Ennis • Feb. 15, 2024 -
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PNC wants to open 100 new branches by 2028
The bank pledged to invest roughly $1 billion to open locations in cities such as Dallas, Denver and Houston, and to renovate existing branches.
By Rajashree Chakravarty • Feb. 14, 2024 -
Permission granted by Citizens Financial Group
Citizens taps JPMorgan vets to lead private bank
The Rhode Island-based lender opened its first private banking office in Boston and said it plans to open offices in Palm Beach, Florida, and Mill Valley, California, this year.
By Rajashree Chakravarty • Feb. 9, 2024 -
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Fed ends enforcement action against Farmington State Bank
The small Washington state-based bank was heavily tied to FTX before the crypto exchange's implosion.
By Gabrielle Saulsbery • Feb. 7, 2024 -
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JPMorgan wants to open 500 branches in next 3 years
The bank is looking to expand in areas such as Boston, Charlotte, Minneapolis, Philadelphia and Washington D.C. — but aims to close another 30 First Republic locations.
By Rajashree Chakravarty • Feb. 6, 2024 -
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Truist sells asset-management arm in $70M deal
Toronto-based Guardian Capital has agreed to buy Sterling Capital Management, which has roughly $76 billion in assets under management and advisement.
By Gabrielle Saulsbery • Feb. 5, 2024 -
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ColumnDive Deposits: Inside the ‘takeover attempt’ at a long-standing Black bank
An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon.
By Dan Ennis • Feb. 2, 2024 -
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Deutsche Bank to cut 3,500 jobs by 2025
The bank also announced it would return €1.6 billion to investors in the first half of 2024. That includes a €675 million share buyback.
By Dan Ennis • Feb. 1, 2024 -
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Could the factors that took down SVB combine for a rerun in 2024?
NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.
By Dan Ennis • Jan. 31, 2024 -
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California banks merge in $233.6M deal
The tie-up between Southern California Bancorp and California BanCorp, set to close in the third quarter, will create a $4.6 billion-asset company in some of the state’s strongest areas for mid-market business banking.
By Ken McCarthy • Jan. 30, 2024 -
Retrieved from OCC.
‘Troubled’ Blue Ridge Bank enters consent order with OCC
The OCC alleged that Blue Ridge’s BSA/AML program experienced “systemic internal controls breakdowns,” among other issues, in its second regulatory action against the bank in 18 months.
By Gabrielle Saulsbery • Jan. 29, 2024 -
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Goldman’s global banking and markets co-chief to leave bank
Jim Esposito — a 28-year veteran who had sought to become the bank's CEO or president, The Wall Street Journal noted — co-led a unit that brought in two-thirds of Goldman's revenue last year.
By Dan Ennis • Jan. 29, 2024 -
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JPMorgan Chase shuffles C-suite execs
The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.
By Gabrielle Saulsbery • Jan. 26, 2024
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