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

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

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

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

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

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

Greenwood acquires neobank Kinly

The acquisition merges two neobanks that share a similar mission. Both fintechs launched in 2020 with the goal to help underserved communities build generational wealth.

By Anna Hrushka • May 2, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.

By Grace Noto • May 1, 2023

Global Payments to replace CEO

CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.

By Caitlin Mullen • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Santander poaches Deutsche’s US chief Riley

The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.

By Dan Ennis • April 27, 2023

OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023

Banker leaves Citi after report of Epstein meetings

Citi opened an investigation last week after executives learned that Paul Barrett, while at JPMorgan Chase, scheduled at least five meetings with the now-late convicted sex offender between 2014 and 2017.

By Dan Ennis • April 26, 2023

Binance.US abandons $1.3B Voyager acquisition

It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer.

By Gabrielle Saulsbery • April 26, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

Is the TD-First Horizon deal any closer?

The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."

By Dan Ennis • April 21, 2023

Wells Fargo workers’ union effort pushes shareholder proposal

Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.

By Gabrielle Saulsbery • April 19, 2023

Goldman confirms it’s exploring sale of fintech GreenSky

The comments lend more structure to CEO David Solomon’s assertion, at Goldman’s investor day in February, that the bank was “considering strategic alternatives” for its consumer business.

By Anna Hrushka • April 19, 2023

Barclays to cut 100 investment-banking jobs this week

The move marks at least the second headcount reduction at the bank within the past five months. The layoffs won’t be confined to one country or function within the business, sources told Sky News.

By Dan Ennis • April 17, 2023

Truist cuts about 80 jobs

The bank plans to stop sales and trading of mortgage-backed securities and government-agency bonds by January, Bloomberg reported Thursday.

By Rajashree Chakravarty • April 14, 2023

Wells Fargo exec Mary Mack to retire this summer

Mack helped navigate the firm through its 2016 fake-accounts scandal and held leadership roles in consumer banking, brokerage, commercial banking and corporate and investment banking over 40 years at Wells.

By Anna Hrushka • April 14, 2023

U.S. Bank names new CFO in C-suite shuffle

The bank's current CFO, Terry Dolan, will become vice chair and chief administrative officer. Gunjan Kedia, the bank's wealth-management chief, will oversee corporate and commercial banking.

By Rajashree Chakravarty • April 13, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

6 dead, several injured in Louisville bank building shooting

Connor Sturgeon, 25, opened fire inside a conference room during a staff meeting, a witness told CNN. He had been notified that he would be fired, a second source told the network.

By Dan Ennis • April 10, 2023