The Latest
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Courtesy of State Street
State Street CFO to leave for S&P Global
S&P will pay Eric Aboaf a $2.4 million signing bonus when he joins the credit ratings firm in February. He’s also in line for a one-time $5.9 million equity award.
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Sponsored by Federal Reserve Financial ServicesIncreasing ROI and managing risk with the FedNow® Service
Benefits of instant payments extend beyond customer convenience.
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Fairway to pay $9.9M in redlining settlement
The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”
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ABN Amro stake sale stirs ghost of UniCredit-Commerzbank
The Netherlands will offload roughly 10.5% of the bank “in the coming days.” European governments have sold more shares in bailed-out banks in 2024 than in any other since 2008. Observers await whether the top bidder will be another bank.
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SoFi, Best Egg get boosts from private credit
Fortress Investment Group extended $2 billion to SoFi and led a $500 million purchase facility to Best Egg to help grow their loan platforms.
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Citi ‘can walk and chew gum at the same time’: Fraser
CEO Jane Fraser cited the bank’s ability to cut expenses while addressing the data, risk and control flaws regulators have flagged.
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Goldman profits soar 45% year over year
CEO David Solomon touted an “improving operating environment” and reported gains in wealth management and investment banking fees. But its Platform Solutions business saw a 42% quarterly drop.
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(2024). [Photo]. Retrieved from Federal Reserve.
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
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Harris tries to court Black men voters with forgivable loans, crypto
Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.
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Associated Bank takes ‘needs-based’ approach to growth
The Wisconsin lender’s sales team has retrained to have “more holistic conversations” with clients and use “advice and guidance” as its bedrock, an executive said.
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Ousted RBC CFO joins Canadian investment firm
Nadine Ahn, whom RBC dismissed in April, is expected to transition into the CFO role next year as Canaccord Genuity’s current CFO, Don MacFayden, focuses on the company’s capital markets business.
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Barclays replaces Goldman Sachs as GM card issuer
The London-based bank will issue two credit cards for the automaker in the U.S., beginning next summer.
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Data overload thwarts digital transformation in banking
Despite eagerness to scale AI capabilities, the financial sector remains mired in technical debt.
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Philly-area credit union to pay $6.5M in DOJ redlining settlement
Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.
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Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
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Michigan bank ex-exec sues for alleged retaliation
Todd Gray says bank higher-ups pushed him away when he showed concern about a new mortgage subsidiary. That subsidiary cost the bank millions of dollars before shutting down last year, he said.
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First Interstate hires 37-year Colorado banking vet as next CEO
Jim Reuter retired this year as FirstBank’s CEO, saying he was “looking forward to pursuing other interests.” As it turns out, that includes leading another bank.
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TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
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Permission granted by Truist
After Helene, banks aim to meet needs ‘exactly where they’re at right now’
With Hurricane Milton tearing through Florida just after Helene devastated parts of the Carolinas and Tennessee, banks with a heavy Southeast presence are working to provide employees and customers with financial relief and basic needs like showers.
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LendingClub, Pagaya acquire tech assets of defunct Tally
Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.
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Getty Images/Staff via Getty Images
Credit union deal record extends
Community First Bank is the 18th proposed whole-bank acquisition by a credit union this year, and the sixth with ties to Washington state.
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Citi urges judge again to dump NY AG’s fraud suit
Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”
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NY comptroller projects Wall Street bonus boost for 2024
Wall Street salaries, on average, slid again last year as profits tumbled from pandemic highs, but the state comptroller’s office predicts bonuses will grow 7.4% this year, as profits in the first half of 2024 soared.
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Permission granted by Grasshopper Bank
Grasshopper Bank to buy Auto Club Trust
Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.
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Crypto.com sues SEC
The exchange is now one of several sparring with the Securities and Exchange Commission.
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The image by Tyler Lahti is licensed under CC BY-SA 4.0
Truist customer data exposed in third-party breach
The February breach involved personal information held by debt collector Financial Business and Consumer Solutions and did not impact Truist’s network, the bank said in a letter.
