Simmons names next chief; CEO Makris to retire

Jay Brogdon will succeed George Makris Jr. after he retires at year end. Marty Casteel, a director of the company, will become chair Jan. 1, 2026.

Dive Deposits: CFPB claps back at GAO

The bureau’s chief legal officer defended Acting Director Russ Vought’s decision to decline funding from the Federal Reserve, saying the move did not constitute an illegal withholding.

Will JPMorgan take a bigger bite of Apple?

If the bank makes a play for the tech company's credit card portfolio, it may also make a broader bid for more business.

Fifth Third, expanding to Alabama, aims to ‘show up differently’

The lender’s head of consumer banking touts an open-air atmosphere and “consultative” priority that is far removed from his early-career days as a teller.

Dive Deposits: The Fed may have out-Fridayed itself

Fed Gov. Adriana Kugler’s resignation may have overshadowed two dissents on the interest rate. But a single opening at the central bank may not carry as much impact as President Trump would hope.

UBS to pay $300M to settle Credit Suisse mortgage securities case

The Zurich-based lender’s agreement with the U.S. Justice Department will resolve the remaining consumer relief obligations from the 2017 settlement, UBS said Monday. 

Ex-Flagstar CEO accused of illegal conduct

A former compliance executive at the bank sued Alessandro DiNello, saying the ex-CEO knew of a client’s money laundering and discussed sensitive information while a “junior employee sat on his lap.” 

Gruenberg named in FDIC workplace misconduct report

Four other ex-FDIC officials were not identified in the Office of the Inspector General’s findings, which followed a November 2023 WSJ exposé of the allegedly toxic culture.

Wells Fargo gives CEO Scharf a $30M award, names him chair

The executive joins the CEOs of Goldman Sachs and Capital One in receiving eight-figure equity awards this year. Citi will be the only U.S. SIFI with separate CEO and chair roles.

Frost CEO: Lending competition heating up

For the Texas bank, loans lost to other lenders because of structure continued to increase in the second quarter. “I think this represents the level of competition developing in the market,” CEO Phil Green said.

Barclays exits climate alliance, following HSBC

“With the departure of most of the global banks, the [Net Zero Banking Alliance] no longer has the membership to support our transition,” Barclays said.

Citi targets commercial clients going through global growing pains

The lender is angling to consolidate banking business for mid-sized corporate clients who’ve racked up a litany of banking partners around the world, according to the global head of Citi’s commercial bank.

Trump-appointed group calls for clear crypto regulation, tax changes

The long-awaited, 166-page report detailed regulatory and legislative suggestions in the interest of “the new American Golden Age.”

TD exec keeps sight of customer trust amid AI rush

Consumers are more comfortable with AI but still want human connection when it comes to certain services, making it crucial for banks to meet customers where they are, said TD Bank’s head of analytics, intelligence and AI.

JPMorgan teams up with Coinbase

The U.S.’s biggest bank will partner with the crypto exchange to link Chase bank accounts and Coinbase crypto wallets.

Former SoFi GC named OCC chief counsel

Adam Cohen will join the OCC from the law firm Skadden. He’s previously held roles at both the CFTC and Federal Reserve.

CFPB to ‘substantially’ revamp open banking rule, it says

A judge stayed a court case challenging the rule after the bureau said it would “reexamine” the matter and find a “well-reasoned approach” that “aligns with the policy preferences of new leadership.”

Capital One delivers few details on $265B community plan

A year after touting a community investment proposal as part of an effort to acquire Discover, the card issuer has yet to lay out program specifics.

SMBC, Fin Capital to invest $300M in US fintechs

Sumitomo Mitsui Banking Corporation launched a similar venture in 2023 focused on Asia-based start-ups, and it's thus far made six investments.

Wise shareholders vote to move primary listing to US

One of the fintech’s co-founders criticized the measure, saying an attached initiative to extend “golden share” voting rights to longtime investors should have been separate.

BofA taps next tech chief

Aditya Bhasin, the lender’s chief technology and information officer since 2021, is leaving the bank and will be replaced by Hari Gopalkrishnan, who’s been at BofA since 2011.

Activist investor pressures Comerica to sell

HoldCo alleged that a larger bank could buy Comerica without major capital issues, putting forth PNC, Fifth Third and Huntington as options that “make sense.”

Post-asset cap, Wells chases government banking growth

In government banking, “we have felt it, reputationally,” a Wells executive said of the bank’s growth restraint and the issues that prompted it. Now, “our limitations are behind us.”

TD names next board chair

John MacIntyre will take up the role Sept. 1, after Alan MacGibbon retires. MacIntyre has been an independent director at the bank since 2023 and is the chair of the board’s human resources committee. 

Flagstar wants to dissolve its holding company

The move, which would cut the Federal Reserve out of the bank’s oversight, is expected to save $15 million annually, the bank said Friday.