Commercial: Page 12
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The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024 -
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5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
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TrendlineTop 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
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Bank of America to take $1.6B charge in Q4 earnings
The bank has had to reclassify some figures associated with interest rate swaps tied to a Bloomberg index — a Libor alternative — that's closing.
By Dan Ennis • Jan. 8, 2024 -
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Western Alliance hires PNC vet as chief credit officer
The addition of Lynne Biggio Herndon completes a raft of executive moves the Phoenix, Arizona-based bank began in 2022 and enables Herndon's predecessor to take another role after a 16-month delay.
By Dan Ennis • Jan. 8, 2024 -
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Deutsche hires Citi veteran as its next global M&A chief
Alison Harding-Jones joins the bank as Deutsche looks to boost its profile as an M&A adviser amid a 17% drop in dealmaking volume worldwide last year.
By Dan Ennis • Jan. 5, 2024 -
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Chinese shadow bank Zhongzhi files for bankruptcy, liquidation
The lender declared a shortfall of as much as $36.4 billion in November, telling investors it was “severely insolvent.” Its wealth management arm came under police investigation days later.
By Dan Ennis • Jan. 5, 2024 -
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Alabama credit union to buy 5 branches of community bank
After the transaction, 22nd State Bank will relocate its charter to Mobile, and operate as an independent community bank with two locations in the area.
By Rajashree Chakravarty • Jan. 4, 2024 -
Lintao Zhang via Getty Images
Citi could launch China investment bank unit this year: report
The bank aims to hire roughly 30 people for the unit, and has brought aboard at least three key executives, a source told Reuters. The move comes as Citi retreats from several businesses elsewhere.
By Gabrielle Saulsbery • Jan. 4, 2024 -
Pascal Le Segretain via Getty Images
ColumnIt may be loose-end season at BNP Paribas
France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.
By Dan Ennis • Jan. 3, 2024 -
Michael M. Santiago via Getty Images
Big banks cut 62K positions in 2023: report
UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.
By Dan Ennis • Jan. 2, 2024 -
Michael M. Santiago/ via Getty Images
Goldman regains (or retains) its hold over M&A
The bank, which trailed JPMorgan midway through 2023, advised on the year's two biggest deals as volume shot up $160 billion in the fourth quarter. It marked Goldman's seventh straight year atop M&A.
By Dan Ennis • Jan. 2, 2024 -
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TD eyes expansion of middle-markets business
The Canadian lender has identified Chicago and Atlanta as two cities where the firm can capture more middle-market clients, such as universities, nonprofits and healthcare systems without having to build more branches.
By Anna Hrushka • Dec. 22, 2023 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada approves RBC’s $10B deal for HSBC unit
The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.
By Dan Ennis • Dec. 22, 2023 -
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Biden vetoes lawmakers’ efforts to roll back CFPB data collection rule
“If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability,” the president said Tuesday.
By Rajashree Chakravarty • Dec. 21, 2023 -
Drew Angerer via Getty Images
Citi to shutter distressed-debt business: reports
Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.
By Anna Hrushka • Dec. 21, 2023 -
Pablo Blazquez Dominguez via Getty Images
Santander buys 20% stake in $9B Signature multifamily portfolio
The FDIC will retain an 80% interest in the portfolio, and the Spanish bank will service all of it. The bank paid $1.1 billion for its share.
By Gabrielle Saulsbery • Dec. 21, 2023 -
Courtesy of Fifth Third
Fifth Third shakes up executive suite
The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.
By Gabrielle Saulsbery • Dec. 20, 2023 -
Arnd Wiegmann / Stringer via Getty Images
Finma calls for more powers after Credit Suisse’s collapse
Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.
By Rajashree Chakravarty • Dec. 19, 2023 -
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Webster Financial to buy medical fund custodian for $350M
It’s the bank’s second consecutive deal involving a deposit-gathering platform. Webster said it would acquire interLINK, a platform managing $9 billion in deposits, last December.
By Rajashree Chakravarty • Dec. 18, 2023 -
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Capital One continues to top JPMorgan, TD in big-bank satisfaction survey
Capital One holds its spot for a fourth straight year, while Wells Fargo and Truist have secured the bottom two positions, two years in a row, respectively.
By Rajashree Chakravarty • Dec. 15, 2023 -
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Citi to exit municipal business
The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.
By Anna Hrushka • Dec. 15, 2023 -
Spencer Platt via Getty Images
Blackstone joint venture nabs 20% stake in $16.8B Signature portfolio
Blackstone and other investors paid $1.2 billion for their stake in the portfolio, with the rest of it retained by the FDIC.
By Gabrielle Saulsbery • Dec. 15, 2023 -
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Truist names Ally exec as chief legal officer
Scott Stengel will join the lender on Dec. 26 to oversee the bank’s legal and government relations. He will succeed Ellen Fitzsimmons, who will retire at year's end.
By Rajashree Chakravarty • Dec. 14, 2023 -
Daniel Berehulak via Getty Images
ColumnUBS, Citi and the 2023 ‘grinch index’
Citi is reportedly offering employees part of their annual bonuses early if they agree to leave the bank. UBS, meanwhile, aims to claw back old bonuses paid to Credit Suisse bankers.
By Dan Ennis • Dec. 14, 2023 -
Chris Hondros via Getty Images
Goldman’s commodities chief to retire in March
Ed Emerson, a 24-year veteran of the bank who reportedly out-earns CEO David Solomon, has seen the commodities unit through a somewhat unpredictable recent span, with regard to revenue.
By Dan Ennis • Dec. 13, 2023
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