TD exec tapped as Discover’s next CEO

Michael G. Rhodes, previously the group head for Canadian personal banking at TD, will take the helm at Discover in March.

By Caitlin Mullen • Dec. 12, 2023

Goldman poaches Wells Fargo exec to lead transaction-banking unit

Paul Camp succeeds Hari Moorthy, whom Goldman reportedly dismissed in September over a violation of the firm’s communication policy and failure to cooperate with the bank’s compliance department.

By Dan Ennis • Dec. 12, 2023

Explore the Trendline➔

Top 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

Cincinnati mutual bank transitions to an MDI

Warsaw Federal Savings & Loan received the designation of a minority depository institution last week after the bank revamped its board to become majority-nonwhite-led a few months back.

By Rajashree Chakravarty • Dec. 11, 2023

Iowa bank failed because of trucking investments

The bank failure should not be seen as an indictment of trucking, Division of Banking Superintendent Jeff Plagge said.

By David Taube • Dec. 11, 2023

Signature bid results add fuel, ‘B’ plot in FDIC’s woes

Real estate investor Brookfield accused the agency of cherry-picking a winning bid that was not the highest price for a portfolio of loans from the failed Signature Bank.

By Dan Ennis • Dec. 11, 2023

Fintech Bridge expands borrower network with Chipotle deal

The Citi spinout aims to help the restaurant chain’s suppliers scale and grow their businesses by linking them to the more than 75 lenders that use Bridge’s platform.

By Anna Hrushka • Dec. 8, 2023

Huntington unveils commercial banking plans in the Carolinas

The lender's expansion in the Carolinas will be primarily commercial with middle market, corporate and specialty banking capabilities.

By Rajashree Chakravarty • Dec. 7, 2023

Citi cuts group CFO roles as part of broad restructuring

Before the shake-up, CFO Mark Mason had regional CFOs under him and CFOs for institutional clients, personal banking and wealth management. “Those businesses are now sitting at my table," he said.

By Suman Bhattacharyya • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Where banking and fintech collide: Commercial cards for organizational simplicity

The combination of fintech experience and flexibility with legacy bank stability and expertise provides a competitive advantage to commercial clients.

Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

BNY Mellon to boost minimum hourly wage to $22.50 in March

The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.

By Dan Ennis • Dec. 1, 2023

TD to cut more than 3,000 jobs

The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.

By Gabrielle Saulsbery • Dec. 1, 2023

3 motivations behind a ‘bloodless coup’ scenario at UBS

In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.

By Dan Ennis • Dec. 1, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

Ally’s consumer-banking chief to leave July 1

Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.

By Rajashree Chakravarty • Nov. 30, 2023

3 potential paths for Barclays’ revamp

The bank is reportedly considering dropping 2,500 investment-banking clients. It also notified staff of 900 potential back-office redundancies and is in talks to buy a £3 billion mortgage portfolio.

By Rajashree Chakravarty • Nov. 28, 2023

Did British banks just clinch the award for worst week?

Barclays is reportedly considering cutting 2,000 positions. Lloyds may slash up to 2,500. And some HSBC users couldn't access the bank's online and mobile services over Black Friday.

By Dan Ennis • Nov. 27, 2023

OneMain buys auto lender Foursight from Jefferies for $115M

Jefferies joins Citizens Bank and BMO among lenders backing off the auto business. The transaction is expected to close in the first quarter of 2024.

By Gabrielle Saulsbery • Nov. 22, 2023

KeyBank names commercial-banking chief as next top HR exec

Angela Mago will take the role before Dec. 31, succeeding Brian Fishel, who is retiring, according to American Banker. A statement from KeyBank did not indicate whether the departure was planned.

By Dan Ennis • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Citi names new co-CIO

The bank elevated Jonathan Lofthouse, a 26-year Citi veteran, after Stuart Riley, co-CIO since September, left. Riley's departure was not related to Citi's reorganization, a source told Bloomberg.

By Matt Ashare • Nov. 21, 2023