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

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

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

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

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

It 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UBS, 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

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

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

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