Commercial: Page 15
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Powell predicts CRE woes will hit smaller banks hardest
The Federal Reserve, bankers and commercial real estate executives have warned of turbulence as property owners struggle to refinance debt at higher rates.
By Jim Tyson • March 7, 2024 -
Permission granted by Synctera
Q&AHow banks, fintechs can navigate regulatory challenges in BaaS space
Banks have a responsibility to treat their customers fairly because they deal with people’s money, said the CEO of Synctera, a partner of Lineage Bank, which was recently hit with an FDIC consent order over BaaS.
By Rajashree Chakravarty • March 6, 2024 -
Explore the Trendline➔
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Courtesy of U.S. Bank
U.S. Bank mandates 3 days a week in the office
This marks a shift in policy from optional, a year and a half after CEO Andy Cecere told employees their presence was preferred.
By Gabrielle Saulsbery • March 6, 2024 -
Permission granted by TD Bank
ColumnDive Deposits: TD gives its AML woes long-haul messaging
The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.
By Dan Ennis • March 6, 2024 -
Truist taps Citi muni veterans to strengthen its team
The move comes as Citi prepares to leave the municipal bond market by the end of this month to focus its attention on increasing profit amid its company-wide reorganization.
By Rajashree Chakravarty • March 4, 2024 -
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Santander cuts roughly 320 US jobs: reports
Many of the layoffs are centered on the bank’s retail operations, ahead of the expected launch of a fully digital platform in the U.S. this summer.
By Dan Ennis • March 4, 2024 -
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West Virginia warns Citi, TD, others over fossil-fuel stances
BMO, HSBC, Fifth Third and Northern Trust also received notices that the state would add them to a restricted financial institution list over alleged "boycotts."
By Lamar Johnson • March 1, 2024 -
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Investors back out of $35M deal with Republic First
The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.
By Gabrielle Saulsbery • March 1, 2024 -
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NYCB names DiNello as CEO, takes $2.4B impairment charge
The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.
By Dan Ennis • March 1, 2024 -
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Citi laying off 286 New York-based employees
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.
By Dan Ennis • Feb. 29, 2024 -
Courtesy of State Street
State Street to invest $100M in MDIs, CDFIs
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.
By Gabrielle Saulsbery • Feb. 29, 2024 -
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Wells Fargo CFO calls commercial real estate a ‘long movie’
“We’re not at the beginning, but ... we still have a long way to go to really see the ultimate resolution of a lot of this,” Mike Santomassimo said in reply to a question from a UBS analyst at a conference.
By Maura Webber Sadovi • Feb. 28, 2024 -
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Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
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Wells Fargo names JPMorgan veteran as vice chair
Doug Braunstein, who led JPMorgan’s global M&A business among other roles in a two-decade stint, will focus on expanding Wells' corporate finance and advisory operations, the bank said.
By Rajashree Chakravarty • Feb. 27, 2024 -
milehightraveler/iStock/Getty Images Plus via Getty Images
HTLF CEO to retire at year-end
Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.
By Dan Ennis • Feb. 26, 2024 -
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Citi taps JPMorgan veteran to lead banking unit
Hiring Vis Raghavan, formerly CEO of JPMorgan’s Europe, Middle East and Africa business, gives Citi a permanent figurehead in a unit led temporarily by the retiring Peter Babej.
By Rajashree Chakravarty • Feb. 26, 2024 -
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JPMorgan names Petno, Gori to oversee global banking
Doug Petno had led JPMorgan’s commercial bank since 2012. The move combines commercial, corporate and investment banking under Petno and Filippo Gori, now the bank’s CEO of Europe, the Middle East and Africa.
By Gabrielle Saulsbery • Feb. 26, 2024 -
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Zions Bank CEO to retire April 1
The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.
By Dan Ennis • Feb. 26, 2024 -
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Jamie Dimon sells roughly $150M in JPMorgan shares
The sale comprises 821,778 shares and marks the CEO's first-ever sale of JPMorgan stock since taking the helm of the bank in 2005.
By Gabrielle Saulsbery • Feb. 23, 2024 -
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JPMorgan Chase sued over bounced check fees
The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.
By Rajashree Chakravarty • Feb. 22, 2024 -
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Onetime CFO contender Hammack leaves Goldman
Beth Hammack confirmed on LinkedIn that she's left Goldman Sachs after more than 30 years. She said she plans to “take a break” for several months.
By Gabrielle Saulsbery • Updated Feb. 26, 2024 -
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Barclays rolls out reorganization, eyes £10B in shareholder returns
The U.K. lender launched a long-awaited three-year plan Tuesday to rebalance its investment bank and cut £2 billion in costs.
By Ken McCarthy • Feb. 20, 2024 -
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JPMorgan to pay nearly $350M over trade reporting errors
The lender has agreed to pay the penalty to two U.S. regulators and is in “advanced negotiations” with a third, JPMorgan said in a filing Friday.
By Rajashree Chakravarty • Feb. 20, 2024 -
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Goldman boosts David Solomon’s pay 24% to $31M
The bank rewarded its CEO for leading a retreat from consumer lending, despite a 24% dip in net income on the year. The package likely makes Solomon the U.S.'s third-best-paid bank CEO.
By Dan Ennis • Feb. 20, 2024 -
Win McNamee / Staff via Getty Images
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024
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