TD buys carbon removal credits

Over four years, TD said it will purchase 27,500 metric tons of direct-air-capture carbon dioxide removal credits from Occidental Petroleum. Financial details of the transaction were not disclosed.

By Gabrielle Saulsbery • Nov. 1, 2023

Nides to exit Wells Fargo to focus on Middle East

Thomas Nides, a former U.S. ambassador to Israel, said the events in Israel and Gaza have had a “profound effect” on him. William Daley will return to his prior role as vice chairman of public affairs.

By Rajashree Chakravarty • Oct. 30, 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

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

Merchants demand more from banks and their payment devices experience

As banks look to remain competitive in acquiring merchants and win out over fintechs, they must modernize in four different areas and go beyond just a digital facelift.

By Zur Yahalom, Senior Vice President, Head of Financial Services at Amdocs • Oct. 30, 2023

JPMorgan CEO Jamie Dimon to reduce stake in bank

Dimon and his family plan to sell $141 million worth of shares in the New York City-based firm, marking the CEO’s first such stock sale since taking the helm of the bank almost two decades ago.

By Anna Hrushka • Oct. 27, 2023

Old National to buy CapStar in $344M deal

The deal would boost the Evansville, Indiana-based lender’s assets by $3.3 billion and help it expand in Nashville, Tennessee, and three other high-growth metro areas, the companies said.

By Rajashree Chakravarty • Oct. 27, 2023

Capital One leapfrogs Citi in small-biz banking satisfaction

A J.D. Power study found that the small-business owner satisfaction index has jumped due to improved digital experience and in-person support channels.

By Rajashree Chakravarty • Oct. 26, 2023

Morgan Stanley names Ted Pick as next CEO

The move caps a years-long, three-way race to find a successor to James Gorman. But the bank also gave expanded roles — and $20 million one-time bonuses — to each of its contenders.

By Dan Ennis • Updated Oct. 27, 2023

U.S. Bank claims spot in the BNPL space

The launch of the point-of-sale option Avvance comes as nearly one in five consumers surveyed by the New York Fed say they've used buy now, pay later loans within the past year.

By Gabrielle Saulsbery • Oct. 26, 2023

Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023

Cadence Bank to sell its insurance unit to Arthur J. Gallagher for $904M

The sale of Cadence Insurance is expected to help generate capital while boosting the bank's strategic transformation effort and growing its core functions.

By Rajashree Chakravarty • Oct. 25, 2023

17 AGs push back on language in JPMorgan’s Epstein settlement

Language in the settlement limits governments from seeking damages from sex trafficking, New Mexico Attorney General Raul Torrez wrote. Similar language is not included in Deutsche Bank's agreement.

By Dan Ennis • Oct. 24, 2023

Goldman alum Sarsfield to become CEO of asset manager P10

The 23-year Goldman veteran served as global co-head of asset management until December, then left the firm four months later.

By Rajashree Chakravarty • Oct. 23, 2023

Fed approves Banc of California’s PacWest acquisition

The deal, now set to close by the end of the year, would nearly quadruple the Santa Ana-based lender's asset total and create the third-largest California-based commercial bank.

By Dan Ennis • Oct. 23, 2023

With venture arm, Huntington CFO keeps eye on innovation, liquidity

Access to the innovation economy is essential to help bolster growth in the face of economic uncertainty, CFO Zachary Wasserman said.

By Grace Noto • Oct. 23, 2023

Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS

“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.

By Rajashree Chakravarty • Oct. 20, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

Trovata partners with JPMorgan to simplify treasury management

The bank’s corporate customers can instantly analyze balances across all accounts, rather than visiting dozens of banking sites to get an idea of a business’ available cash on hand, Trovata’s CEO said.

By Rajashree Chakravarty • Oct. 18, 2023

Can JPMorgan Chase fill the startup banking void?

The New York City-based firm added close to 200 bankers to its division that serves startups and VC-backed businesses this year as it looks to fill a space vacated by Silicon Valley Bank.

By Anna Hrushka • Oct. 17, 2023

Taiwanese bank ends US bank deal, citing market conditions

Taichung Commercial Bank will pay $500,000 to American Continental Bank for the terminated agreement. The banks announced a roughly $82.1 million acquisition last year.

By Rajashree Chakravarty • Oct. 17, 2023

Citi treasurer, 33-year firm vet, leaving

Mike Verdeschi is leaving the company after 33 years to pursue other opportunities, according to a memo to staff by Chief Financial Officer Mark Mason.

By Gabrielle Saulsbery • Oct. 17, 2023

Citi shed 2,000 positions in Q3, but tech hires offset them

The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.

By Dan Ennis • Oct. 16, 2023

PNC could cut more than 2,400 employees: report

The bank began a 4% headcount trim last week, Bloomberg reported. PNC will take a $150 million charge in the fourth quarter, but it expects personnel expenses to drop $325 million in 2024.

By Dan Ennis • Oct. 13, 2023

Staley banned by UK regulator, fined £1.8M over Epstein ties

The former Barclays CEO should forfeit or be ineligible for bonuses and incentive pay totaling £17.8 million, in light of the FCA’s findings, the bank said.

By Rajashree Chakravarty • Oct. 12, 2023

Bluevine’s Israel employees work from home amid war

More than 20 Bluevine employees have been called to reserve duty following Saturday’s deadly attack by Palestinian Islamist group Hamas.

By Anna Hrushka • Oct. 12, 2023