Commercial: Page 16
-
Regulators ramp up pressure on BaaS banks
Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.
By Anna Hrushka • Oct. 11, 2023 -
BMO Capital Markets CEO is retiring
The unit's global head of investment and corporate banking will ascend to the top spot Nov. 1, at a challenging time. The division began cutting 100 jobs in June amid an industrywide dealmaking slump.
By Dan Ennis • Oct. 11, 2023 -
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 -
Fed’s Waller pushes back on criticism of FedNow’s adoption rate
“We have got more in the pipeline and there are various estimates that could range from 250 to 350 by the end of the year, and they just continue to grow as banks do it,” the central bank governor said.
By Rajashree Chakravarty • Oct. 10, 2023 -
Truist in talks to sell the rest of its insurance arm for $10B: report
The potential buyer, Stone Point Capital, acquired 20% of Truist Insurance Holdings in February. But Truist, since then, has launched a cost-savings effort and is facing higher capital requirements.
By Dan Ennis • Oct. 10, 2023 -
Barr: Capital proposal will have ‘limited’ impact on lending costs
Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.
By Anna Hrushka • Oct. 9, 2023 -
BlackRock creates net-zero investment after axing pair of ESG funds
The asset management firm has shifted resources to climate-specific funds after the SEC updated the “Names Rule” to increase accountability on ESG funds.
By Lamar Johnson • Oct. 9, 2023 -
Metro Bank gets £925M lifeline
The package follows weeks of challenges, which began when regulators turned down the bank’s request that capital requirements for its mortgage business be lowered.
By Gabrielle Saulsbery • Oct. 9, 2023 -
7 personnel moves that spotlight Truist’s reorganization
The bank’s CMO is out, its Foundry unit is shuttered, and a CIO has jumped to Wells Fargo, according to reports.
By Dan Ennis • Oct. 9, 2023 -
Banks face AI ‘arms race’ in battle against cyber threats: Barr
It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.
By Anna Hrushka • Oct. 6, 2023 -
Fed, OCC should probe Wells Fargo’s response to union efforts: Brown
Allegations of retaliation against employees should factor into regulators' assessments of the bank's safety and soundness, the Senate Banking Committee chair said.
By Dan Ennis • Oct. 5, 2023 -
Senate bill would let SMBs use SBA loans to cover fintech fees
The Financial Technology Association is backing a bill that would clarify that loans made through the Small Business Administration’s flagship lending program can be used to pay for fintech services.
By Anna Hrushka • Oct. 4, 2023 -
Ally layoffs could affect more than 500 employees: report
The Detroit-based bank began an effort Monday to shrink headcount by less than 5%, an Ally spokesperson told Bloomberg.
By Dan Ennis • Oct. 4, 2023 -
Wells Fargo to close South Carolina office, but is doubling down on Chicago
As many as 525 employees may be affected by the closure. The bank, meanwhile, aims to invest $175 million in Chicago, growing its presence to 30 branches from seven.
By Rajashree Chakravarty • Oct. 3, 2023 -
PNC buys $16.6B portfolio from Signature
The capital commitments facilities include $9 billion in funded loans, used mostly to help private equity investors manage liquidity and bridge financing, the bank said.
By Gabrielle Saulsbery • Oct. 3, 2023 -
Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors
Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.
By Rajashree Chakravarty • Oct. 2, 2023 -
Top bank CEOs to testify Dec. 6 to Senate panel
Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.
By Anna Hrushka • Oct. 2, 2023 -
8 Truist board members to leave at year-end
Four reached mandatory retirement age, and four others are leaving voluntarily. Truist's inaugural CEO, Kelly King, is among those leaving, though the timing of his departure was set in 2019.
By Dan Ennis • Oct. 2, 2023 -
Credit Suisse, Mozambique settle tuna bonds case
UBS, Credit Suisse's acquirer, gave no financial details of the agreement, ahead of a trial in the case. UBS also said it was "not aware" of a sanctions-related Justice Department probe that was reported last week.
By Dan Ennis • Oct. 2, 2023 -
Banking events for the 2023-24 conference season
It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.
By Dan Ennis • Sept. 29, 2023 -
Landmark cannabis banking bill heads to full Senate
While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.
By Anna Hrushka • Sept. 27, 2023 -
Deposits drop year over year for first time in 29 years: S&P
Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.
By Rajashree Chakravarty • Sept. 27, 2023 -
Deep Dive
Cannabis-friendly banks face pressure to differentiate
Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.
By Anna Hrushka • Sept. 26, 2023 -
Wells Fargo taps ex-diplomat, Morgan Stanley vet as vice chair
Thomas Nides, a former U.S. ambassador to Israel, will replace William Daley, who is retiring.
By Rajashree Chakravarty • Sept. 25, 2023 -
Column
Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?
CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance.
By Dan Ennis • Sept. 25, 2023 -
JPMorgan, BofA, Wells face price-fixing suit over municipal bonds
Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.
By Rajashree Chakravarty • Sept. 22, 2023