Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

First Citizens unveils updated $6.5B community benefits plan

The commitment, recognizing Silicon Valley Bank’s pre-existing relationships, extends the bank's community support to Northern California and Massachusetts, First Citizens said.

By Anna Hrushka • Nov. 15, 2023

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

The ax falls at Citi and Wells

Citi was set to begin informing employees Wednesday about job cuts, CNBC reported. Meanwhile, Wells Fargo is cutting 40 to 50 corporate and investment banking jobs.

By Dan Ennis • Nov. 15, 2023

Truist names COO, hires away Wells Fargo exec

Vice Chair Beau Cummins will become chief operating officer immediately, Truist said. Meanwhile, Kristin Lesher will join the bank as chief wholesale banking officer in February from Wells Fargo.

By Dan Ennis • Nov. 15, 2023

Another Fifth Third alum joins City National as next CFO

Chris Doll, Fifth Third's head of investor relations, joins the Royal Bank of Canada subsidiary Nov. 27, after Greg Carmichael and Howard Hammond.

By Dan Ennis • Nov. 14, 2023

GOP senators blast capital-requirements proposal ahead of hearing

Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

By Dan Ennis • Nov. 14, 2023

Making the case for women-owned banks

Three women-owned banks have emerged in the past several years with the shared goal of increasing access to capital for female entrepreneurs.

By Anna Hrushka • Nov. 13, 2023

City National names Fifth Third exec as its next CEO

Outgoing CEO Kelly Coffey will remain with the Royal Bank of Canada subsidiary as CEO of City National Entertainment, the Los Angeles-based lender said Friday.

By Dan Ennis • Nov. 13, 2023

Chinese banking giant’s US arm hit by ransomware attack

The hack reportedly disrupted the trading of U.S. Treasuries. The Industrial and Commercial Bank of China Financial Services said it is investigating the attack and progressing recovery efforts.

By Anna Hrushka • Nov. 10, 2023

Wells Fargo execs expect asset cap to extend into 2025: report

The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

By Anna Hrushka • Nov. 9, 2023

Bluevine rolls out high-yield interest rate for SMBs

The offering pairs a high return with cash flow flexibility, two features in strong demand among small-business owners, Charles Amadon, the fintech’s senior vice president and general manager of banking said.

By Anna Hrushka • Nov. 8, 2023

Iowa community bank becomes 5th to fail this year

The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

By Gabrielle Saulsbery • Nov. 7, 2023

UBS reports first quarterly loss since 2017

The bank paid out $500 million to retain key Credit Suisse staff, moved $5 billion in managed assets to a wind-down unit and cut headcount by 3,000. But wealth management saw $22 billion in new money.

By Dan Ennis • Nov. 7, 2023

Truist CFO: Structure reorg is key to $750M cost-cutting plan

CFO Mike Maguire says the bank is making good progress, as it grapples with a string of high-profile executive departures.

By Suman Bhattacharyya • Nov. 7, 2023

Citi considers 10% job reduction in major units: report

Chiefs of staff and chief administrative officers across the bank will be cut this month, sources told CNBC. The firm has reportedly hired Boston Consulting Group to help it carry out the plan.

By Anna Hrushka • Nov. 6, 2023

Goldman promotes 608 execs to managing director

Around 47% of the class hails from Goldman’s investment banking and trading arm, a figure that reflects the firm’s efforts to refocus on core competencies, following a retreat from retail banking.

By Anna Hrushka • Nov. 3, 2023

Former First Republic Bank executives under FDIC investigation

The FDIC can ban former directors and officers from the banking industry if they are found to have made decisions with "willful or continuing disregard" for a bank’s best interests. The FDIC can also impose fines on these individuals.

By Gabrielle Saulsbery • Nov. 2, 2023

RBC pumped $2.95B into City National this year to boost capital

The capital infusion was part of RBC purchasing debt securities with unrealized losses from its U.S. subsidiary, according to a quarterly call report filed with a U.S. regulator earlier this week.

By Rajashree Chakravarty • Nov. 2, 2023

Funding Circle gets long-awaited shot at SBA lending

Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years.

By Anna Hrushka • Nov. 1, 2023

SEC investigates Wells Fargo’s cash sweep feature

The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. 

By Anna Hrushka • Nov. 1, 2023

BMO to lay off 228 in California

The Canadian lender continues to shed positions following its acquisition of San Francisco-based Bank of the West in February.

By Anna Hrushka • Nov. 1, 2023

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

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