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Could the factors that took down SVB combine for a rerun in 2024?
NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.
By Dan Ennis • Jan. 31, 2024 -
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California banks merge in $233.6M deal
The tie-up between Southern California Bancorp and California BanCorp, set to close in the third quarter, will create a $4.6 billion-asset company in some of the state’s strongest areas for mid-market business banking.
By Ken McCarthy • Jan. 30, 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 -
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NY AG sues Citi over denied fraud claims
“If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.
By Dan Ennis • Jan. 30, 2024 -
Permission granted by Advia Credit Union
Michigan credit union to buy NorthSide Community Bank
Advia Credit Union will expand its footprint in northeastern Illinois with the third proposed acquisition of a bank by a credit union in 2024.
By Rajashree Chakravarty • Jan. 29, 2024 -
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Goldman’s global banking and markets co-chief to leave bank
Jim Esposito — a 28-year veteran who had sought to become the bank's CEO or president, The Wall Street Journal noted — co-led a unit that brought in two-thirds of Goldman's revenue last year.
By Dan Ennis • Jan. 29, 2024 -
Matt Cardy via Getty Images
HSBC launches first net-zero transition plan
The bank’s plan to slash emissions and meet climate objectives comes against a backdrop of financial institutions facing pressure to address risk and sever ties with the fossil-fuel industry.
By Zoya Mirza • Jan. 26, 2024 -
Alex Wroblewski via Getty Images
JPMorgan Chase shuffles C-suite execs
The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.
By Gabrielle Saulsbery • Jan. 26, 2024 -
4 BMO bankers fired, 2 resign after bullying probe: report
An investment banker in the Toronto office of BMO’s mining group was subjected to homophobic slurs and targeted in person and virtually on Microsoft Teams, four sources told The Globe and Mail.
By Dan Ennis • Jan. 25, 2024 -
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NBT CEO John Watt to step down in May
Scott Kingsley, the Norwich, New York-based bank's CFO, will assume the top role upon Watt’s retirement.
By Rajashree Chakravarty • Jan. 23, 2024 -
Courtesy of Ally Financial
Synchrony to buy Ally’s point-of-sale lending unit
The deal, expected to close this quarter, includes relationships with nearly 2,500 merchant locations and more than 450,000 active borrowers in home improvement services and healthcare, the companies said.
By Rajashree Chakravarty • Jan. 23, 2024 -
Courtesy of Fifth Third
Fifth Third aims to open 31 branches this year in a bet on Southeast
The bank wants to establish about a 50/50 balance between Southeast and Midwest markets, CEO Tim Spence said. Fifth Third plans to boost its Southeast headcount in commercial banking by up to 15%, Bloomberg reported.
By Gabrielle Saulsbery • Jan. 22, 2024 -
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Fed, NYDFS fine Chinese bank ICBC $32.4M
“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.
By Rajashree Chakravarty • Jan. 22, 2024 -
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BaaS to require strong commitment, investment in 2024, experts say
While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.
By Anna Hrushka • Jan. 22, 2024 -
Mario Tama via Getty Images
Morgan Stanley pays ex-CEO Gorman $37M for 2023
The total represents a 17.5% jump over 2022 and ensures he is better-paid in his final year as the bank's chief executive than longtime rival Jamie Dimon of JPMorgan Chase.
By Dan Ennis • Jan. 22, 2024 -
Alex Wroblewski via Getty Images
JPMorgan’s Dimon, after 4% raise, got $36M in 2023
A breakdown of the CEO’s salary shows $1.5 million in base salary and $34.5 million in performance-based variable incentive compensation — $5 million of which will be in cash and the rest in stock.
By Rajashree Chakravarty • Jan. 19, 2024 -
Drew Angerer via Getty Images
Patriot Bank to pay $1.9M to settle DOJ redlining probe
From 2015 through at least 2020, other banks received nearly 3.5 times as many loan applications as Patriot in majority-Black and Hispanic neighborhoods in Memphis, the agency said.
By Rajashree Chakravarty • Jan. 18, 2024 -
Kate Tornone/Banking Dive
Citizens trimmed 650 jobs in Q4
Among bright spots in the quarter, the lender launched its private bank, which it expects to break even in the second half of this year.
By Dan Ennis • Jan. 18, 2024 -
Permission granted by Arc Technologies
Neobank Arc looks to fill SVB gap with venture debt platform
Arc Technologies CEO and co-founder Don Muir likened Arc Capital Markets to Uber Black, describing the platform as a dedicated concierge service that meticulously vets its lenders.
By Anna Hrushka • Jan. 17, 2024 -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
Courtesy of Ally Financial
Ally Financial taps insider as interim CEO
Doug Timmerman, a 38-year veteran of Ally, takes the top role on an interim basis Feb. 1. His ascent comes after a handful of high-profile departures.
By Rajashree Chakravarty • Jan. 16, 2024 -
Mario Tama via Getty Images
Morgan Stanley to pay $249M to resolve block-trading probe
The bank signed a three-year nonprosecution agreement with the Justice Department. Former bank executive Pawan Passi agreed to a one-year ban from the securities industry and will pay a $250,000 fine.
By Dan Ennis • Jan. 12, 2024 -
Alaska credit union to buy Washington bank in $231.2M deal
With $1.5 billion in assets, Renton-based First Financial Northwest stands to be the largest bank purchased by a credit union after Global Federal completes the deal, expected in the fourth quarter.
By Rajashree Chakravarty • Jan. 12, 2024 -
Melissa Sue Gerrits via Getty Images
First Citizens can move forward with $1.2B poaching suit against HSBC
The judge in the case called the suit “confusing," and gave First Citizens 28 days to file an amended complaint. The bank alleges an ex-SVB executive masterminded a plan to bring 42 colleagues to HSBC.
By Gabrielle Saulsbery • Jan. 12, 2024 -
Drew Angerer via Getty Images
Citi to cut 20K jobs in ‘medium term’
The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.
By Anna Hrushka • Jan. 12, 2024 -
Justin Sullivan via Getty Images
Citi flags $3.8B hit on charges, reserves
In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.
By Anna Hrushka • Jan. 11, 2024
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