Commercial: Page 17
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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 -
Bank of America boosts minimum hourly wage to $23
If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.
By Rajashree Chakravarty • Sept. 21, 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 -
Citizens pledges $50B to help commercial clients go greener
The Providence, Rhode Island-based lender also aims to achieve carbon neutrality by 2035 and to engage with its oil and gas clients by next year regarding transition options.
By Dan Ennis • Sept. 20, 2023 -
Rakuten withdraws bid for NCUA charter
The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.
By Anna Hrushka • Sept. 19, 2023 -
Citi launches token service for institutional clients
The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.
By Rajashree Chakravarty • Sept. 19, 2023 -
Santander retools its structure
The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.
By Dan Ennis • Sept. 19, 2023 -
FinCEN fines Puerto Rico bank $15M on alleged BSA violations
Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.
By Rajashree Chakravarty • Sept. 18, 2023 -
Senate panel to hold vote on cannabis banking bill
The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.
By Anna Hrushka • Sept. 18, 2023 -
City National hires ex-Fifth Third CEO as executive board chair
Greg Carmichael will report directly to RBC CEO Dave McKay. The Toronto-based lender acquired City National in 2015.
By Rajashree Chakravarty • Sept. 15, 2023 -
Goldman fires transaction banking chief, execs over communication breach
Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.
By Rajashree Chakravarty • Sept. 14, 2023 -
Incoming Lazard CEO aims to double revenue by 2030
Peter Orszag wants to boost productivity in the bank’s investment-banking and asset-management businesses after taking the helm Oct. 1.
By Gabrielle Saulsbery • Sept. 14, 2023 -
Column
TD, First Horizon lay out post-breakup woes at the same conference
TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.
By Dan Ennis • Sept. 14, 2023 -
Wells Fargo to cut jobs to improve efficiency
The lender has cut its employee base by nearly 40,000 since the third quarter of 2020 and has more cuts on the horizon, CFO Mike Santomassimo said Tuesday.
By Rajashree Chakravarty • Sept. 13, 2023 -
Citi reboots its management chain
The bank scrapped a structure that split its business between two units, opting instead for five unit chiefs reporting directly to CEO Jane Fraser.
By Dan Ennis • Sept. 13, 2023 -
Citi sells SMB loan platform to Foro
As part of the deal, Citi becomes a minority shareholder in Charlotte, North Carolina-based Foro, which counts former Bank of America CEO Hugh McColl Jr. as one of its founding investors.
By Anna Hrushka • Sept. 13, 2023 -
Citizens to launch private bank
The Providence, Rhode Island-based lender has gravitated toward the wealthy in recent years, with wealth management acquisitions in 2018 and 2022. Its own full-service private bank is planned for Q4.
By Gabrielle Saulsbery • Sept. 12, 2023 -
Dimon blasts regulators’ capital proposals
The JPMorgan Chase chief called a plan that requires banks to set aside more capital for times of crisis “hugely disappointing” and lacking in transparency.
By Rajashree Chakravarty • Sept. 12, 2023 -
Truist plans ‘sizable reductions’ in jobs, unveils $750M in cost savings
The bank wants to save $200 million by 2025 through reducing tech spend. It also plans to consolidate certain business lines, scale back its brick-and-mortar presence and cut four division heads by next quarter.
By Anna Hrushka • Sept. 12, 2023 -
Credit Suisse COO is leaving the bank
The embattled lender was quick to hold onto Francesca McDonagh after its merger with UBS. McDonagh is leaving to take a CEO role at an unnamed company in January, sources told the Financial Times.
By Dan Ennis • Sept. 11, 2023 -
Ripple makes its 2nd acquisition of 2023
The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.
By Gabrielle Saulsbery • Sept. 11, 2023 -
Barclays set to cut hundreds in two-pronged effort: reports
The bank will trim roughly 450 roles in its U.K. retail unit, a labor union said. Barclays could also dismiss up to 5% of client-facing staff in its trading division, according to Bloomberg.
By Dan Ennis • Sept. 11, 2023 -
Wells Fargo’s William Daley to retire at year-end
The vice chairman of public affairs joined the bank in 2019 from BNY Mellon, where Wells Fargo CEO Charlie Scharf also worked. Daley led an effort to repair the bank’s reputation after its 2016 fake-accounts scandal.
By Rajashree Chakravarty • Sept. 8, 2023 -
Goldman may cut 450 or more employees in October: report
Managers across the bank have drafted lists of bottom performers in preparation for a cut of between 1% and 5% of workers, sources told the Financial Times, but numbers are not final.
By Dan Ennis • Sept. 8, 2023 -
First Citizens folds SVB Private into wealth-management unit
Michael Wilson, who has led First Citizens Wealth for the past decade, will take over SVB Private, the private-banking and wealth-management unit that once belonged to the failed Silicon Valley Bank.
By Anna Hrushka • Sept. 8, 2023 -
San Francisco to set up US’s first municipal bank
The business and governance proposal got the green light to start lending as a publicly owned financial corporation, which would be converted into the city’s first public bank.
By Rajashree Chakravarty • Sept. 7, 2023