Commercial: Page 18

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC seeks bids for $33B in Signature CRE loans

    The deadline is set for Nov. 1, according to Bloomberg. About $15 billion of the loans are tied to properties that are rent-stabilized or rent-controlled.

    By • Sept. 6, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Ex-Wells Fargo exec Tolstedt should serve prison time, prosecutors say

    Carrie Tolstedt, the only Wells Fargo executive charged in connection to the 2016 fake-accounts scandal, pleaded guilty to obstructing a bank examination in March.

    By • Sept. 5, 2023
  • People walk around the new headquarters of Creve Coeur, Missouri-based First Bank. Explore the Trendline➔
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    Permission granted by O’Malley Hansen Communications
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    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
  • New Ford trucks parked outside at a dealership in Long Beach, California.
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    Eric Thayer via Getty Images
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    Upgrade sets sights on auto loans as legacy banks pull back

    The neobank is venturing into a sector many traditional firms have been exiting amid mounting concerns about credit quality.

    By • Sept. 1, 2023
  • Climate activists protest outside the headquarters of Standard Chartered.
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    Dan Kitwood via Getty Images
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    StanChart hires BofA, Goldman investment-banking alum as next CFO

    Diego De Giorgi joins the British bank Friday and is expected to succeed longtime CFO Andy Halford in the first quarter of 2024. Halford will stay on as an adviser through August.

    By • Sept. 1, 2023
  • People enter and exit UBS Bank in NYC.
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    Chris Hondros via Getty Images
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    UBS plans 3,000 Swiss job cuts in Credit Suisse integration

    UBS plans to shutter nearly two-thirds of Credit Suisse’s investment bank, including almost all of its trading operations, the bank said Thursday.

    By • Aug. 31, 2023
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    CFO Editorial Staff
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    Column

    Goldman, regional bank warnings show the Fed is now playing offense

    The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

    By • Aug. 31, 2023
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    Courtesy of C6 Bank
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    JPMorgan boosts its stake in Brazilian neobank C6 to 46%

    C6 has seen its client base grow from 8 million to 25 million since June 2021, when JPMorgan bought its initial slice. C6’s credit portfolio has more than quadrupled in that time, the neobank said.

    By • Aug. 30, 2023
  • A cityscape photographed at dusk, featuring the global headquarters of Goldman Sachs Company in center left, set in contrast to older buildings along New York's financial district.
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    JayLazarin via Getty Images
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    Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures

    Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.

    By • Aug. 30, 2023
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images
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    Goldman Sachs sells financial planning arm

    Independent wealth manager Creative Planning purchased Personal Financial Management for an undisclosed sum, the firms announced Monday.

    By • Aug. 29, 2023
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    Getty Images/Staff via Getty Images
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    Burke & Herbert to buy West Virginia bank for $371M

    The deal would create a bank with $8.1 billion in assets — tripling Burke & Herbert’s brick-and-mortar footprint and giving it a presence in Kentucky, West Virginia and Maryland’s Eastern Shore for the first time.

    By • Aug. 28, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo to pay $35M for overcharging on advisory fees

    The bank negotiated reduced advisory fees with thousands of account holders but sometimes forgot to enter the lower rate, the SEC said.

    By • Aug. 25, 2023
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    RBC could cut 1,800 jobs next quarter

    The bank has slowed hiring and, so far, credited attrition for its lower headcount. But expenses — particularly, a 17% year-over-year jump in salaries — are outpacing revenue growth.

    By • Aug. 24, 2023
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    aerogondo via Getty Images
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    JPMorgan, Goldman and others to pay $499M to end stock-lending suit

    Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.

    By • Aug. 24, 2023
  • Seattle USA, Washington State, Seattle skyline and Mount Rainier - stock photo
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    Philip Kramer/DigitalVision via Getty Images
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    Savi Financial gets FDIC approval for Washington state de novo charter

    Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

    By • Aug. 23, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo beats shareholders’ fake-interview lawsuit

    Plaintiffs could not show the bank conducted widespread sham interviews, or that any of three key executives knew about them, a judge ruled.

    By • Aug. 22, 2023
  • image of Goldman Sachs logo on wall with red background.
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    Michael M. Santiago/ via Getty Images
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    Goldman Sachs explores selling part of its wealth business: reports

    The bank bought United Capital Financial Partners for $750 million in 2019 and grew its registered investment advisory unit from there. It is at least the second David Solomon-era deal (along with GreenSky) Goldman has sought to undo.

    By • Aug. 21, 2023
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi may break up commercial unit into 3 pieces

    The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

    By • Aug. 21, 2023
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Fed orders wind-down of FTX-associated Farmington State Bank

    The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

    By • Aug. 18, 2023
  • Edward Jones
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    Permission granted by Edward Jones
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    Citi gives Edward Jones a second chance at banking

    The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.

    By • Aug. 18, 2023
  • San Francisco skyline
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    georgeclerk via Getty Images
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    Bank of the West to cut over 200 jobs next month

    The layoffs come ahead of the conversion associated with Bank of Montreal's acquisition of Bank of the West, slated for Labor Day weekend.

    By • Aug. 17, 2023
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    Dan Kitwood/Getty Images News via Getty Images
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    Silvergate CEO out as bank continues wind-down

    CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.

    By • Aug. 17, 2023
  • Office skyscrapers against bright sun and clear blue sky.
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    ST-art via Getty Images
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    3 ways banks can navigate the commercial real estate slump

    It’s not clear if or when the CRE market will return to pre-pandemic levels, but experts say there are steps that banks with significant exposure to the space can take to help mitigate losses.

    By • Aug. 16, 2023
  • People enter and exit UBS Bank in NYC.
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    Chris Hondros via Getty Images
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    UBS to pay $1.4B to settle mortgage-backed securities fraud case

    The Justice Department has recovered $36 billion in civil penalties from 18 financial institutions in connection with mortgage-backed securities fraud. UBS was the last one to settle.

    By • Aug. 15, 2023
  • Aerial photo of Central Park and the surrounding buildings on a sunny day in New York City. The camera is angled downwards and captures a view of Central Park to the left, with the surrounding skyscra
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    Nisian Hughes
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    Carver Bank names interim CEO as Pugh exits

    Michael Pugh will leave the bank to join the Local Initiatives Support Corporation as its executive head on Oct. 2.

    By • Aug. 14, 2023
  • Large amount of US dollars isolated on a black background.
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    alfexe via Getty Images
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    Custodia launches with US dollar deposits, preps crypto custody

    The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

    By • Aug. 14, 2023