Citi to shutter distressed-debt business: reports

Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.

By Anna Hrushka • Dec. 21, 2023

Santander buys 20% stake in $9B Signature multifamily portfolio

The FDIC will retain an 80% interest in the portfolio, and the Spanish bank will service all of it. The bank paid $1.1 billion for its share.

By Gabrielle Saulsbery • Dec. 21, 2023

Explore the Trendline➔

M&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

Fifth Third shakes up executive suite

The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.

By Gabrielle Saulsbery • Dec. 20, 2023

Finma calls for more powers after Credit Suisse’s collapse

Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.

By Rajashree Chakravarty • Dec. 19, 2023

Webster Financial to buy medical fund custodian for $350M

It’s the bank’s second consecutive deal involving a deposit-gathering platform. Webster said it would acquire interLINK, a platform managing $9 billion in deposits, last December.

By Rajashree Chakravarty • Dec. 18, 2023

Capital One continues to top JPMorgan, TD in big-bank satisfaction survey

Capital One holds its spot for a fourth straight year, while Wells Fargo and Truist have secured the bottom two positions, two years in a row, respectively.

By Rajashree Chakravarty • Dec. 15, 2023

Citi to exit municipal business

The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.

By Anna Hrushka • Dec. 15, 2023

Blackstone joint venture nabs 20% stake in $16.8B Signature portfolio

Blackstone and other investors paid $1.2 billion for their stake in the portfolio, with the rest of it retained by the FDIC.

By Gabrielle Saulsbery • Dec. 15, 2023

Truist names Ally exec as chief legal officer

Scott Stengel will join the lender on Dec. 26 to oversee the bank’s legal and government relations. He will succeed Ellen Fitzsimmons, who will retire at year's end.

By Rajashree Chakravarty • Dec. 14, 2023

UBS, Citi and the 2023 ‘grinch index’

Citi is reportedly offering employees part of their annual bonuses early if they agree to leave the bank. UBS, meanwhile, aims to claw back old bonuses paid to Credit Suisse bankers.

By Dan Ennis • Dec. 14, 2023

Goldman’s commodities chief to retire in March

Ed Emerson, a 24-year veteran of the bank who reportedly out-earns CEO David Solomon, has seen the commodities unit through a somewhat unpredictable recent span, with regard to revenue.

By Dan Ennis • Dec. 13, 2023

TD exec tapped as Discover’s next CEO

Michael G. Rhodes, previously the group head for Canadian personal banking at TD, will take the helm at Discover in March.

By Caitlin Mullen • Dec. 12, 2023

Goldman poaches Wells Fargo exec to lead transaction-banking unit

Paul Camp succeeds Hari Moorthy, whom Goldman reportedly dismissed in September over a violation of the firm’s communication policy and failure to cooperate with the bank’s compliance department.

By Dan Ennis • Dec. 12, 2023

Cincinnati mutual bank transitions to an MDI

Warsaw Federal Savings & Loan received the designation of a minority depository institution last week after the bank revamped its board to become majority-nonwhite-led a few months back.

By Rajashree Chakravarty • Dec. 11, 2023

Iowa bank failed because of trucking investments

The bank failure should not be seen as an indictment of trucking, Division of Banking Superintendent Jeff Plagge said.

By David Taube • Dec. 11, 2023

Signature bid results add fuel, ‘B’ plot in FDIC’s woes

Real estate investor Brookfield accused the agency of cherry-picking a winning bid that was not the highest price for a portfolio of loans from the failed Signature Bank.

By Dan Ennis • Dec. 11, 2023

Fintech Bridge expands borrower network with Chipotle deal

The Citi spinout aims to help the restaurant chain’s suppliers scale and grow their businesses by linking them to the more than 75 lenders that use Bridge’s platform.

By Anna Hrushka • Dec. 8, 2023

Huntington unveils commercial banking plans in the Carolinas

The lender's expansion in the Carolinas will be primarily commercial with middle market, corporate and specialty banking capabilities.

By Rajashree Chakravarty • Dec. 7, 2023

Citi cuts group CFO roles as part of broad restructuring

Before the shake-up, CFO Mark Mason had regional CFOs under him and CFOs for institutional clients, personal banking and wealth management. “Those businesses are now sitting at my table," he said.

By Suman Bhattacharyya • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Where banking and fintech collide: Commercial cards for organizational simplicity

The combination of fintech experience and flexibility with legacy bank stability and expertise provides a competitive advantage to commercial clients.

Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023