Commercial: Page 23
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Republic First Bank to exit mortgage origination
The Philadelphia-based bank is also pulling back on commercial lending in New York City and reducing its workforce there.
By Gabrielle Saulsbery • May 8, 2023 -
Catawba Indian Nation passes code to woo banks, fintechs
The Catawba Digital Economic Zone hopes to gain regulatory approval for de novo banks to receive charters under the laws of the reservation’s federally recognized land.
By Anna Hrushka • May 8, 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 -
KeyBank agrees to third-party racial equity audit
The move comes roughly a month after the National Community Reinvestment Coalition asked the Federal Reserve and the OCC to downgrade KeyBank’s CRA rating over redlining allegations.
By Rajashree Chakravarty • May 5, 2023 -
Column
PacWest or Pacific West?: Curbing name confusion, Take 2
An Oregon lender distances itself from the troubled regional with two website notices and a press release.
By Dan Ennis • May 5, 2023 -
Senate panel to hold cannabis banking hearing
Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.
By Anna Hrushka • May 5, 2023 -
Goldman in talks to settle gender discrimination suit: reports
The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.
By Rajashree Chakravarty • May 4, 2023 -
Feds probe Goldman’s dealings with SVB in lead-up to collapse
The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.
By Anna Hrushka • May 4, 2023 -
As PacWest explores its ‘options,’ Western Alliance strongly denies the same for itself
Media reported the banks were both exploring sales. Western Alliance, for its part, said that was “absolutely false.”
By Gabrielle Saulsbery • May 4, 2023 -
TD, First Horizon terminate $13.4B merger
TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.
By Dan Ennis • May 4, 2023 -
Metropolitan Commercial Bank CEO to repay $7.5M loan
The loan, which helped CEO Mark DeFazio buy 220,200 Metropolitan shares, was deemed "likely impermissible," according to an SEC filing. The bank also canceled the stock purchase.
By Gabrielle Saulsbery • May 3, 2023 -
Wells Fargo unionization proposal falters
Wells Fargo Workers United member Trevor Brown called Proposal 11 "a cool first step," and a "flashpoint" to employee awareness on collective bargaining efforts.
By Gabrielle Saulsbery • May 2, 2023 -
Morgan Stanley to cut 3,000 more jobs by June: reports
Many of the layoffs are expected in investment banking and securities, Bloomberg and the Financial Times reported, adding that customer-facing financial advisers in wealth management would largely be immune.
By Dan Ennis • May 2, 2023 -
JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says
JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.
By Grace Noto • May 1, 2023 -
Ex-UBS exec Naratil hired as bank’s CFO: report
CEO Sergio Ermotti is hiring UBS veterans to form a core team to lead the Credit Suisse integration, according to sources.
By Rajashree Chakravarty • May 1, 2023 -
FDIC orders Cross River to correct ‘unsafe’ lending practices
The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.
By Anna Hrushka • May 1, 2023 -
JPMorgan Chase to acquire seized First Republic
The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.
By Dan Ennis • May 1, 2023 -
Fed blames own oversight, bank management in SVB failure
In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.
By Anna Hrushka • April 28, 2023 -
JPMorgan employees blast return-to-office order: report
Staffers, citing long commutes and work-life balance, swamped the bank’s internal messaging forum with requests that the firm reconsider the policy, according to Reuters.
By Rajashree Chakravarty • April 28, 2023 -
Santander poaches Deutsche’s US chief Riley
The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.
By Dan Ennis • April 27, 2023 -
FTX to sell derivatives platform LedgerX for $50M
FTX bought LedgerX in October 2021 to expand its regulated futures and options offerings in the U.S.
By Gabrielle Saulsbery • April 27, 2023 -
UBS attracts $28B in new money in Q1
About one-quarter of those inflows came in the last 10 days of March, after the bank’s tie-up with rival Credit Suisse was announced.
By Rajashree Chakravarty • April 25, 2023 -
First Republic customers withdrew more than $100B in Q1
The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.
By Anna Hrushka • April 25, 2023 -
SVB Financial Group’s CEO, CFO resign
The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.
By Anna Hrushka • April 24, 2023 -
Credit Suisse outflow continues, down $68B in Q1
The bank also officially terminated its acquisition of M. Klein & Co, a key part of a restructuring in October. Separately, a UBS executive who said he would retire to pursue photography, is staying.
By Rajashree Chakravarty • April 24, 2023 -
Credit Suisse investors sue Finma over $17B write-down
The lawsuit is the first to challenge the Swiss regulator’s decision to render roughly $17 billion worth of Credit Suisse AT1 debt valueless during the $3.25 billion government-backed deal.
By Rajashree Chakravarty • April 21, 2023