Commercial: Page 24
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Is the TD-First Horizon deal any closer?
The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."
By Dan Ennis • April 21, 2023 -
Q&A
How neobank Lili streamlines bookkeeping for SMBs
The fintech recently launched Lili Smart, accounting software that helps small-business owners manage their own bookkeeping by categorizing transactions in real time.
By Anna Hrushka • April 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 -
MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs
In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.
By Dan Ennis • April 20, 2023 -
Wells Fargo workers’ union effort pushes shareholder proposal
Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.
By Gabrielle Saulsbery • April 19, 2023 -
Column
In BofA’s headcount, the math doesn’t match the messaging
The nation's second-largest bank shed 1,000 positions in just over two weeks but maintains that attrition, not layoffs, explains the numbers.
By Dan Ennis • April 19, 2023 -
Column
Earnings offer first glance at crisis deposit flight
JPMorgan and Citi saw inflows in March. But a deeper look shows it’s not black-and-white, and at least one CFO sees the boon as short-term.
By Dan Ennis • April 17, 2023 -
Fed approves UBS acquisition of Credit Suisse’s US subsidiaries
UBS must submit an implementation plan within three months of the merger's closing to address the structure, integration and business delineations of the combined organization, the central bank said.
By Rajashree Chakravarty • April 17, 2023 -
Barclays to cut 100 investment-banking jobs this week
The move marks at least the second headcount reduction at the bank within the past five months. The layoffs won’t be confined to one country or function within the business, sources told Sky News.
By Dan Ennis • April 17, 2023 -
Truist cuts about 80 jobs
The bank plans to stop sales and trading of mortgage-backed securities and government-agency bonds by January, Bloomberg reported Thursday.
By Rajashree Chakravarty • April 14, 2023 -
Wells Fargo exec Mary Mack to retire this summer
Mack helped navigate the firm through its 2016 fake-accounts scandal and held leadership roles in consumer banking, brokerage, commercial banking and corporate and investment banking over 40 years at Wells.
By Anna Hrushka • April 14, 2023 -
More filings allege JPMorgan execs knew of Epstein’s sex crimes
The risk management team flagged Epstein for making multiple cash withdrawals of $40,000 to $80,000 each month, court filings show.
By Gabrielle Saulsbery • April 13, 2023 -
U.S. Bank names new CFO in C-suite shuffle
The bank's current CFO, Terry Dolan, will become vice chair and chief administrative officer. Gunjan Kedia, the bank's wealth-management chief, will oversee corporate and commercial banking.
By Rajashree Chakravarty • April 13, 2023 -
SBA to open flagship lending program to fintechs
A new rule, which takes effect May 11, ends a 40-year moratorium on admitting new nonbank lenders to the agency’s 7(a) loan program.
By Anna Hrushka • April 12, 2023 -
HSBC hires more than 40 SVB bankers to launch US unit
The practice aims to court tech, healthcare and venture capital clients eyeing new banking relationships. First Citizens, which acquired much of SVB, said it still had “the deepest bench of experts serving the innovation economy.”
By Dan Ennis • April 12, 2023 -
Citi’s exec shuffle continues as M&A co-head retires
Mark Shafir plans to stay on until mid-May to help with the transition process, Citi executives said in a memo. Cary Kochman, who has co-led the bank’s global M&A operations since 2017, will continue as chief of that business.
By Dan Ennis • April 12, 2023 -
Goldman Sachs fined $15M by CFTC in swaps case
The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.
By Rajashree Chakravarty • April 11, 2023 -
Warren, AOC question Circle, BlockFi over SVB ties
The lawmakers wrote 14 depositors, asking whether “mutual backscratching arrangements” encouraged firms to keep large uninsured deposits at Silicon Valley Bank.
By Anna Hrushka • April 11, 2023 -
First Republic to suspend dividend on preferred stock
The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.
By Rajashree Chakravarty • April 10, 2023 -
6 dead, several injured in Louisville bank building shooting
Connor Sturgeon, 25, opened fire inside a conference room during a staff meeting, a witness told CNN. He had been notified that he would be fired, a second source told the network.
By Dan Ennis • April 10, 2023 -
Walmart sues Capital One to end credit-card deal
Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.
By Anna Hrushka • April 10, 2023 -
Staley lawyers accuse JPMorgan of ‘slanderous’ attacks
The former exec asked a federal judge to move his trial from October to March 2024, so he could have more time to go over thousands of files in the lawsuit against him.
By Gabrielle Saulsbery • April 7, 2023 -
BlackRock to manage sale of $114B from failed banks
The asset manager will sell off SVB’s and Signature Bank’s portfolios in a “gradual and orderly” fashion, the FDIC announced Wednesday.
By Gabrielle Saulsbery • April 6, 2023 -
Swiss council orders bonus cuts for 1,000 Credit Suisse execs
The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.
By Rajashree Chakravarty • April 6, 2023 -
UBS embarks on ‘Herculean’ Credit Suisse integration
Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.
By Dan Ennis • April 5, 2023 -
Dimon warns against reactionary regulations
The banking industry must avoid "knee-jerk, whack-a-mole or politically motivated responses" to the current financial crisis, JPMorgan's CEO said in a letter to shareholders Tuesday.
By Gabrielle Saulsbery • April 4, 2023