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Goldman’s Solomon says he should have started cuts earlier
The admission came at a meeting of the bank's partners last week, where an undercurrent of concern has reportedly led some to consider taking their complaints straight to the board.
By Dan Ennis • Feb. 13, 2023 -
TD, First Horizon delay merger completion timeline to May
The banks “are fully committed to the merger and continue to make significant progress,” they said, citing ongoing work toward a community benefits plan.
By Dan Ennis • Feb. 10, 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 -
Fed unveils 2023 stress test scenarios
The severely adverse scenario boosts the unemployment rate to 10% by the third quarter of 2024, alongside a 38% and 40% plunge in house and commercial real estate prices, respectively.
By Rajashree Chakravarty • Feb. 10, 2023 -
Goldman’s consumer-business chief is leaving
The bank hired Peeyush Nahar from Uber in 2021 to lead Marcus after two of the consumer bank's top executives left Goldman for Walmart's fintech startup.
By Dan Ennis • Feb. 10, 2023 -
JPMorgan trims mortgage unit, bets on small-business boom
The bank plans to hire more than 500 small-business bankers over the next two years, bolstering that unit’s headcount by 20%.
By Anna Hrushka • Feb. 9, 2023 -
Quontic, NYDIG vet aims to bridge ‘translation layer’ between banks, fintechs
Patrick Sells, a former chief innovation officer, wants to speed up the time it takes for banks to find a fintech whose services match their needs.
By Anna Hrushka • Feb. 8, 2023 -
Wells Fargo to pay $300M to settle auto-loan class action
The bank was aware in 2016 that it charged customers for unnecessary insurance but kept investors in the dark, shareholders claimed, in a case that was set for trial Feb. 27.
By Dan Ennis • Feb. 8, 2023 -
Fed’s Barr urges banks to ‘eradicate’ discrimination
Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.
By Rajashree Chakravarty • Feb. 8, 2023 -
Truist cuts dozens in investment banking: report
The layoffs, encompassing 5% of the division, came in late January, Bloomberg reported. Affected employees will get priority consideration for other roles within the company, a bank spokesperson said.
By Dan Ennis • Feb. 8, 2023 -
Silvergate’s FTX ties probed by DOJ fraud unit: report
The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.
By Gabrielle Saulsbery • Feb. 3, 2023 -
Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank
Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.
By Rajashree Chakravarty • Feb. 2, 2023 -
BankProv no longer offering loans backed by crypto mining rigs
The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured by cryptocurrency mining rigs.
By Anna Hrushka • Feb. 2, 2023 -
Lawmakers press Silvergate harder, say due diligence failed ‘miserably’
Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.
By Gabrielle Saulsbery • Feb. 1, 2023 -
BM Technologies to cut 25% of staff
BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.
By Anna Hrushka • Jan. 31, 2023 -
JPMorgan Chase can’t seem to quit soccer
The bank’s reported interest in underwriting the creation of a media unit for Italy’s Serie A — a deal worth up to $1 billion — comes two years after the dissolution of the JPMorgan-backed European Super League.
By Anna Hrushka • Jan. 27, 2023 -
Warren asks Congress to help SEC fight crypto fraud
The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.
By Anna Hrushka • Jan. 26, 2023 -
Former BofA CEO-backed fintech launches to match SMBs with lenders
“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.
By Anna Hrushka • Jan. 25, 2023 -
Popular Bank to pay $2.3M over alleged PPP fraud
The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.
By Anna Hrushka • Jan. 25, 2023 -
FTX-connected Farmington State Bank retreats from crypto, cannabis
The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.
By Dan Ennis • Jan. 23, 2023 -
FDIC, BofA go to court in deposit insurance battle
The regulator, which claims Bank of America owes $1.1 billion in deposit insurance payments, first filed the suit in 2017.
By Gabrielle Saulsbery • Jan. 23, 2023 -
JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M
The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.
By Dan Ennis • Jan. 20, 2023 -
Bank of America institutes partial hiring freeze: report
The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.
By Anna Hrushka • Jan. 19, 2023 -
‘Too-big-to-manage’ banks could be broken up, OCC says
The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.
By Anna Hrushka • Jan. 18, 2023 -
Grasshopper, Ramp partner on small-business corporate card
The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.
By Rajashree Chakravarty • Jan. 18, 2023 -
Three Arrows, CoinFlex founders eye new exchange to help FTX victims
The entrepreneurs aim to raise $25 million for an effort to let depositors transfer claims caught up in bankruptcy for a new token. The exchange’s placeholder name, GTX, saw considerable backlash on Twitter.
By Gabrielle Saulsbery • Jan. 17, 2023