Commercial: Page 31
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Credit Suisse cuts one-third of China-based investment-banking jobs
The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.
By Gabrielle Saulsbery • Nov. 22, 2022 -
Morgan Stanley’s generational drain continues
Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.
By Dan Ennis • Nov. 22, 2022 -
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 -
JPMorgan maintains status as world’s most systemically important bank
Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.
By Rajashree Chakravarty • Nov. 21, 2022 -
BM Technologies’ acquisition of Seattle community bank pushed to 2023
The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.
By Anna Hrushka • Nov. 21, 2022 -
KeyBank taps chief strategy officer as next CFO
Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.
By Rajashree Chakravarty • Nov. 18, 2022 -
Wintrust boosts wealth management with deal for Rothschild unit
The acquisition, expected to close in the first quarter of 2023, will add $8 billion in assets under management to Wintrust’s subsidiary, Great Lakes Advisors.
By Rajashree Chakravarty • Nov. 17, 2022 -
BankProv braces for $27.5M hit on bad crypto mining loans
The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.
By Anna Hrushka • Nov. 17, 2022 -
NY Fed, banks launch new 12-week CBDC project
Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.
By Rajashree Chakravarty • Nov. 16, 2022 -
Deep Dive
How deep of a banking threat is Walmart’s One?
The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.
By Anna Hrushka • Nov. 16, 2022 -
OceanFirst, Partners call off $186M merger
OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.
By Rajashree Chakravarty • Nov. 14, 2022 -
WaFd to buy Luther Burbank in $654M deal to enter California
The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.
By Dan Ennis • Nov. 14, 2022 -
Puerto Rico’s FV Bank launches digital asset custody
The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.
By Rajashree Chakravarty • Nov. 10, 2022 -
Goldman touts diversity of biggest Solomon-era partner class
Women account for 29% of the class — a recent high — and traders and investment bankers comprise 60%, a recent low.
By Dan Ennis • Nov. 10, 2022 -
BMO Harris ordered to pay $564M in Ponzi scheme case
The bank said it will take a $833.6 million charge in connection with the ruling, which it may appeal. The verdict spotlights the responsibility banks may have for the actions of institutions they acquire.
By Dan Ennis • Nov. 9, 2022 -
Citi, Barclays launch investment-banking cuts
The headcount reductions — numbering in the dozens for Citi and 200 for Barclays — come as the banks report double-digit percentage-point year-over-year declines in fees in the sector.
By Rajashree Chakravarty • Nov. 9, 2022 -
Scharf is still on Warren’s bad side, but he’s not the only one
Federal Reserve Chair Jerome Powell also finds himself in the senator's cross-hairs after two ethics incidents at the central bank.
By Gabrielle Saulsbery • Nov. 8, 2022 -
Goldman launches digital asset classification system
Datonomy is intended to help institutional investors make sense of the new asset class.
By Gabrielle Saulsbery • Nov. 4, 2022 -
TIAA to sell banking unit
The retirement giant is selling its $38.6 billion-asset bank to a group of investment funds as it turns its focus to its core retirement and asset management businesses.
By Anna Hrushka • Nov. 4, 2022 -
Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says
It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.
By Rajashree Chakravarty • Nov. 3, 2022 -
Indiana-based First Financial to cut 10% of its branch footprint
The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.
By Rajashree Chakravarty • Nov. 3, 2022 -
JPMorgan launches life sciences private equity team
The new practice will leverage the bank’s resources and expertise to support early and growth-stage healthcare companies working on novel therapeutics and technologies, the bank said.
By Rajashree Chakravarty • Nov. 2, 2022 -
Safe Harbor to buy cannabis banking, payments fintech
The deal will add 300 accounts to Safe Harbor’s portfolio and expand the firm’s operations to more than 30 states.
By Anna Hrushka • Nov. 2, 2022 -
Wells Fargo hires second-ever DEI executive from within
The current head of home lending was previously president of a community bank’s mortgage division, and held vice president and senior vice president roles at Fannie Mae for 15 years.
By Gabrielle Saulsbery • Nov. 2, 2022 -
Small business owners want more advice from banks, study finds
A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.
By Rajashree Chakravarty • Nov. 1, 2022 -
Customers Bank to pay KServicing $58M over PPP dispute
Under the settlement, the bank will pay the bankrupt small-business loan servicer $23 million and forfeit nearly $35 million in servicing and referral fees KServicing withheld as part of a PPP loan contractual dispute.
By Anna Hrushka • Nov. 1, 2022