Michigan credit union eyes bank in sector’s 1st tie-up of 2023

Old Mission Bank’s two locations will expand 4Front Credit Union’s Upper Peninsula footprint and boost its asset total by roughly $130.2 million.

By Rajashree Chakravarty • Jan. 11, 2023

PNC bolsters environmental pledge to $30B

The Pittsburgh-based bank has completed $9 billion in environmental financing since committing to a five-year, $20 billion goal in August 2021.

By Gabrielle Saulsbery • Jan. 11, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

FDIC gives $5.2B Columbia-Umpqua deal its final sign-off

The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.

By Dan Ennis • Jan. 11, 2023

SVB, EagleBank name next chief risk officers

Jay Namputhiripad brings 23 years of experience to EagleBank. Kim Olson, a 30-year banking vet, comes to SVB from Sumitomo Mitsui Banking Corp.’s Americas operation.

By Rajashree Chakravarty • Jan. 10, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Metropolitan Commercial Bank backs out of crypto

The bank, which served as a partner to bankrupt exchange Voyager, said it began pivoting away from the sector in 2017 and that digital-asset deposits “have never represented a material portion” of its business.

By Gabrielle Saulsbery • Jan. 9, 2023

Morgan Stanley’s COO is leaving the bank

Jon Pruzan, once seen as one of four likely successors to CEO James Gorman, will exit the bank Jan. 31, according to an SEC filing.

By Dan Ennis • Jan. 9, 2023

Goldman Sachs to cut up to 3,200 jobs starting midweek: report

More than one-third of the cuts will be from within the bank’s core trading and banking units, sources told Bloomberg.

By Anna Hrushka • Jan. 9, 2023

Crypto-heavy Silvergate cuts workforce by 40%

The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.

By Gabrielle Saulsbery • Jan. 5, 2023

WaFd CEO takes leave of absence after surviving plane crash

The bank’s chief consumer banker, Cathy Cooper, will take on CEO duties while Brent Beardall recovers from surgery after sustaining broken bones and lacerations. The plane's pilot died in the crash.

By Anna Hrushka • Jan. 5, 2023

Blue Ridge Bank taps Fed vet to lead fintech division

The move comes roughly four months after the Office of the Comptroller of the Currency ordered the bank to improve its oversight of third-party fintech partnerships.

By Rajashree Chakravarty • Jan. 4, 2023

BM Technologies, First Sound Bank nix $23M merger

The deal, which the two companies initially estimated would close in the second half of 2022, would have created an institution, called BMTX Bank, with more than $2 billion in assets.

By Anna Hrushka • Jan. 4, 2023

Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

Kentucky puts JPMorgan, Citi, BlackRock on divestment list

The state is hardly alone in pushing back on what it perceives as a boycott of fossil fuels. Unlike Texas, which posted a similar list last year, Kentucky’s effort includes big U.S. banks.

By Dan Ennis • Jan. 4, 2023

BankProv CEO resigns months after bank’s crypto-loan loss

BankProv’s leadership transition follows the bank’s November forecast that it expects to lose $27.5 million for the quarter ending Sept. 30, due to its lending exposure to the crypto mining industry.

By Anna Hrushka • Jan. 4, 2023

Connecticut de novo scraps launch amid economic downturn

The New Canaan Bank would have been the state's first startup bank in 12 years.

By Rajashree Chakravarty • Jan. 4, 2023

Goldman’s January job cuts may set industry tone for 2023

Headcount reduction is coming in the first half of the month, CEO David Solomon told staff. The bank's second-in-command, John Waldron, defended the strategy in an interview.

By Dan Ennis • Jan. 3, 2023

JPMorgan’s racial-equity audit falls short for some shareholders

SOC Investment accused the bank and its auditor of approaching the process with a “narrow perspective,” and said the report fails to look at any internal diversity, equity and inclusion issues.

By Gabrielle Saulsbery • Dec. 21, 2022

Cannabis-banking bill’s last chance for 2022 just went up in smoke

The SAFE Banking Act was excluded from a $1.7 trillion omnibus spending bill, and most likely will need to be reintroduced after Congress’ next session begins — with a Republican House majority.

By Dan Ennis • Dec. 20, 2022

BMO program helps women get back to work after career gap

The Chicago-based effort, in collaboration with The Mom Project, aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship.

By Rajashree Chakravarty • Dec. 19, 2022

Citi settles with Revlon creditors over $500M piece of payments blunder

The legal action ends a two-year battle over $900 million the bank wired to creditors years ahead of schedule. But fallout from the error remains, in the form of regulatory legwork.

By Anna Hrushka • Dec. 19, 2022

Goldman layoffs could stretch to 4,000

Managers have been asked to identify low performers for a cull that could cut 8% of the bank’s staff. Marcus employees, the target of many of the 400 cuts estimated earlier, are also at high risk.

By Dan Ennis • Dec. 16, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

Citi employees can work remotely for the balance of 2022

Their only restriction? That they stay in their country of employment. Hello, Hawaii.

By Gabrielle Saulsbery • Dec. 15, 2022

M&T hires ex-Truist CFO Bible

Bible’s leadership through the BB&T-SunTrust merger may come in handy as M&T sorts out its tie-up with People’s United. M&T’s current CFO, Darren King, will take a role overseeing several business silos.

By Dan Ennis • Dec. 15, 2022