Commercial: Page 32
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Permission granted by U.S. Bank
U.S. Bank data breach impacts 11K customers
A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.
By Gabrielle Saulsbery • Oct. 31, 2022 -
Spencer Platt via Getty Images
Wall Street’s pre-pandemic boom has ended, NY comptroller says
An annual New York City securities industry report predicts a 22% drop from 2021’s record-high compensation packages.
By Rajashree Chakravarty • Oct. 28, 2022 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
TrendlineTop 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 -
Spencer Platt / Staff via Getty Images
Flagstar, NYCB extend looming deadline upon OCC approval
The combination will create an $88.4 billion-asset bank with a 395-branch footprint across nine states, so long as a green light from the Fed comes in time.
By Gabrielle Saulsbery • Oct. 28, 2022 -
Dan Kitwood via Getty Images
Credit Suisse to trim 9K jobs, break up investment bank
The Swiss bank is spinning off its capital markets and advisory units under a revived CS First Boston banner. It also announced plans to raise $4 billion — including $1.5 billion from the Saudi National Bank.
By Dan Ennis • Oct. 27, 2022 -
Matt Cardy/Getty via Getty Images
HSBC ousts CFO, appoints new one
New CFO Georges Elhedery, formerly the bank's co-CEO of global banking and markets, returned from a six-month sabbatical in September. Outgoing CFO Ewen Stevenson will step down Dec. 31.
By Rajashree Chakravarty • Oct. 25, 2022 -
Zhanna Hapanovich via Getty Images
Peoples Bank to nearly double Kentucky footprint in $208.2M acquisition
Buying Louisville-based Limestone Bank will give the Ohio lender an added $1.5 billion in assets, $1.1 billion in loans and $1.2 billion in deposits. The transaction is set to close in the second quarter of 2023.
By Dan Ennis • Oct. 25, 2022 -
ipopba via Getty Images
Deep DiveBanking-as-a-service grows as regulators play catch-up
The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.
By Anna Hrushka • Oct. 25, 2022 -
Dan Kitwood via Getty Images
Credit Suisse chief compliance officer set to exit
Rafael Lopez Lorenzo's departure is not related to the bank's upcoming revamp, sources told Bloomberg. He served for more than a year in a role that once also encompassed overseeing risk at the bank.
By Rajashree Chakravarty • Oct. 24, 2022 -
Mark Wilson via Getty Images
Capital One looks to revamp airport lounge experience
The bank partnered with Washington-area chef José Andrés to design a menu that focuses on tapas in spaces located a short distance from departure gates at two major U.S. airports.
By Rajashree Chakravarty • Oct. 21, 2022 -
Anna Hrushka/Banking Dive
Fed disputes allegations of favoritism over BNY Mellon crypto move
The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.
By Anna Hrushka • Oct. 21, 2022 -
Brandon Bell/Getty Images via Getty Images
14 Republican AGs probe 6 big banks’ climate pledges
The banks’ involvement in the Net-Zero Banking Alliance will prevent farmers from getting loans, Missouri Attorney General Eric Schmitt said.
By Gabrielle Saulsbery • Oct. 20, 2022 -
Fotolia
ColumnWhat Q3 earnings taught us about layoffs, M&A and other costs
All but one of the nation's six largest banks reported higher headcounts despite job-cut anticipation. State Street flagged concern over its BBH deal. And Truist decried “other” expenses.
By Dan Ennis • Oct. 20, 2022 -
Michael Nagle via Getty Images
JPMorgan taps ex-Celsius exec for crypto legal post
The bank appears to be expanding its digital assets legal team despite CEO Jamie Dimon’s well-known skepticism. Aaron Iovine began the year at Cross River Bank before an eight-month stint at Celsius.
By Gabrielle Saulsbery • Oct. 19, 2022 -
Dan Kitwood via Getty Images
Whither the investment-banking chief?
Longtime executives at Credit Suisse and JPMorgan Chase are expected to leave their respective companies in the coming months.
By Rajashree Chakravarty • Oct. 18, 2022 -
Paul Morigi via Getty Images
Goldman Sachs overhaul splits Marcus
The platform’s consumer-focused operations will fall under a newly combined asset- and wealth-management unit. Meanwhile, a corporate-client-centric Marcus unit will become a stand-alone entity.
By Anna Hrushka • Oct. 17, 2022 -
Courtesy of U.S. Bank
Regulators approve U.S. Bank-MUFG Union merger
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.
By Dan Ennis • Oct. 14, 2022 -
Alex Wroblewski via Getty Images
Jamie Dimon isn’t the only bank CEO expecting a recession: KPMG
Some 85% of bank chiefs believe the U.S. is headed for recession in the next 12 months, the accounting giant found in its annual CEO outlook. Nearly half see layoffs in the next six months.
By Gabrielle Saulsbery • Oct. 13, 2022 -
Courtesy of U.S. Bank
U.S. Bank, MUFG Union sell 3 California branches to HomeStreet Bank
Seattle-based HomeStreet will gain roughly $490 million in deposits, $22 million in loans and 16,000 new customer relationships in the deal. The bank also pledged to retain all employees in those branches.
By Dan Ennis • Oct. 13, 2022 -
Drew Angerer via Getty Images
TD’s postal partnership in Canada turns an eye toward US efforts
The bank launched a small-dollar lending product Wednesday aimed at rural, remote and Indigenous Canadians. But a U.S. Postal Service pilot last year generated just six customers.
By Rajashree Chakravarty • Oct. 13, 2022 -
Justin Sullivan via Getty Images
Prosperity Bank to acquire two Texas community banks for $570M
The Houston-based lender announced a plan to expand in west Texas less than a month after settling with the Justice Department in a PPP case.
By Gabrielle Saulsbery • Oct. 12, 2022 -
Courtesy of State Street
State Street taps Wells vet to lead compliance as BBH deal hits crunch time
The bank has floated several modifications to its pending $3.5 billion acquisition of a Brown Brothers Harriman unit in an effort to gain regulatory approval by year's end.
By Rajashree Chakravarty • Oct. 12, 2022 -
Chris Hondros via Getty Images
Goldman Sachs to pare back consumer ambitions: report
The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.
By Anna Hrushka • Oct. 10, 2022 -
Courtesy of Bank of the West
Disappearing sand billboard pushes Bank of the West’s climate message
The San Francisco-based lender partnered with a nonprofit on a kelp forest-focused campaign meant to be washed away on the day it was created.
By Rajashree Chakravarty • Oct. 10, 2022 -
Davis Turner/Stringer via Getty Images
Bank of America to pay $1.84B to settle last Countrywide case
The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.
By Gabrielle Saulsbery • Oct. 7, 2022 -
Drew Angerer/Getty Images via Getty Images
What decriminalization could mean for cannabis banking
De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.
By Anna Hrushka • Oct. 7, 2022
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