Commercial: Page 33

  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
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    Atstock Productions via Getty Images
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    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 • Nov. 17, 2022
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    luza studios via Getty Images
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    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 • Nov. 17, 2022
  • An AI processor on a futuristic printed circuit board Explore the Trendline➔
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    da-kuk via Getty Images
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    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
  • goldman sachs headquarters
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    Mario Tama via Getty Images
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    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 • Nov. 16, 2022
  • The curved banner of a Walmart store, the brand name in white letters and the characteristic yellow sunburst logo to the right, against a blue sky.
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    Daphne Howland/Banking Dive
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    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 • Nov. 16, 2022
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    Zhanna Hapanovich via Getty Images
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    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 • Nov. 14, 2022
  • An aerial view on a sunny morning of several of San Francisco's most well known architectural landmarks. A backdrop of the skyscrapers and Bay Bridge behind them.
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    DianeBentleyRaymond via Getty Images
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    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 • Nov. 14, 2022
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    Flickr
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    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 • Nov. 10, 2022
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images
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    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 • Nov. 10, 2022
  • BMO's logo in the dark next to public transit and vehicle lights.
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    The image by Abdulkadir A is licensed under CC BY 2.0
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    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 • Nov. 9, 2022
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    Oli Scarff via Getty Images
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    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 • Nov. 9, 2022
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    Spencer Platt via Getty Images
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    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 • Nov. 8, 2022
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    Mario Tama via Getty Images
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    Goldman launches digital asset classification system

    Datonomy is intended to help institutional investors make sense of the new asset class.

    By • Nov. 4, 2022
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    Permission granted by TIAA; photo by NAZpicture
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    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 • Nov. 4, 2022
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    WhataWin via Getty Images
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    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 • Nov. 3, 2022
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    ipopba via Getty Images
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    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 • Nov. 3, 2022
  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    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 • Nov. 2, 2022
  • The photo shows cannabis plants growing in a greenhouse.
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    Drew Angerer via Getty Images
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    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 • Nov. 2, 2022
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    Permission granted by WELLS FARGO
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    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 • Nov. 2, 2022
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    gorodenkoff via Getty Images
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    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 • Nov. 1, 2022
  • An image of a Paycheck Protection Program application and reminder note.
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    "Paycheck Protection Program and Reminder Note" by Marco Verch is licensed under CC BY 2.0
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    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 • Nov. 1, 2022
  • U.S. Bank
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    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 • Oct. 31, 2022
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    Spencer Platt via Getty Images
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    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 • Oct. 28, 2022
  • A New York Community Bank branch location is shown
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    Spencer Platt / Staff via Getty Images
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    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 • Oct. 28, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images
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    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 • Oct. 27, 2022
  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images
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    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 • Oct. 25, 2022