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

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

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

BNY Mellon to lay off 1,500 employees this year

The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

By Dan Ennis • Jan. 13, 2023

Fifth Third aims to close 23 branches in 2023

The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

By Rajashree Chakravarty • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Solutions unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

Raleigh bank CEO dead in small plane crash

The pending merger between Integrated Financial, the company Eric Bergevin led, and MVB Financial “remains on track,” Integrated said Monday.

By Gabrielle Saulsbery • Jan. 12, 2023

Bank trade groups blast SBA’s fintech proposal

Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

By Anna Hrushka • Jan. 11, 2023

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

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