Commercial: Page 35
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UBS's top Americas executive stepping down Oct. 3
The Swiss lender hired Naureen Hassan, the New York Fed’s first vice president and chief operating officer, to replace Tom Naratil. Meanwhile, the bank named Iqbal Khan sole president of global wealth management.
By Dan Ennis • July 13, 2022 -
Morgan Stanley continues leadership shuffle
The bank tapped Eli Gross and Simon Smith as global co-heads of investment banking. They’ll replace Susie Huang and Mark Eichorn, who will become executive chairs and lead a dealmaking-focused cadre of senior bankers.
By Dan Ennis • July 12, 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 -
Wells Fargo launches new round of home-lending layoffs
The bank notified 107 employees in Iowa, where its home mortgage division is based, that they would lose their jobs by late August, according to WARN notices filed last week.
By Dan Ennis • July 7, 2022 -
One of Citi's Russia suitors is also in talks for HSBC's presence there
Expobank, once Barclays’ Russia subsidiary, is in advanced discussions to buy HSBC’s Russia unit, which counts $1.4 billion in assets, according to Bloomberg and the Financial Times.
By Dan Ennis • July 6, 2022 -
TD in talks to buy US brokerage Cowen
“With respect to major mergers and acquisitions in the United States, we’re very open,” TD CEO Bharat Masrani told Bloomberg last year. The bank in February announced it would buy First Horizon Bank for $13.4 billion.
By Robin Bradley • July 6, 2022 -
Truist bumps minimum hourly wage to $22
The pay boost, effective Oct. 1, matches the bottom pay rate at Bank of America, another Charlotte, North Carolina-based lender.
By Anna Hrushka • July 6, 2022 -
BMO Harris to cut overdraft fees to $15 from $36
The bank in November reduced the number of overdraft and NSF charges a customer can run up per day. It also increased — to $50 in the red — the threshold at which customers incur an overdraft fee.
By Robin Bradley • July 5, 2022 -
3 potential buyers emerge for Citi's Russia operations
An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.
By Dan Ennis • July 1, 2022 -
Waters urges regulators to 'escalate penalties' against Wells Fargo
The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.
By Robin Bradley • June 30, 2022 -
Ex-First Republic co-CEO Erkan to take the reins atop Greystone
Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.
By Robin Bradley • June 28, 2022 -
JPMorgan, Goldman, BofA pledge to cover employee travel for abortion
The overturning of Roe v. Wade has prompted a new wave of policy shifts. The banks are following Citi, which said in March it would pay for workers to get the procedure out of state.
By Robin Bradley • June 27, 2022 -
Big banks pass muster in Fed's annual stress test
The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test.
By Robin Bradley • June 24, 2022 -
Cannabis banking nixed from competition bill
Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.
By Anna Hrushka • June 24, 2022 -
JPMorgan lays off hundreds in mortgage division amid rising rates
The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.
By Anna Hrushka • June 23, 2022 -
Breach at Flagstar Bank impacts more than 1.5M customers
The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.
By Anna Hrushka • June 22, 2022 -
Chicago de novo taps Google to build bank on the cloud
The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.
By Anna Hrushka • June 22, 2022 -
Truist opens Innovation Technology Center in Charlotte headquarters
The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.
By Anna Hrushka • June 21, 2022 -
Ex-Amazon employee convicted over 2019 Capital One breach
Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.
By Robin Bradley • June 19, 2022 -
M&T president, COO to step down next year
Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.
By Robin Bradley • June 17, 2022 -
West Virginia may boycott 6 finance firms over fossil-fuel lending stance
The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.
By Robin Bradley • June 15, 2022 -
Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter
The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.
By Anna Hrushka • June 15, 2022 -
Truist, PNC map out push into new markets
Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.
By Robin Bradley • June 14, 2022 -
Column
Citi's 7,000 new-hire push should come as no surprise
The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.
By Dan Ennis • June 8, 2022 -
Wells Fargo poaches JPMorgan Chase's retail communications chief
Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.
By Robin Bradley • June 8, 2022 -
NYCB, Flagstar to drop NSF and certain overdraft fees
The banks will eliminate overdraft transfer fees between linked accounts beginning Aug. 1, but they will not go so far as some firms to scrap overdraft entirely.
By Robin Bradley • June 6, 2022