Can the SBA make its 7(a) loan program attractive to fintechs?

A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.

By Anna Hrushka • Nov. 29, 2022

BMO unveils $40B community benefits plan

The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.

By Rajashree Chakravarty • Nov. 29, 2022

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

Credit Suisse warns of $1.6B Q4 loss

Credit Suisse saw $88.3 billion in outflows between Sept. 30 and Nov. 11, the bank reported Wednesday. Wealth-management customers removed $66.7 billion of that.

By Dan Ennis • Nov. 23, 2022

Credit Suisse cuts one-third of China-based investment-banking jobs

The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.

By Gabrielle Saulsbery • Nov. 22, 2022

Morgan Stanley’s generational drain continues

Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.

By Dan Ennis • Nov. 22, 2022

JPMorgan maintains status as world’s most systemically important bank

Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

By Rajashree Chakravarty • Nov. 21, 2022

BM Technologies’ acquisition of Seattle community bank pushed to 2023

The deal would, over time, create a $2 billion-plus institution, and regulators want more details on the infrastructure that would support that growth, CEO Luvleen Sidhu said.

By Anna Hrushka • Nov. 21, 2022

KeyBank taps chief strategy officer as next CFO

Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.

By Rajashree Chakravarty • Nov. 18, 2022

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 Rajashree Chakravarty • Nov. 17, 2022

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 Anna Hrushka • Nov. 17, 2022

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 Rajashree Chakravarty • Nov. 16, 2022

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 Anna Hrushka • Nov. 16, 2022

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 Rajashree Chakravarty • Nov. 14, 2022

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 Dan Ennis • Nov. 14, 2022

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 Rajashree Chakravarty • Nov. 10, 2022

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 Dan Ennis • Nov. 10, 2022

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 Dan Ennis • Nov. 9, 2022

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 Rajashree Chakravarty • Nov. 9, 2022

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 Gabrielle Saulsbery • Nov. 8, 2022

Goldman launches digital asset classification system

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

By Gabrielle Saulsbery • Nov. 4, 2022

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 Anna Hrushka • Nov. 4, 2022

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 Rajashree Chakravarty • Nov. 3, 2022

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 Rajashree Chakravarty • Nov. 3, 2022

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 Rajashree Chakravarty • Nov. 2, 2022

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 Anna Hrushka • Nov. 2, 2022