Commercial: Page 37
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Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022
Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.
By Robin Bradley • April 28, 2022 -
Zhanna Hapanovich via Getty Images
Value, volume of banking M&A sees a Q1 chill
KPMG, in a report, credited the lull to interest-rate uncertainty, war, COVID-19 and "deal fatigue" from a frenetic 2021. But the accounting giant said the pace of activity should pick up later this year.
By Robin Bradley • April 26, 2022 -
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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 -
TD Bank targets South Florida tech talent pool
The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.
By Anna Hrushka • April 26, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo starts layoffs in home lending unit
The bank did not put a number to the job cuts. Wells Fargo saw a 33% year-over-year decrease in mortgage origination volume. Interest rates accompanying 30-year fixed mortgages have climbed to a 12-year high.
By Dan Ennis • April 25, 2022 -
Permission granted by Office of the Comptroller of the Currency
OCC orders crypto bank Anchorage to revamp AML program
The regulator said the bank failed to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. It also failed to hire a Bank Secrecy Act officer, the OCC said.
By Anna Hrushka • April 22, 2022 -
David McNew via Getty Images
Bank of America wants its cards made of 80% recycled plastic by 2023
The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.
By Robin Bradley • April 21, 2022 -
Patterson, Richard. Retrieved from Flickr.
Banks face 'tight deadline' under new cyber notification rule
The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.
By Anna Hrushka • April 21, 2022 -
Permission granted by Truist
Truist posts flat Q1 profit, completes transition to 'one brand'
The bank completed its largest merger-related conversion during the quarter, transitioning nearly 7 million customers to the Truist ecosystem and rebranding more than 6,000 branches and ATMs, CEO Bill Rogers said Tuesday.
By Anna Hrushka • April 19, 2022 -
choness via Getty Images
Interns see 37% pay bump at a number of top banks: data
Interns at Citi, Bank of America, Goldman Sachs, Morgan Stanley and Capital One receive more than $8,000 a month, according to data from Wall Street Oasis and Glassdoor.
By Robin Bradley • April 18, 2022 -
David McNew via Getty Images
Bank of America sees 12% Q1 profit dip
The bank, however, saw a 9.5% surge in equity trading revenue and set aside far less than its competitors — $30 million — to cover potential Russia exposure.
By Dan Ennis • April 18, 2022 -
Permission granted by Citigroup
Citi sets aside $1.9B to counter Russia exposure
The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.
By Dan Ennis • April 14, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sees 21% Q1 profit drop amid weaker home lending
The home lending results came a day after the bank pledged $210 million in two programs aimed at narrowing a much-publicized mortgage refinancing gap along racial lines.
By Anna Hrushka • April 14, 2022 -
Permission granted by U.S. Bank
U.S. Bank profit dips 31% on buildup for credit losses
At the same time, the bank reported a 2.3% jump in revenue year over year, and 6.5% growth in loans and average total deposits.
By Robin Bradley • April 14, 2022 -
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JPMorgan Chase sees 42% drop in Q1 profit
The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.
By Dan Ennis • April 13, 2022 -
Permission granted by Fifth Third Bank
Fifth Third CEO Greg Carmichael to step down in July
Carmichael, who joined the bank in 2003 as executive vice president and chief information officer, will be replaced by Fifth Third President Tim Spence.
By Anna Hrushka • April 12, 2022 -
H. Armstrong Roberts via Getty Images
Bank deposits could decrease for the first time in 80 years
Businesses and consumers alike have been depositing at a greater clip since the COVID-19 pandemic began. And, according to a Barclays analysis, the banking industry has $8.5 trillion more in deposits than loans.
By Robin Bradley • April 12, 2022 -
Darren415 via Getty Images via Getty Images
Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit
After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.
By Anna Hrushka • April 11, 2022 -
Courtesy of Wells Fargo multimedia resources
NYC halts new account openings with Wells Fargo, citing mortgage race gap
The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.
By Robin Bradley • April 11, 2022 -
Chris Hondros via Getty Images
Ex-Goldman banker Ng found guilty in 1MDB scandal
He faces 30 years in prison on charges of conspiracy to commit both bribery and money laundering. His attorney has indicated he would challenge the conviction before appealing to a higher court.
By Dan Ennis • April 11, 2022 -
Permission granted by Citizens Financial Group
Citizens Bank offers on-demand pay product for corporate clients
The bank said the service can be up and running within 30 days. Citizens is working with an unnamed third-party vendor to provide the offering, an executive said.
By Anna Hrushka • April 1, 2022 -
Alex Wroblewski via Getty Images
ColumnJamie Dimon, U.S. Bank and BMO show value is a buyer-led construct
JPMorgan Chase reported it gave its CEO a stock award worth more than double what it estimated in 2018. But as M&A has shown, value isn't always one-for-one.
By Dan Ennis • March 31, 2022 -
Anna Hrushka/Banking Dive
FDIC unveils guidance for banks to navigate climate-related risks
The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).
By Robin Bradley • March 31, 2022 -
Permission granted by Cross River Bank
Cross River hits $3B valuation, eyes global expansion — but still defies labels
"Besides the technology ... we also are a regulated financial institution, and the combination of the two really is the secret sauce that allows us to work" with heavy-hitting partner companies, executive Hillel Olivestone said.
By Anna Hrushka • March 31, 2022 -
Paul Morigi via Getty Images
Goldman to buy retirement plan robo-adviser NextCapital
Details of the transaction were not disclosed. But Goldman isn't the only big bank to make a play in the robo-advising space this year. UBS in January agreed to acquire Wealthfront in a deal worth $1.4 billion.
By Robin Bradley • March 30, 2022 -
Serial acquirer Seacoast moves on Miami with $168.3M buy of Apollo Bank
The deal, set to close in the fourth quarter, would add five Miami-Dade County branches to Seacoast's footprint and take Apollo off the market. A credit union's bid for Apollo was terminated in the COVID-19 pandemic's early days.
By Dan Ennis • March 30, 2022
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