Commercial: Page 38
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Sponsored by Finastra
If collaboration is key to BaaS, how can we nurture new partnerships?
More than one-third of distributors expect to increase their BaaS offerings by more than 15% per year over the next three years.
By Jeff Manghillis, Lead Client Partner, BaaS at Finastra • March 28, 2022 -
House panel wants deeper details of banks' business activities in Russia
Rep. Maxine Waters, D-CA, asked 31 trade groups to survey their members to find out what they are doing to exit or phase out business with Russia or, conversely, defend why they would continue those ties.
By Robin Bradley • March 25, 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 -
Wall Street securities bonuses jump 20% to $257,500 in 2021, NY official says
The bonuses — the highest since 2006 — trumped the 15.7% figure the state comptroller's office projected.
By Robin Bradley • March 24, 2022 -
Fed approves Citizens' $3.5B acquisition of Investors Bancorp
The deal, expected to give Citizens an additional 154 branches — mostly in the New York City area — marks the second big new revenue stream for the bank in a little over a month.
By Robin Bradley • March 23, 2022 -
JPMorgan mines Wells Fargo for next diversity chief
The move is part of an executive shuffle that shifts the bank's current diversity leader to a role as Northeast segment head for middle-market banking and specialized industries.
By Dan Ennis • March 23, 2022 -
Goldman's general counsel gets a 75% raise over her predecessor
$7.5 million is a popular pay boost for the bank. That's the amount by which CEO David Solomon, President John Waldron and General Counsel Kathy Ruemmler saw their compensation jump last year.
By Robin Bradley • March 21, 2022 -
Huntington poaches Truist retail banking chief
Truist, meanwhile, promoted its chief digital officer to lead the Charlotte, North Carolina-based bank's retail and community banking and marketing efforts.
By Robin Bradley • March 18, 2022 -
JPMorgan Chase continues overseas acquisition streak
The bank on Tuesday bought an Irish software provider that helps businesses manage employee share plans in a deal reportedly valued at $730 million.
By Robin Bradley • March 16, 2022 -
JPMorgan Chase drops ban on unvaccinated new hires
The bank, in a memo Monday, said it will stop mandatory twice-weekly testing of unvaccinated employees April 4, and no longer require unvaccinated workers to wear face masks, effective immediately.
By Robin Bradley • March 15, 2022 -
Arizona deal marks 5th credit union purchase of bank in 2022
At the current pace, 26 credit union-bank tie-ups could be in the works by the end of the year, far surpassing 2019's record.
By Robin Bradley • March 14, 2022 -
Capital One's general counsel wears 2 new hats
The McLean, Virginia-based bank has seen two other high-profile exits from its legal department in the past two weeks.
By Robin Bradley • March 11, 2022 -
BNY Mellon CEO Todd Gibbons to retire Aug. 31
Robin Vince, a 26-year Goldman Sachs veteran who joined BNY Mellon in 2020, will take the bank's top role.
By Robin Bradley • March 10, 2022 -
Citi names next chief compliance officer
Tom Anderson, who now serves as chief compliance officer for the bank's personal banking and wealth management division, returned to Citi last year after stints at American Express and JPMorgan Chase.
By Robin Bradley • Updated May 12, 2022 -
Judge may rule soon on Wells Fargo commercial real estate 'time bomb'
The bank has moved to dismiss a class-action lawsuit that alleges it improperly inflated underwriting metrics ahead of the pandemic, leaving the company vulnerable to losses in 2020.
By Maura Webber Sadovi • March 7, 2022 -
Wells Fargo's brand management chief is leaving May 1
Barri Rafferty's "innovative approach to communications" helped the bank achieve "enhanced favorability, trust and ... media sentiment," Bill Daley, the bank's vice chairman of public affairs, wrote in a memo.
By Robin Bradley • March 3, 2022 -
At investor day, Citi makes a plea for time
The bank warned of $4 billion in potential losses and an uptick in expenses from tech investments and hiring. But it also adjusted expectations for a return on tangible common equity.
By Dan Ennis • March 3, 2022 -
Longtime United Bank CEO Richard Adams to leave top role
Adams, who has led the bank for nearly 47 years, will become executive chair of its board April 1, when his son succeeds him as CEO.
By Robin Bradley • March 2, 2022 -
Citi has a $9.8B Russia headache
In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.
By Dan Ennis • March 1, 2022 -
TD to acquire First Horizon in $13.4B deal
The transaction, expected to close in the fall, would expand the Canadian bank's Southeast footprint, adding $55 billion in loans and $75 billion in deposits to its balance sheet and making it the U.S.'s sixth-largest retail bank.
By Robin Bradley • Feb. 28, 2022 -
Citi calls vaccinated workers back to office March 21
The bank's human resources chief credited a steady decline in the COVID-19 caseload and decreased risk for vaccinated workers in the decision to place employees on site at least two days a week.
By Dan Ennis • Feb. 24, 2022 -
SoFi to buy banking software firm Technisys for $1.1B
The deal would give the newly minted bank control of its platform's back-end technology. The transaction could generate $800 million in additional revenue by 2025, the company said.
By Robin Bradley • Feb. 22, 2022 -
BNY Mellon poaches treasury services CEO from JPMorgan
Jennifer Barker, a 19-year JPMorgan veteran, takes on a role held until August by Paul Camp, who left BNY Mellon for Wells Fargo.
By Robin Bradley • Feb. 17, 2022 -
Column
A new, understated Goldman tweaks its strategy
The bank updated its targets for return on tangible common equity, consumer banking revenue and asset management in a less splashier fashion than its 2020 investor day.
By Dan Ennis • Feb. 17, 2022 -
Santander to wind down US mortgage lending
Santander wants to focus on more profitable silos in the U.S., such as auto loans. U.S. banking accounted for 22% of the Spanish bank's profits in 2021 — more than triple the 7% it comprised in 2019.
By Dan Ennis • Feb. 4, 2022 -
Revolut to offer 30-minute, fee-free remittances from US to Mexico
Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.
By Robin Bradley • Jan. 31, 2022