Commercial: Page 41
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Truist Financial
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
Jeff Swensen via Getty Images
PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
By Robin Bradley • Oct. 15, 2021 -
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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 -
Permission granted by Citigroup
Citi's profit climbs 48% for Q3 as it releases $1.6B in reserves
The bank's global consumer banking revenue fell by 13% as it shed its Australia operations, but investment banking revenue saw a 39% jump.
By Robin Bradley • Oct. 14, 2021 -
Drew Angerer via Getty Images
Bank of America sees 58% Q3 profit jump
The Charlotte, North Carolina-based lender reported a 23% jump in investment-banking fees, record consumer deposits, and a $1.1 billion release of loan-loss reserves Thursday.
By Dan Ennis • Oct. 14, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo reports 59% profit bump amid $1.7B release in reserves
CEO Charlie Scharf said he thinks the bank is "making significant progress" against the bank's regulatory hurdles, "though we may continue to have setbacks along the way."
By Anna Hrushka • Oct. 14, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's $2.1B reserve release drives 24% profit spike
The bank's $2.1 billion release of credit reserves this quarter eclipses the $569 million it unlocked in the prior year.
By Anna Hrushka • Oct. 13, 2021 -
Automation helped Black borrowers get more out of PPP at fintechs, big banks: study
"The human brain is a much scarier black box than any machine-learning algorithm," said Sabrina T. Howell, the paper's lead author. The ICBA, however, disputed some of the study's findings.
By Anna Hrushka • Oct. 12, 2021 -
Umpqua, Columbia to merge in $5.2B, all-stock deal
The transaction, slated to close in mid-2022, would create a $50 billion-asset bank that would operate branches in California, Idaho, Nevada, Oregon and Washington.
By Robin Bradley • Oct. 12, 2021 -
Mark Wilson via Getty Images
SBA overpaid $4.5B in EIDL grants, IG report finds
The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.
By Anna Hrushka • Oct. 8, 2021 -
Liberty Bank's Tri-State acquisition to form largest Black-owned bank in US
The deal, which will form an institution with more than $1 billion in assets, will allow Liberty Bank to expand its loan limit for qualified borrowers from about $1.2 million to $5 million, the bank said.
By Anna Hrushka • Oct. 7, 2021 -
Green Dot
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America, BMO Harris boost their minimum wages
Bank of America's nudge to $21 per hour pushes it toward its goal of $25 by 2025. BMO's bump — to $18 hourly from $15 — parrots a move PNC Bank announced in August.
By Robin Bradley • Oct. 6, 2021 -
Chris Hondros via Getty Images
JPMorgan stiffens vaccination policy
Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.
By Robin Bradley • Oct. 5, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America poaches Citi's consumer-banking CMO
In taking a role as BofA's head of consumer and small-business products, Mary Hines Droesch becomes at least the second Citi marketing executive since July to leave for a Wall Street competitor.
By Robin Bradley • Sept. 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.
By Robin Bradley • Sept. 28, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
Valley National Bank to buy Bank Leumi's US arm in $1.15B deal
The transaction, set to close early next year, enhances Valley's commercial presence in Chicago, Los Angeles and Silicon Valley, and marks the second spinoff this week of U.S. operations by a foreign bank.
By Dan Ennis • Sept. 23, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
By Robin Bradley • Sept. 21, 2021 -
Chris Hondros via Getty Images
Goldman Sachs debuts green demand deposit account
The product fits into two of Goldman's initiatives: its $750 billion ESG goal, and the desire to lean more heavily on transaction banking.
By Robin Bradley • Sept. 20, 2021 -
Joe Raedle via Getty Images
Climate-focused de novo's loan program aims to retool Florida condos
Shareholder Gloria Romero Roses is holding focus groups with building owners, property managers and condominium associations to assess the needs and challenges of the underwriting process.
By Anna Hrushka • Sept. 20, 2021 -
Getty
First Interstate to buy Great Western Bank in $2B, all-stock deal
The transaction would more than double First Interstate's branch footprint and give it entry to eight new states. The combined bank would have more than $32 billion in assets, $18.4 billion in loans and $27.1 billion in deposits.
By Robin Bradley • Sept. 17, 2021 -
Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
By Anna Hrushka • Sept. 16, 2021 -
Paul Morigi via Getty Images
Goldman Sachs to buy home-improvement lender GreenSky for $2.24B
The deal, set to close in this year's fourth quarter or the first quarter of 2022, will bring more than 10,000 merchants into the fold of Goldman's consumer-banking arm, Marcus.
By Robin Bradley • Sept. 15, 2021 -
Anna Hrushka/Banking Dive
How BankMobile pivoted its business model in the face of competition
"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."
By Anna Hrushka • Sept. 15, 2021
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