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Goldman Sachs names new CFO as Scherr steps down
Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.
By Robin Bradley • Sept. 14, 2021 -
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Bank of America to scrap CMO role after top marketer leaves this year
The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.
By Robin Bradley • Sept. 13, 2021 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
TrendlineTop 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 -
Drew Angerer via Getty Images
Bank of America names new CFO, adds 3 women to senior management
The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.
By Dan Ennis • Sept. 10, 2021 -
Permission granted by Rochelle State Bank
Georgia bank's new owners eye a digital makeover without losing the personal touch
ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.
By Anna Hrushka • Sept. 9, 2021 -
Permission granted by Citizens Financial Group
Citizens Bank to acquire JMP Group in $149M, all-cash deal
The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.
By Robin Bradley • Sept. 9, 2021 -
Justin Sullivan / Staff via Getty Images
Overdraft alternativesBank of America debuts overdraft alternative
If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12-per-transaction fee.
By Robin Bradley • Sept. 8, 2021 -
Sean Gallup via Getty Images
JPMorgan to buy majority stake in Volkswagen's payments business
The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."
By Anna Hrushka • Sept. 8, 2021 -
CFPB proposes rule to boost data collection on small-business loans
The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.
By Robin Bradley • Sept. 7, 2021 -
Wells Fargo names new commercial banking CEO
Kyle Hranicky will succeed Perry Pelos, who is set to retire in April, the bank said. Hranicky will join Wells Fargo's operating committee, becoming the first inside promotion CEO Charlie Scharf has elevated to that level.
By Dan Ennis • Sept. 7, 2021 -
SBA 'threat' draws ire of PPP lenders, Republican lawmakers
Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.
By Anna Hrushka • Sept. 2, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo seeks more time to comply with scandal consent orders: report
The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.
By Anna Hrushka • Sept. 1, 2021 -
Mario Tama via Getty Images
Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs
Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.
By Robin Bradley • Sept. 1, 2021 -
Fotolia
Bank regulators issue guidance on partnering with fintechs
Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.
By Anna Hrushka • Aug. 30, 2021 -
Justin Sullivan via Getty Images
Santander Holdings USA to buy rest of US consumer unit for $2.5B
The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021.
By Anna Hrushka • Aug. 24, 2021 -
Serial acquirer Seacoast to buy 2 Florida banks
The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million.
By Dan Ennis • Aug. 24, 2021 -
SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out
More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.
By Anna Hrushka • Aug. 23, 2021 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada’s largest banks to require employee vaccinations before office return
Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date.
By Robin Bradley • Aug. 23, 2021 -
Spencer Platt via Getty Images
Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Aspiration Bank
Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal
The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.
By Anna Hrushka • Aug. 19, 2021 -
Jeff Swensen via Getty Images
PNC sets 5-year, $20B environmental finance goal
The funding will go toward green buildings, renewable energy, clean transportation and sustainability-linked bonds and loans. But the amount is well short of trillion-dollar pledges from the nation's three largest banks.
By Robin Bradley • Aug. 19, 2021 -
Chris Hondros via Getty Images
Goldman Sachs to acquire Dutch insurer's asset-management arm in $1.9B deal
The deal would roughly double — to more than $600 billion — the bank's assets in Europe and expand its ESG footprint.
By Dan Ennis • Aug. 19, 2021 -
Courtesy of CashApp - Square
How Square's Afterpay deal plays into its SMB, consumer banking goals
The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.
By Anna Hrushka • Aug. 18, 2021 -
PPP loans through fintechs much more likely to be suspicious, study finds
Fintech and traditional lenders both started the program with suspicious loan rates of around 10%, but fintechs' suspicious loan rates grew to 40% when PPP ended, University of Texas, Austin, researchers found.
By Anna Hrushka • Aug. 17, 2021 -
Spencer Platt via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
Bipartisan bill would expand SBA loan program to include fintech lenders
"You shouldn’t need a big bank to get an SBA loan," said Sen. John Hickenlooper, D-CO, who introduced the legislation alongside Sen. Tim Scott, R-SC, on Wednesday.
By Anna Hrushka • Aug. 13, 2021
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