Commercial: Page 42
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ColumnCiti's 7,000 new-hire push should come as no surprise
The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.
By Dan Ennis • June 8, 2022 -
Retrieved from Wells Fargo on June 08, 2022
Wells Fargo poaches JPMorgan Chase's retail communications chief
Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.
By Robin Bradley • June 8, 2022 -
Explore the Trendline➔
Natalie Meepian via Getty Images
TrendlineM&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 -
Spencer Platt / Staff via Getty Images
NYCB, Flagstar to drop NSF and certain overdraft fees
The banks will eliminate overdraft transfer fees between linked accounts beginning Aug. 1, but they will not go so far as some firms to scrap overdraft entirely.
By Robin Bradley • June 6, 2022 -
Qi Yang via Getty Images
Sponsored by West MonroeWhy a digital operating model is necessary for banks to reach their goals
To meet demands from inside and out, banks need a digitally forward operating model to power the entire enterprise.
June 6, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo employees seek to organize union
Organizers, seeking a pay raise, increased staffing and a chance to discuss recent scandals, said the COVID crisis served as a wake-up call that some policies were unclear or applied unevenly.
By Robin Bradley • June 3, 2022 -
Pennsylvania's FNB to expand in North Carolina with $117M deal
The Pittsburgh bank's purchase of Union Bank, which is expected to close before the end of 2022, entrenches the Tar Heel State as a "growth engine" for the company.
By Robin Bradley • June 2, 2022 -
Permission granted by Quontic Bank
Deep DiveBanks eye first-mover advantage to embracing the metaverse
Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.
By Anna Hrushka • June 2, 2022 -
Courtesy of Wells Fargo multimedia resources
Fix Wells Fargo 'once and for all,' senator tells CEO Scharf
Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.
By Robin Bradley • June 1, 2022 -
Jeff Swensen via Getty Images
PNC names new retail banking head
Karen Larrimer is stepping down after 27 years at the Pittsburgh-based financial institution.
By Anna Hrushka • June 1, 2022 -
Alex Wong via Getty Images
CBDC, stablecoins and commercial bank money can coexist, Brainard says
The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.
By Robin Bradley • May 27, 2022 -
Chris Hondros via Getty Images
JPMorgan Chase taps PayPal exec Peggy Mangot to head fintech partnerships
The Wells Fargo and Google veteran, who joined the bank this month, leads a team responsible for designing, developing and driving fintech partnership strategy at JPMorgan's commercial bank.
By Anna Hrushka • May 26, 2022 -
Anna Hrushka/Banking Dive
Bank profits dip 6.5% in Q1 amid loan-loss reserve buildup: FDIC
Large banks added to their cushions during 2022's first three months — a reversal from a year earlier — as inflation soared, interest rates increased and Russia invaded Ukraine.
By Robin Bradley • May 25, 2022 -
Delmaine Donson via Getty Images
How banks might approach M&A amid regulatory revamp
Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.
By Anna Hrushka • May 25, 2022 -
Mark Wilson via Getty Images
CBDC would pull deposits away from banks, trade groups tell Fed
A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.
By Robin Bradley • May 24, 2022 -
Justin Sullivan / Staff via Getty Images
Bank of America boosts minimum wage to $22 per hour
The pay raise, coming seven months after a previous $1-per-hour boost, is the latest step in the bank's target to pay employees at least $25 per hour by 2025.
By Robin Bradley • May 23, 2022 -
Mark Wilson via Getty Images
Capital One sets date for hybrid return to office
The McLean, Virginia-based bank committed to a hybrid work model that would encourage, but not require, employees to work in the office Tuesday through Thursday beginning in the fall.
By Robin Bradley • May 19, 2022 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Women-owned de novo to open in Houston after pandemic-related delays
Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.
By Anna Hrushka • May 18, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB carves out new competition angle for oversight
A former CFPB enforcement director told an audience of payments professionals this week that they'd best be prepared for the agency to expand its oversight by way of its markets authority.
By Lynne Marek • May 18, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo taps former JPMorgan exec to head financial advisory unit
The firm selected Sol Gindi, a former C-suite executive for JPMorgan's wealth management and consumer banking businesses, to replace Jim Hays as the head of Wells Fargo Advisors.
By Robin Bradley • May 17, 2022 -
FG Trade via Getty Images
AmEx, Discover get top marks in direct banks survey
The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.
By Caitlin Mullen • May 16, 2022 -
H. Armstrong Roberts via Getty Images
Michigan credit union to buy Florida bank in 7th such deal of 2022
DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.
By Robin Bradley • May 13, 2022 -
Permission granted by U.S. Bank
U.S. Bank lays out $100B community benefits plan tied to merger
U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.
By Robin Bradley • May 10, 2022 -
Courtesy of KeyBank
KeyBank buys student loan forgiveness fintech
Financial terms of the GradFin purchase were not disclosed, but the business dovetails with the bank's previous acquisition and tailoring of Laurel Road.
By Dan Ennis • May 10, 2022 -
Wall Street bonuses could crater up to 40% this year
Investment banking underwriters' bonuses could fall up to 40% from 2021, according to pay consultancy Johnson Associates. Fixed-income traders, however, could see bonuses jump 20%, the company said.
By Robin Bradley • May 6, 2022 -
Drew Angerer via Getty Images
Bank of America, JPMorgan, Goldman consider abortion travel policies
"With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.
By Anna Hrushka • May 6, 2022
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