Commercial: Page 56
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Fifth Third CFO leaves for BMO, prompting C-suite shuffle
Tayfun Tuzun is the second C-suite exec to leave the Cincinnati-based bank in the past two weeks. Executive Vice President Philip McHugh left Oct. 26 and is subsequently suing the bank for age discrimination.
By Jane Thier • Nov. 11, 2020 -
Kendall Davis/Industry Dive/Banking Dive, data from Marc Nozell
Bank executives, trade groups react to Biden-Harris victory
Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.
By Anna Hrushka • Nov. 9, 2020 -
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 -
Capital One, JPMorgan Chase top J.D. Power’s small-business satisfaction survey
Businesses that were approved for PPP funding rated their satisfaction at 838 points out of 1,000, while those whose applications were denied — or still pending when the data was collected — rated it 796.
By Dan Ennis • Nov. 3, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo picks Capital One executive to head diversity efforts
The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.
By Anna Hrushka • Nov. 3, 2020 -
Pandemic could accelerate de novos’ profitability timeline, experts say
Customers’ increased adoption of digital banking amid the pandemic, and the realization banks can operate with less physical space, have enabled de novos to tailor their operating models to a new normal, one attorney said.
By Anna Hrushka • Oct. 30, 2020 -
Bank of America ends $200 pandemic pay for front-line workers
The nation’s second-largest bank will continue to give employees $100 per day for child or elder care. The move comes as TD Bank promises $500 bonuses to about 90,000 workers for their pandemic efforts.
By Anna Hrushka • Updated Oct. 30, 2020 -
Truist’s new CMO looks to ‘meet the moment where it is’
A big challenge is ensuring the bank’s tone and narrative “fits where all of us are as a community,” said Vinoo Vijay, who previously held marketing roles at H&R Block, TD Bank, Ally Financial, Bank of America and FedEx.
By Anna Hrushka • Oct. 27, 2020 -
Courtesy of Fifth Third
Fifth Third names president, sparking succession speculation
Impending retirements and health crises among top executives at two of the nation’s four largest banks have made succession top of mind in the past year.
By Dan Ennis • Oct. 27, 2020 -
Alabama Extension. (2020). “The image” [Photograph]. Retrieved from Flickr.
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Courtesy of Wells Fargo multimedia resources
Wells Fargo looks to offload non-core businesses
Among the units on the chopping block include asset management and a corporate-trust unit. Wells Fargo sold its student-loan portfolio in December and decided to keep its private-label credit-card unit.
By Dan Ennis • Updated Feb. 10, 2021 -
Senate bill would expand Civil Rights Act to bar discrimination at banks
Senators cited a June article in The New York Times recounting Black people’s experiences being turned away or accused of fraud while trying to make simple transactions, such as to cash a check or withdraw funds.
By Anna Hrushka • Oct. 22, 2020 -
Courtesy of FDIC
Regulators finalize rule requiring big banks to keep year’s worth of liquidity
Most of the nation’s 20 largest banks already meet the rule’s demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.
By Anna Hrushka • Oct. 21, 2020 -
Retrieved from Unsplash.
Regulators close Florida’s First City Bank, 2020’s 3rd bank failure
The bank’s chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.
By Anna Hrushka • Oct. 19, 2020 -
Justin Sullivan via Getty Images
First Citizens Bank, CIT announce $2.2B all-stock merger
The FDIC and Federal Reserve extended through Feb. 22 the public comment period concerning a deal that would create the nation’s 19th-largest bank, with nearly $110 billion in assets.
By Dan Ennis • Updated Feb. 1, 2021 -
Permission granted by Truist
Truist posts $1.1B profit, continues merger-related job cuts and branch closures
The Charlotte, North Carolina-based bank cut 769 jobs during the third quarter and plans to close 104 branches in December and January, it said Thursday.
By Anna Hrushka • Oct. 15, 2020 -
Citi drops lawsuit against second Revlon creditor after $900M errant payment
The bank said it’s “pleased” that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.
By Dan Ennis • Oct. 15, 2020 -
Wells Fargo fires up to 125 employees over misuse of EIDL aid
The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program’s funds, though dozens shouldn’t have.
By Dan Ennis • Oct. 15, 2020 -
Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation’s second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
By Suman Bhattacharyya • Oct. 14, 2020 -
PNC sees bump in Q3 revenue as bank reaches ‘stable reserve levels’
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
By Ken McCarthy • Oct. 14, 2020 -
Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
By Dan Ennis • Oct. 14, 2020 -
JPMorgan’s Q3 profit buoyed by 30% jump in trading revenue
The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.
By Anna Hrushka • Oct. 13, 2020 -
Sharp drop in set-asides pushes Citi to $3.2B net income
While net income has fallen 34% compared with this time last year, it’s more than double what the bank reported last quarter.
By Dan Ennis • Oct. 13, 2020 -
Values-based Climate First Bank seeks Florida de novo charter
“I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that,” said founder Ken LaRoe. “I just wanted there to be more meaning to life than that.”
By Anna Hrushka • Oct. 9, 2020 -
JPMorgan Chase pledges $30B to fight racial wealth gap
The bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years, and provide $14 billion in loans and investments to create 100,000 affordable rental units.
By Anna Hrushka • Oct. 8, 2020
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