Commercial: Page 65
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Deep DiveHSBC whistleblower says Iran sanctions could bring AML into sharper focus
“The laws that are about to come out of this ... are going to be unreal,” says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.
By Anna Hrushka • Jan. 21, 2020 -
Jeff Swensen via Getty Images
PNC credits market expansion for its Q4 loan growth
The bank has expanded into 10 new cities, and isn’t afraid to play the long game to embed itself in the community, CEO Bill Demchak said.
By Anna Hrushka • Jan. 15, 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 -
Bank of America eyes ‘momentum’ in loans, deposits after a Q4 in transition
Profit fell 4% at the nation’s second-largest bank, but a trading surge and a 10% jump in active mobile users have executives looking on the bright side.
By Dan Ennis • Jan. 15, 2020 -
Wells Fargo’s $1.5B legal charge drives net income to 9-year low
In CEO Charlie Scharf’s first earnings call, the company revealed profits plummeted 53% compared with a year ago. Scharf has emphasized resolving the lender’s regulatory issues in his three months at the helm.
By Dan Ennis • Jan. 14, 2020 -
JPMorgan’s record earnings buoyed by strong trading unit
The bank’s corporate and investment bank generated record Q4 revenue, rebounding from what CEO Jamie Dimon called “a challenging prior year.”
By Anna Hrushka • Jan. 14, 2020 -
Citi beats Q4 goals with trading surge, continued card growth
Citigroup shares jumped to their best year in two decades in 2019, increasing 53%. Those gains outpaced rivals JPMorgan Chase, Wells Fargo and Bank of America.
By Dan Ennis • Jan. 14, 2020 -
Wells Fargo ordered to pay $102.8M in mobile deposit patent case
Friday’s ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.
By Dan Ennis • Jan. 13, 2020 -
Citi wants to hire 2,500 coders in trading, investment banking
Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
By Dan Ennis • Jan. 6, 2020 -
Former Wells Fargo execs could face criminal charges, sources say
It’s a new year, but an investigation into the bank’s scandal-ridden past could take center stage in 2020, sources told American Banker.
By Anna Hrushka • Jan. 6, 2020 -
Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters’ request is fulfilled, it would be the first time the bank’s board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019 -
Pot banking bill suffers blow as Senate panel chair opposes it
Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
By Anna Hrushka • Dec. 19, 2019 -
Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions
The bank pledged to reach net-zero greenhouse-gas emissions in its finance activities by 2050, and said in a blog post it has put $156 billion toward its $750 billion green goal over the past 15 months.
By Dan Ennis • Updated March 5, 2021 -
Regulators find shortcomings in 6 US banks’ ‘living wills’
Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
By Anna Hrushka • Dec. 18, 2019 -
Truist’s post-merger hurdle: Blending two cultures
BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
By Anna Hrushka • Dec. 17, 2019 -
Regulators retool CRA to reflect digital banking footprint
The Office of the Comptroller of the Currency and the FDIC on Thursday proposed expanding assessment areas covered under a 1977 law to protect lower-income borrowers.
By Anna Hrushka • Dec. 13, 2019 -
Azlo CEO: Small businesses want simple, digital integration from banks
Digital bank handles entrepreneurs’ invoices and aims to save them the hassle of branch visits.
By Anna Hrushka • Dec. 12, 2019 -
BB&T completes acquisition of SunTrust to form Truist
The deal creates the nation’s sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 9, 2019 -
Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase
The nation’s biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
By Anna Hrushka • Dec. 9, 2019 -
Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
Dec. 9, 2019 -
Banks don’t need to file SARs when servicing hemp businesses, regulators say
The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
By Anna Hrushka • Dec. 3, 2019 -
Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank’s CEO in October 2016.
By Anna Hrushka • Dec. 3, 2019 -
Bank branch closures leave deeper void in rural counties, Fed says
Most of the 39 rural counties that lost half or more of their bank branches from 2012 to 2017 have lower median incomes and a higher share of African-Americans, according to the report.
By Kate Patrick • Nov. 27, 2019 -
JPMorgan Chase files blockchain patent to track vehicle inventory
The technology is meant to prevent double flooring, which happens when a dealership pledges a vehicle as collateral in two separate contracts to different banks.
By Anna Hrushka • Nov. 26, 2019 -
Bank of America CEO: People still want regulation, security amid tech competition
“If you take deposits, make loans ... you end up with a lot of people’s money,” Moynihan says. “And if something goes kablooey, it’s a problem.”
By Anna Hrushka • Nov. 25, 2019 -
Fed, FDIC approve BB&T-SunTrust merger
The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding “misleading or inaccurate statements” made to business customers from 2013 to 2017.
By Anna Hrushka • Nov. 19, 2019
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