Commercial: Page 9
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Investors back out of $35M deal with Republic First
The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.
By Gabrielle Saulsbery • March 1, 2024 -
Spencer Platt / Staff via Getty Images
NYCB names DiNello as CEO, takes $2.4B impairment charge
The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.
By Dan Ennis • March 1, 2024 -
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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 -
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Citi laying off 286 New York-based employees
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.
By Dan Ennis • Feb. 29, 2024 -
Courtesy of State Street
State Street to invest $100M in MDIs, CDFIs
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Justin Sullivan via Getty Images
Wells Fargo CFO calls commercial real estate a ‘long movie’
“We’re not at the beginning, but ... we still have a long way to go to really see the ultimate resolution of a lot of this,” Mike Santomassimo said in reply to a question from a UBS analyst at a conference.
By Maura Webber Sadovi • Feb. 28, 2024 -
Scott Olson via Getty Images
Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo names JPMorgan veteran as vice chair
Doug Braunstein, who led JPMorgan’s global M&A business among other roles in a two-decade stint, will focus on expanding Wells' corporate finance and advisory operations, the bank said.
By Rajashree Chakravarty • Feb. 27, 2024 -
milehightraveler/iStock/Getty Images Plus via Getty Images
HTLF CEO to retire at year-end
Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.
By Dan Ennis • Feb. 26, 2024 -
Mario Tama via Getty Images
Citi taps JPMorgan veteran to lead banking unit
Hiring Vis Raghavan, formerly CEO of JPMorgan’s Europe, Middle East and Africa business, gives Citi a permanent figurehead in a unit led temporarily by the retiring Peter Babej.
By Rajashree Chakravarty • Feb. 26, 2024 -
Spencer Platt via Getty Images
JPMorgan names Petno, Gori to oversee global banking
Doug Petno had led JPMorgan’s commercial bank since 2012. The move combines commercial, corporate and investment banking under Petno and Filippo Gori, now the bank’s CEO of Europe, the Middle East and Africa.
By Gabrielle Saulsbery • Feb. 26, 2024 -
Denis Tangney Jr. via Getty Images
Zions Bank CEO to retire April 1
The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.
By Dan Ennis • Feb. 26, 2024 -
Drew Angerer via Getty Images
Jamie Dimon sells roughly $150M in JPMorgan shares
The sale comprises 821,778 shares and marks the CEO's first-ever sale of JPMorgan stock since taking the helm of the bank in 2005.
By Gabrielle Saulsbery • Feb. 23, 2024 -
Chris Hondros via Getty Images
JPMorgan Chase sued over bounced check fees
The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.
By Rajashree Chakravarty • Feb. 22, 2024 -
Spencer Platt via Getty Images
Onetime CFO contender Hammack leaves Goldman
Beth Hammack confirmed on LinkedIn that she's left Goldman Sachs after more than 30 years. She said she plans to “take a break” for several months.
By Gabrielle Saulsbery • Updated Feb. 26, 2024 -
Oli Scarff via Getty Images
Barclays rolls out reorganization, eyes £10B in shareholder returns
The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.
By Ken McCarthy • Feb. 20, 2024 -
Chris Hondros via Getty Images
JPMorgan to pay nearly $350M over trade reporting errors
The lender has agreed to pay the penalty to two U.S. regulators and is in “advanced negotiations” with a third, JPMorgan said in a filing Friday.
By Rajashree Chakravarty • Feb. 20, 2024 -
Paul Morigi via Getty Images
Goldman boosts David Solomon’s pay 24% to $31M
The bank rewarded its CEO for leading a retreat from consumer lending, despite a 24% dip in net income on the year. The package likely makes Solomon the U.S.'s third-best-paid bank CEO.
By Dan Ennis • Feb. 20, 2024 -
Win McNamee / Staff via Getty Images
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
Spencer Platt / Staff via Getty Images
Column
Dive Deposits: Regulators, bankers talk about NYCB without saying its name
The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.
By Dan Ennis • Feb. 16, 2024 -
Anna Moneymaker via Getty Images
Fed unveils 2024 stress test scenarios
The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said.
By Ken McCarthy • Feb. 16, 2024 -
Justin Sullivan via Getty Images
Wells Fargo fake-accounts consent order lifted by OCC
The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.
By Rajashree Chakravarty • Feb. 16, 2024 -
Thomas Lohnes via Getty Images
Deutsche Bank ups its in-office work requirements
Managers will be required to work in the office four days a week, and others will be required to be present three days a week, starting in June.
By Gabrielle Saulsbery • Feb. 16, 2024 -
Maks_Lab via Getty Images
HTLF sheds its Montana footprint
The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.
By Ken McCarthy • Feb. 15, 2024 -
Justin Sullivan via Getty Images
Citi to monitor how often private bankers make client calls: report
The lender wants its private bankers to contact its clients at least once every 90 days and record in detail the conversations, the Financial Times reported Wednesday.
By Rajashree Chakravarty • Feb. 15, 2024 -
Chris Hondros via Getty Images
Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth
Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.
By Gabrielle Saulsbery • Feb. 15, 2024
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