Retail
-
Archive Photos via Getty Images
Fed approves United-Piedmont merger
The Federal Reserve cleared United Bank to proceed with its proposed $267 million acquisition of Piedmont Bancorp less than seven months after the deal was announced.
By Rajashree Chakravarty • Dec. 2, 2024 -
Spencer Platt / Staff via Getty Images
Citi separates Mexico retail ops from institutional business
The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.
By Dan Ennis • Dec. 2, 2024 -
Explore the Trendline➔
da-kuk via Getty Images
TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
PaoloGaetano via Getty Images
BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024 -
PaoloGaetano via Getty Images
Italy’s UniCredit to buy domestic rival Banco BPM in €10.1B deal
The move pauses speculation that UniCredit was considering a bid for Germany’s Commerzbank. It also foils a plan by the Italian government to boost competition against UniCredit and its peer, Intesa Sanpaolo.
By Dan Ennis • Nov. 25, 2024 -
Pgiam via Getty Images
First Foundation names new CEO
The Dallas-based bank tapped Thomas Shafer, an M&A veteran at TCF and Huntington, as its next chief, replacing Scott Kavanaugh, who retired.
By Rajashree Chakravarty • Nov. 25, 2024 -
RudyBalasko via Getty Images
Old National to acquire Minnesota’s Bremer for $1.4B
The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.
By Caitlin Mullen • Nov. 25, 2024 -
Courtesy of Ally Financial
Ally names new risk, audit chiefs
The Detroit-based lender is also bringing on a former USAA and TD executive to head up deposits.
By Caitlin Mullen • Nov. 21, 2024 -
George Dodd via Getty Images
FirstSun, HomeStreet terminate merger
The deal’s collapse frees HomeStreet to pursue another suitor or ease its CRE concentration. FirstSun and HomeStreet warned last month the already-revamped proposal would need further tweaks.
By Dan Ennis • Nov. 20, 2024 -
Anna Hrushka/Banking Dive
‘Dysfunction’ brought down Republic First: FDIC OIG
In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.
By Gabrielle Saulsbery • Nov. 14, 2024 -
Creative via Getty Images
Simmons First names next CEO, COO
George Makris will return as the $27 billion-asset Arkansas bank’s chief executive after a two-year gap. Meanwhile, the bank hired Christopher Van Steenberg, a First Horizon veteran, as chief operating officer.
By Rajashree Chakravarty • Nov. 14, 2024 -
Michael M. Santiago / Staff via Getty Images
Underbanked US population grows to 14.2%, FDIC finds
Separately, the unbanked proportion of U.S. households dropped to 4.2% last year, the regulator said in its biennial survey. But racial disparity persists: 32.3% of unbanked households are Black and 33.4% are Hispanic, the FDIC found.
By Caitlin Mullen • Nov. 13, 2024 -
Spencer Platt via Getty Images
Wall Street bonuses expected to grow across all sectors, consultant finds
Investment banking debt underwriters could see a surge in annual payouts up to 35% due to revenues booming on debt issuance growth, a report published by Johnson Associates said.
By Rajashree Chakravarty • Nov. 12, 2024 -
Nafiz Rahat via Getty Images
ColumnDive Deposits: Carver Bank and the return of the thorn-in-the-side investor
Investment fund Dream Chasers again floats two nominees to take board seats at the Black-owned bank. But does its end strategy for Carver align more with Ping An, Blue Hill Advisors or UniCredit?
By Dan Ennis • Nov. 12, 2024 -
Chip Somodevilla/Getty Images via Getty Images
Execs from 6 banks weigh in on impact of Trump’s election
Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect — and what they’re hoping for — out of a second Trump presidency.
By Caitlin Mullen • Nov. 11, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: Morgan Stanley can’t keep everyone
The bank may have developed a reputation for persuading executives to stay. But its co-head of investment management just left to become CEO of an asset management unit at insurance giant Prudential.
By Dan Ennis • Nov. 11, 2024 -
Courtesy of PNC
PNC doubles branch expansion plans
Expanding upon branch growth plans announced earlier this year, the super regional aims to spend an additional $500 million to dig deeper in the Southeast and Southwest.
By Caitlin Mullen • Nov. 8, 2024 -
Spencer Platt / Staff via Getty Images
Ex-TD financial adviser alleges racism, retaliation
Keron McNeil sued the bank, alleging he was subject to racism and retaliation from a colleague and a supervisor, and that after he brought the issues to HR, he lost his job.
By Gabrielle Saulsbery • Nov. 6, 2024 -
halbergman via Getty Images
Mid Penn Bancorp to acquire in-state peer in $127M deal
The lender will acquire William Penn Bancorp in an all-stock transaction expected to close in the first half of 2025 to expand in the greater Philadelphia metro area.
By Rajashree Chakravarty • Nov. 4, 2024 -
Spencer Platt / Staff via Getty Images
Flagstar taps CIO, credit review chief
The bank has brought on a number of new executives this year and also completed the sale of its mortgage business to Mr. Cooper on Friday.
By Gabrielle Saulsbery • Nov. 4, 2024 -
Joe Raedle / Staff via Getty Images
Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
By Caitlin Mullen • Nov. 1, 2024 -
Pgiam via Getty Images
FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
By Dan Ennis • Oct. 31, 2024 -
Getty Images/Staff via Getty Images
New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
By Dan Ennis • Oct. 30, 2024 -
Matt Cardy via Getty Images
HSBC insists it’s not gearing up to split
The bank saw profits jump 10% in the third quarter and announced a $3 billion share buyback. But analysts pressed CEO Georges Elhedery on the long-term effects of a recent reorganization.
By Dan Ennis • Oct. 29, 2024 -
TU IS
Kraken to launch its own blockchain
Ink will be rolled out to retail and institutional users early next year, with the aim to offer decentralized finance to a larger audience.
By Gabrielle Saulsbery • Oct. 28, 2024 -
PaoloGaetano via Getty Images
Intesa Sanpaolo to cut 9,000 jobs in AI-fueled push
Italy’s largest bank aims to hire 3,500 “young people,” many in hybrid contractor roles, in a “generational” shift to artificial intelligence, along with greater emphasis on wealth and insurance.
By Dan Ennis • Oct. 24, 2024
