‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

BNY Mellon to lay off 1,500 employees this year

The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

By Dan Ennis • Jan. 13, 2023

Explore the Trendline➔

M&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

Fifth Third aims to close 23 branches in 2023

The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

By Rajashree Chakravarty • Jan. 13, 2023

City National Bank to pay $31M redlining settlement

The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

By Anna Hrushka • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Solutions unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

Frost Bank to offer home loans after more than 20-year hiatus

Despite market headwinds, the bank is bullish on its return to home lending, and has a long-term vision for its mortgage operation, the bank’s CIO said.

By Anna Hrushka • Jan. 12, 2023

Raleigh bank CEO dead in small plane crash

The pending merger between Integrated Financial, the company Eric Bergevin led, and MVB Financial “remains on track,” Integrated said Monday.

By Gabrielle Saulsbery • Jan. 12, 2023

Michigan credit union eyes bank in sector’s 1st tie-up of 2023

Old Mission Bank’s two locations will expand 4Front Credit Union’s Upper Peninsula footprint and boost its asset total by roughly $130.2 million.

By Rajashree Chakravarty • Jan. 11, 2023

PNC bolsters environmental pledge to $30B

The Pittsburgh-based bank has completed $9 billion in environmental financing since committing to a five-year, $20 billion goal in August 2021.

By Gabrielle Saulsbery • Jan. 11, 2023

Wells Fargo trims mortgage division, exits correspondent lending

The move marks an identity shift for the bank, which, as recently as 2019, was the nation’s top home lender with $201.8 billion in volume.

By Anna Hrushka • Jan. 11, 2023

FDIC gives $5.2B Columbia-Umpqua deal its final sign-off

The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.

By Dan Ennis • Jan. 11, 2023

SVB, EagleBank name next chief risk officers

Jay Namputhiripad brings 23 years of experience to EagleBank. Kim Olson, a 30-year banking vet, comes to SVB from Sumitomo Mitsui Banking Corp.’s Americas operation.

By Rajashree Chakravarty • Jan. 10, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Morgan Stanley’s COO is leaving the bank

Jon Pruzan, once seen as one of four likely successors to CEO James Gorman, will exit the bank Jan. 31, according to an SEC filing.

By Dan Ennis • Jan. 9, 2023

Goldman Sachs to cut up to 3,200 jobs starting midweek: report

More than one-third of the cuts will be from within the bank’s core trading and banking units, sources told Bloomberg.

By Anna Hrushka • Jan. 9, 2023

WaFd CEO takes leave of absence after surviving plane crash

The bank’s chief consumer banker, Cathy Cooper, will take on CEO duties while Brent Beardall recovers from surgery after sustaining broken bones and lacerations. The plane's pilot died in the crash.

By Anna Hrushka • Jan. 5, 2023

Blue Ridge Bank taps Fed vet to lead fintech division

The move comes roughly four months after the Office of the Comptroller of the Currency ordered the bank to improve its oversight of third-party fintech partnerships.

By Rajashree Chakravarty • Jan. 4, 2023

Connecticut de novo scraps launch amid economic downturn

The New Canaan Bank would have been the state's first startup bank in 12 years.

By Rajashree Chakravarty • Jan. 4, 2023

Goldman’s head of Marcus to step down

Swati Bhatia will transition to a role as advisory director, Reuters reported. The move comes as staff cuts this month are expected to target the bank's beleaguered consumer-banking unit.

By Dan Ennis • Jan. 4, 2023

Goldman’s January job cuts may set industry tone for 2023

Headcount reduction is coming in the first half of the month, CEO David Solomon told staff. The bank's second-in-command, John Waldron, defended the strategy in an interview.

By Dan Ennis • Jan. 3, 2023

Wealthfront extends partnership with Green Dot, raises APY

Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.

By Anna Hrushka • Dec. 21, 2022

Wells Fargo escapes $300M fair-housing suit, but win is lost amid CFPB payout

At least twice in 2022, the bank saw a double dose of multimillion-dollar news in a 24-hour span, and somehow mortgage cases always lose out.

By Dan Ennis • Dec. 21, 2022

Neobank Greenwood adds subscription offering

For Ryan Glover, an Atlanta-based entrepreneur and founder of Bounce TV, adding professional- and entertainment-focused offerings to the digital banking platform is a move into familiar territory.

By Anna Hrushka • Dec. 21, 2022

Wells Fargo to pay $3.7B in record CFPB settlement

The bank agreed to pay more than $2 billion in consumer redress and a $1.7 billion fine for violations across several product lines. Wells expects to take a $3.5 billion operating loss for 2022’s fourth quarter.

By Anna Hrushka • Dec. 20, 2022

BMO program helps women get back to work after career gap

The Chicago-based effort, in collaboration with The Mom Project, aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship.

By Rajashree Chakravarty • Dec. 19, 2022