Risk: Page 4
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Biggest US banks boost dividends, launch stock buybacks
JPMorgan and Morgan Stanley flag repurchase programs worth $30 billion and $20 billion, while Goldman Sachs bemoans an uptick in the bank’s stress capital buffer.
By Dan Ennis • July 1, 2024 -
Anna Hrushka/Banking Dive
FDIC orders Thread Bank to step up BaaS oversight
The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.
By Caitlin Mullen • July 1, 2024 -
Explore the Trendline➔
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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 -
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Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
By Dan Ennis • June 26, 2024 -
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Moelis banker who was filmed punching woman leaves his job
A woman who said she was the recipient of the punch said Jonathan Kaye seemed agitated before the scuffle began. A spokesperson for the banker said Kaye felt threatened.
By Dan Ennis • June 25, 2024 -
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BlackRock becomes first firm on Indiana treasurer’s ESG watchlist
“Contrary to the Treasurer’s assertion, BlackRock has been singularly focused on delivering performance” for the state’s pension fund, a firm spokesperson told ESG Dive.
By Lamar Johnson • June 25, 2024 -
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Citi calls carbon emissions report from environmental group ‘misleading’
Stand.earth reported last week that Citi is a leading financier of the maritime liquefied natural gas industry, but the bank takes issue with the methodology used.
By Lamar Johnson • June 24, 2024 -
Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
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Fed, FDIC find weaknesses in JPMorgan, BofA, Citi, Goldman living wills
The regulators both identified weaknesses in Citi’s plan, “but reached different conclusions on its severity,” the regulators said Friday.
By Caitlin Mullen • June 21, 2024 -
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UBS to set aside $900M to compensate Greensill investors
The Swiss bank inherited the issue when it acquired Credit Suisse. The amount accounts for 90% of what clients are owed from the 2021 collapse of the supply chain financing firm.
By Rajashree Chakravarty • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 2024 -
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Fed hits Synapse partner Evolve with enforcement action
An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.
By Caitlin Mullen • June 14, 2024 -
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Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
Courtesy of FDIC
Synapse trustee McWilliams finds $85M gap in frozen funds
Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.
By Dan Ennis • June 12, 2024 -
Justin Sullivan / Staff via Getty Images
Wells, PNC CFOs see office spaces leading CRE stress
“Older office buildings that are not renovated in certain areas of different cities are the places that you’re seeing the most stress,” Wells Fargo CFO Mike Santomassimo said Tuesday.
By Caitlin Mullen • June 12, 2024 -
Courtesy of Morgan Stanley
Morgan Stanley CEO outlines AI benefits
Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.
By Caitlin Mullen • June 11, 2024 -
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Canadian bank’s Minnesota deal gets Fed approval
VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs sign-off from the OCC and a Canadian regulator.
By Dan Ennis • June 7, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.
By Rajashree Chakravarty • June 7, 2024 -
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Deep Dive4 things banks are doing to grease the M&A wheels
Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.
By Caitlin Mullen • June 6, 2024 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sued in alleged aid of $300M Ponzi scheme
The proposed class action claims that the lender, from 2011 until 2021, knew of a scheme that duped more than 1,000 investors, most of whom were seniors.
By Rajashree Chakravarty • June 6, 2024 -
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Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle
The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.
By Rajashree Chakravarty • June 5, 2024 -
Spencer Platt / Staff via Getty Images
NYCB names Otting executive chair
Alessandro DiNello, whom Otting replaces, will retain a seat on the board and serve as a senior adviser, NYCB said.
By Caitlin Mullen • June 5, 2024 -
Kate Tornone/Banking Dive
Citizens CEO: ‘You have to walk before you can run’ with AI
Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.
By Caitlin Mullen • June 4, 2024 -
Mario Tama / Staff via Getty Images
Bank of America tweaks its restriction on firearms, energy lending
New language indicates lending decisions go to senior risk officials for case-by-case evaluation, rather than being a non-negotiable “no.”
By Dan Ennis • June 3, 2024 -
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Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Courtesy of Fifth Third
Fifth Third CEO eyes systemically important label for nonbanks
Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.
By Caitlin Mullen • June 3, 2024
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