Banking News and Analysis | Banking Dive
Goldman names 95 new partners, most since 2010. The bank touted the diversity of its new class, which included 26 women. But that’s 27%, short of 29% from two years ago. About 4% of new partners are Black, less than half the 9% from 2022. Regulations & Policy.
Breaking down capital requirements - Banking Dive
Dec 4, 2023 · Minimum: 6%, well-capitalized: 8%. Total Risk-Based Capital: This ratio is total capital — tier 1 and tier 2 capital — divided by risk-weighted assets. Minimum: 8%, well-capitalized: 10%. Regulatory scrutiny is common when a bank falls below well-capitalized. For this reason, banks typically look at well-capitalized requirements as a ...
Bank of America customer data exposed in IT provider breach
Feb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
Jan 26, 2024 · Scharf’s compensation package represents an 18.4% boost over the $24.5 million he received for 2022. That raise is in line with at least one other package that was disclosed last week for a big-bank CEO: Morgan Stanley’s James Gorman saw his compensation jump 17.5% in 2023, his final year as chief executive.
U.S. Bank to take over State Farm banking operations
Mar 6, 2020 · Dive Brief: In a move to exit the banking business, State Farm later this year will begin turning over its deposit and credit card accounts to U.S. Bank in a strategic alliance the insurance company announced on Thursday. “State Farm has been committed to helping people for nearly 98 years,” president and CEO Michael Tipsord said.
Bank of America CEO on digital transformation: ‘There’s always …
Jan 18, 2024 · Dive Brief: Bank of America spent $3.8 billion on new technologies last year and plans to do the same this year, as it develops and deploys generative artificial intelligence capabilities. “There’s always more to go,” CEO Brian Moynihan said of digital transformation, speaking during a Q4 earnings call Friday. “We’ve had algorithm machine learning-type models all over our company for ...
BB&T completes acquisition of SunTrust to form Truist
Dec 9, 2019 · Dive Brief: BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation.. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 …
Retail Banking News | Banking Dive
Nov 6, 2024 · The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.”. Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway. By Caitlin Mullen • Oct. 11, 2024. The latest retail banking news for banking industry professionals.
Fed, OCC approve BMO’s $16.3B Bank of the West acquisition
Jan 18, 2023 · The Federal Reserve and the Office of the Comptroller of the Currency approved Bank of Montreal’s $16.3 billion acquisition of San Francisco-based Bank of the West, the regulators announced Tuesday.. The combination will create the 13th-largest U.S. commercial bank with roughly $256 billion in assets, according to OCC figures. That would put it squarely in a size category the Fed has labeled ...
Truist names COO, hires away Wells Fargo exec | Banking Dive
Nov 15, 2023 · Truist created a chief operating officer role and hired away a Wells Fargo executive to become its new chief wholesale banking officer, the bank announced Tuesday.. Truist’s vice chair, Beau Cummins, will become COO immediately, the bank said. Cummins has been with Truist or predecessor SunTrust since 2005, according to his LinkedIn profile.Before becoming vice chair in September 2021 ...