Banking News and Analysis | Banking Dive
Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX’s bankruptcy case. Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
A year after reorg, progress at Citi comes in ‘fits and starts’
Sep 12, 2024 · Citi is working to “swiftly” incorporate regulator input amid the bank’s effort to put its data, risk and control issues behind it, CFO Mark Mason said this week, as the lender chases growth one year after launching a major reorganization.. New penalties totaling $135.6 million from the Federal Reserve and the Office of the Comptroller of the Currency provided …
Truist customer data exposed in third-party breach
Oct 8, 2024 · Truist has notified customers of a security breach involving a third-party service provider, asserting the incident did not affect its network, according to a letter the bank sent in early September that was made public last week.. Financial Business and Consumer Solutions, a third-party debt collector that worked for the Charlotte, North Carolina-based lender, …
KeyBank CFO eyes opportunities through Scotia deal
Sep 16, 2024 · Scotiabank announced that it has agreed to take a 14.9 percent stake in the Cleveland-based KeyCorp for roughly $2.8 billion. Spencer Platt / Staff via Getty Images. Scotiabank’s 14.9% stake in KeyBank for $2.8 billion has been a “hugely rejuvenating” boost of confidence for the regional lender’s bankers, KeyBank CFO Clark Khayat said.
U.S. Bank reaches its proving ground | Banking Dive
Sep 13, 2024 · Dive Brief: U.S. Bank CEO Andy Cecere pledged Thursday to grow revenues faster than expenses in the coming years, saying the lender has made needed investments and will better leverage its “set of unique businesses” than it has in the past. During the Minneapolis-based super regional’s investor day in New York City, Cecere said the bank ...
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.
TD hit with asset cap, $3B in penalties over AML woes
Oct 10, 2024 · The asset cap carries with it an open timeline. The Federal Reserve, for example, capped Wells Fargo’s assets at $1.95 trillion in February 2018 — in response to the bank’s 2016 fake-accounts scandal — and has yet to lift the restriction.Just this month, Sen. Elizabeth Warren, D-MA, urged the OCC to issue an asset cap against Citi over the bank’s long-running tech …
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 …
Goldman sells Marcus Invest accounts to Betterment
Apr 23, 2024 · Dive Insight: The sale marks the latest step in the dismantling of Goldman’s once-heavy bet on consumer banking. Goldman last month closed its sale of installment lender GreenSky to an investor group led by Sixth Street.. Marcus Invest launched in February 2021, in large part as an appeal to retail investors, who could open accounts with as little as $1,000.
Wells Fargo CEO Scharf details asset cap limitations
Apr 16, 2024 · Wells Fargo CEO Charlie Scharf expects the bank to be more aggressive in going after deposits and lending once the asset cap it’s under has been lifted, as the lender has had to carefully manage its activities due to that regulatory action. The most important aspect of the lifting of the $1.95 trillion asset cap isn’t “the pure economics ...