The Latest
-
Brex CFO mulls long-term IPO scenario but keeps eye on costs
The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.
-
JPMorgan retakes title as top fossil-fuel financier, nonprofit says
U.S. banks accounted for 30% of the $705 billion that 60 global banks spent on fossil-fuel financing in 2023, the Rainforest Action Network found.
-
Kabbage to pay $120M in PPP fraud settlements with DOJ
The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.
-
CFG Bank launches accounts to boost Key Bridge relief efforts
A money market account through the bank is donating 0.05% of accrued interest to a nonprofit fund offering financial support for families affected by the bridge collapse.
-
JPMorgan objects to proxy adviser’s push for CEO, chair split
The bank said ISS’s recommendation “fails to match the empirical evidence of the last 18 years of leadership” by Jamie Dimon, who occupies both roles at JPMorgan.
-
Column
Dive Deposits: May just might be succession strategy month
Banco Popular became the second bank in a week to name a president — a steppingstone to CEO if not a long-term plan. Look back, and JPMorgan and Morgan Stanley each launched multiyear races in May.
-
Pot banking bill advocates push for action this year
Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.
-
United Bank to buy Piedmont in $267M deal
The acquisition is United’s first under CEO Richard Adams Jr., and would help the bank broach the Atlanta area — and Georgia altogether — for the first time.
-
JPMorgan lures $28B adviser team from Merrill Lynch
The Gray-Polverini team that joined JPMorgan’s wealth management unit in Los Angeles generated nearly $10 million in annual revenue.
-
RBC restructures its investment-banking unit
Putting a U.S.-based executive in charge of global investment banking may reflect how crucial the Canadian bank's "second home" is to its growth strategy.
-
StanChart pledges to reduce methane emissions from oil, gas clients
The goal aligns with the British bank’s aim to decrease its financed carbon emissions and accelerate its pathway to net-zero status by 2050.
-
Barclays pressed on climate commitments, Gaza
Activist shareholders asked the bank to pull back its financing of North American fracking. Barclays, meanwhile, reportedly cut eight bankers on its energy transition and sustainable finance teams.
-
Climate risks ‘highly uncertain,’ ‘challenging,’ banks tell Fed
In the climate scenario exercise, the nation’s six biggest banks found data gaps in real estate exposure, insurance, debtors’ transition risk management and infrastructure.
-
LinkBank sells 3 NJ branches to credit union
The branches more than double Philadelphia-based American Heritage's Garden State footprint. The transaction aims to help LinkBank achieve efficiencies tied to its recent purchase of Partners Bank.
-
TabaPay calls off deal with Synapse
TabaPay sent Synapse a termination notice of the transaction Thursday, “based on failure to meet the purchase agreement closing conditions,” a TabaPay spokesperson said.
-
Upstart subpoenaed by SEC over AI, loans
“We are cooperating with the SEC and are unable to predict the outcome of this matter,” the fintech lender said in a filing Tuesday.
-
FDIC’s Gruenberg faces amplified calls to quit
“It’s time for Chairman Gruenberg to resign so the FDIC can move forward with the leadership it deserves and desperately needs to ensure employees and the important work of this agency are supported,” said Sen. Tim Scott, R-SC.
-
Column
Dive Deposits: Are we in a parallel 2020? Ask a Spanish bank
FDIC culture woes. The rise of women execs. Regulators' rush to issue final rules before an election. 2020 had all of that, too — along with a failed BBVA bid for Sabadell. But in 2024, it turned hostile.
-
FTX to repay customers more than they lost
The collapsed cryptocurrency exchange, which owes creditors about $11.2 billion, has between $14.5 billion and $16.3 billion available to distribute to them.
-
TD begins damage control after fentanyl report
In the "sobering" aftermath of the bank's AML crisis, executives are detailing an improvement plan and reassuring employees, but analysts are calling for change in the face of a "lost decade."
-
8 findings from the FDIC sexual harassment audit
The law firm Cleary Gottlieb identified 10 root causes of the FDIC’s culture issue. Chair Martin Gruenberg’s anger isn’t listed as one. And harassment at the agency wasn’t always sexual, the review found.
-
Fifth Third launches ‘reimagined’ eBus with SpringFour
The eBus will travel to underserved communities across the bank’s footprint and give consumers access to around 24,000 nonprofit resources through its collaboration with the social impact fintech.
-
Wells Fargo hires JPMorgan vet Rivas to boost investment bank
Fernando Rivas, who was among the lead negotiators in JPMorgan's First Republic acquisition, had been set to retire when he left JPMorgan in February.
-
Aspiration spins off consumer financial brand
The standalone company, helmed by Tim Newell, will continue to operate under the Aspiration brand name and focus on offering climate-friendly products.
-
Regulators propose executive bonus rule
“[P]oorly designed financial institution compensation programs can provide incentives for short-term risk taking that can jeopardize the safety and soundness of the institution,” FDIC Chair Martin Gruenberg said.