The Latest
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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."
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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.
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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.
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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.
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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.
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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.
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Third-party risk guide ‘a welcome sign,’ analysts say
The guide from the Fed, OCC and FDIC aims to help bankers “get in the same mindset as the examination team” when assessing and managing third-party relationship risks, said the ICBA’s Michael Emancipator.
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Chime dinged by CFPB for delayed customer refunds
“When Chime discovered the issue, we worked with our vendor to resolve the error and issued refunds to impacted consumers,” a Chime spokesman said, adding that most issues occurred in 2020 and 2021.
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Robinhood may face SEC lawsuit over crypto unit
In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.
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Fed, TCH joust over interoperability
When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.
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U.S. Bank promotes Kedia to president
Elevating the bank’s vice chair of wealth, corporate, commercial and institutional banking likely positions Gunjan Kedia as the successor to CEO Andy Cecere, a Piper Sandler analyst said.
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FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
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Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
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2 Stifel employees leave after inappropriate relationship with cleaner
The investment bank did not identify the employees. One resigned immediately after Stifel found misconduct, while the other is "in a legal process" with the bank, The Times of London reported.