The Latest

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    Michael M. Santiago / Staff via Getty Images
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    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.

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    Natee K Jindakum,/Shutterstock.com

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    Sponsored by PerformLine

    Why banks can’t risk manual marketing compliance in today’s regulatory environment

    How banks can avoid regulatory headaches and drive growth with automated marketing compliance.

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    Creative via Getty Images
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    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.

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    Anna Moneymaker via Getty Images
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    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.

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    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.

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    Spencer Platt via Getty Images
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    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.

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    Justin Sullivan / Staff via Getty Images
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    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.

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    The image by Maciek Lulko is licensed under CC BY 2.0
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    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.

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    Chris Hondros via Getty Images
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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.

  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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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. 

  • Climate activists protest outside the headquarters of Standard Chartered.
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    Dan Kitwood via Getty Images
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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.

  • The Canary Wharf headquarters of Barclays Bank.
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    Oli Scarff via Getty Images
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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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    Chip Somodevilla via Getty Images
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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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    Maks_Lab via Getty Images
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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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    Natalie Meepian via Getty Images
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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.

  • The U.S. Securities and Exchange Commission seal hangs on the facade of its building.
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    Chip Somodevilla via Getty Images
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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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    Win McNamee via Getty Images
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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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    Carlos Alvarez via Getty Images
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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.

  • FTX signage is shown with a phone in the foreground
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    Leon Neal / Staff via Getty Images
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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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    Drew Angerer / Staff via Getty Images
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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."

  • Martin Gruenberg addresses the Senate Banking Committee.
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    Win McNamee via Getty Images
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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.

  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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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.

  • A close up of the Department of Treasury seal on the front of the headquarters with "the Department of Treasury" and "1789" on an outer circle and a shield with the scales of justice up top and a key.
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    Chip Somodevilla via Getty Images
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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.

  • An image shows a person on a computer and mobile device handling financial transactions.
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    Sukanya Sonlila via Getty Images
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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.