BB&T-SunTrust moniker mystery, Dimon's Wells blast, big banks and APIs: Top stories of the week

Published May 31, 2019 3:20 PM

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Updated June 1, 2021 1:36 PM

1 Min Read

Wells Fargo snags tech executives from JPMorgan, WarnerMedia

Steve Hagerman, head of consumer lending technology at Wells Fargo

Steve Hagerman (pictured), who was responsible for the first mortgage platform at JPMorgan Chase, will be head of consumer lending technology at Wells. It also named Gary Owen, a veteran of WarneMedia, Promontory Financial and Citi, its chief information security officer.

(Full story here.)

Suspense builds on new brand for BB&T-SunTrust

SunTrust CEO Bill Rogers on Thursday explained the direction he and BB&T chief Kelly King are going with the new name, but gave no hints on what it is or when it will be unveiled.

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Wells Fargo 'irresponsible': Dimon blasts rival on lack of CEO plan

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during a Bloomberg Television interview on the sidelines of the JP Morgan Global China Summit in Beijing, China, on Wednesday, May 8, 2019. Dimon put the odds of the U.S. and China reaching a trade deal at 80 percent, sounding a note of optimism even after the rising specter of tariffs roiled global markets. Photographer: Giulia Marchi/Bloomberg

Giulia Marchi/Bloomberg

The JPMorgan chief executive said he couldn't understand why Wells Fargo could have CEO Tim Sloan step down without a successor ready to go.

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Wells Fargo expands board, mulls changes to auto loan pricing

Mary Mack, head of consumer banking at Wells Fargo

The scandal-plagued bank announced Wednesday that it is adding a board member with deep experience in accounting. It is also considering a switch to flat pricing in indirect auto lending, a change long favored by consumer advocates.

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How APIs are being used at Citi, BBVA and other leading banks

In the past few years, APIs have become a surprisingly hot topic, considered by many as a golden key to open banking and innovation.

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A less defensive posture from Wells Fargo's interim CEO

In stark contrast to his predecessor, C. Allen Parker said Thursday he accepts regulators' criticism and suggested that the bank may struggle to achieve revenue growth until it moves past its regulatory woes.

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This fintech drove billions in deposits to EU banks. Can it work here?

Raisin is planning to create an online marketplace for high-yield savings accounts and CDs for the U.S., but persuading Americans to save could be a challenge.

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Expect more banks to exit national mortgage lending

Profit per mortgage loan, in basis points

Many banks have already scaled back home lending or even left the business. With profit margins shrinking, inventories of homes at crisis levels and competition from nonbanks intensifying, that's unlikely to change.

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Huntington unlikely to pursue merger or online-only bank, top executive says

Howell McCullough, chief financial officer of Huntington Bancshares

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Speaking at a conference on Wednesday, CFO Howell McCullough mostly ruled out a merger of equals as a growth strategy for the $108 billion-asset Huntington.

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CFPB's Kraninger digs in over halt to military lending exams

Kathleen Kraninger, director of the Consumer Financial Protection Bureau (CFPB), speaks during a House Financial Services Committee hearing in Washington, D.C., U.S., on Thursday, March 7, 2019. Chairwoman Maxine Waters is seeking information from the CFPB about recent settlements that did not include consumer relief and asking staff employees to blow the whistle on actions they see as weakening consumer protection. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

Kathy Kraninger, the bureau's director, is in a standoff with Democrats about her claim that the agency cannot supervise institutions under the Military Lending Act.

(Full story here.)