Allissa Kline

The parent company of Silicon Valley Bank, which has been mired in deposit challenges, expects little near-term change in the deployment of venture capital dollars, which executives say will keep putting pressure on SVB's balance sheet.

CEO Bill Rogers stopped short of confirming or denying speculation that the bank is seeking a buyer for part of the unit.

The Evansville, Indiana, company introduced a boutique-style wealth management business called 1834, which caters to high-net-worth clients.

For the fourth straight quarter, the nation's largest bank boosted its loan-loss reserves, this time setting aside $1.4 billion to cover potentially souring loans. Other big banks made similar moves as the industry braces for a potential recession.

A month after the National Community Reinvestment Coalition blasted KeyBank's mortgage lending record to Black borrowers, the group said it will send letters to the Federal Reserve and OCC about its findings.

The deal would create a $3.2 billion-asset bank with branches in four states, including an expanded presence in Texas.

The parent company of Silicon Valley Bank has tapped Kim Olson, a former bank supervisor who most recently worked at Tokyo's Sumitomo Mitsui Banking Corp., to oversee its risk department.

In his first American Banker interview since becoming CEO two years ago, Thomas Cangemi talks about the company's transformation into a full-service commercial bank now that it has completed its twice-delayed acquisition of Flagstar Bancorp.

Amid high inflation and favorable conditions for job-seekers, several banks hiked their starting wages this year. But even as their labor costs rose, they still found it hard to hang onto employees.

A shareholder group that is pushing the nation's largest banks to conduct racial equity audits criticized JPMorgan Chase's effort, while giving a more favorable review of a Citigroup report. Banks small and large launched racial equity initiatives in 2020 in the wake of protests sparked by the murder of George Floyd.

Changes that began at individual banks in 2021 gained steam this year, as many large and midsize banks reduced their reliance on overdraft-related charges. Federal and state policymakers were key catalysts of the sea change.

The overwhelming majority of top leaders at large U.S and Canadian banks expect a prolonged downturn in 2023, according to a recent survey. Almost none of them expect it to be particularly harsh, though.

CEO Bill Rogers affirmed the North Carolina bank's commitment to an expansion of Truist Insurance Holdings. But he declined to comment on a recent report that the company was exploring the potential sale of up to 30% of the business.

Even though there has been some progress over the last eight years, men continue to hold many more board seats and jobs on executive teams than women, according to a recent report from DBRS Morningstar.

The San Francisco bank joined Bank of America, U.S. Bancorp and Huntington Bancshares, which have previously introduced similar products. The Pew Charitable Trusts said the loans are a more affordable option for cash-strapped consumers than payday loans and overdraft fees.

Since the start of the month, the San Francisco-based bank has announced the addition of three wealth management teams — one each from Merrill Lynch, JPMorgan Chase and Wells Fargo.

The San Francisco company is now estimating a net interest margin of 2.45% for the fourth quarter, down from 2.71% three months earlier. The profitability metric has suffered as customers ask for higher rates on their deposits.

Average deposits at the Northern California bank are expected to decline again in the fourth quarter as startups' spending outpaces the venture capital investments they raise. CEO Greg Becker acknowledged the near-term headwinds but said the bank's fundamentals remain solid.

The Office of the Comptroller of the Currency has approved New York Community Bancorp's proposed acquisition of Flagstar Bancorp, the companies announced Friday. The banks are extending the deal deadline to Dec. 31 as they continue to seek the green light from the Federal Reserve.

Eighteen months after the $2.6 billion deal was announced — and five days before the Oct. 31 deadline — New York Community is still waiting for regulatory approval to buy the Michigan bank. On their joint earnings call, the companies wouldn't say where the deal stands.