Jordan Stutts is a New York-based reporter covering national and regional banks and how the finance industry impacts society. Before joining American Banker, Jordan covered private equity at PEI Media. His journalism career began at Qcitymetro, a local news publication based in Charlotte, North Carolina.
The legislation is the latest step in California's effort to crack down on high-cost small-business loans.
The Alabama-based bank, which reported $135 million in check fraud losses during a six-month period, says that it had changed the period of time it holds a deposit in an effort to become more customer-friendly. "We opened the door too wide, bad people came rushing in, and we didn't close the door timely enough," said CFO David Turner.
The community banking veteran will succeed Thomas Coughlin, who spent nine years as CEO of the Bayonne, New Jersey-based bank.
JPMorgan Chase and Citigroup were among the banks that voluntarily reported new information this year about the impact of their operations on climate change. The additional disclosures came in advance of new regulations that are expected in 2024 from the Securities and Exchange Commission.
The Cincinnati, Ohio, bank also promoted three other top executives to new roles. All of the changes will be effective in early 2024.
Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.
If banks reached the same market penetration among U.S. customers of Latin American descent that they have among white Americans, they could tap an additional $155 billion in annual revenue, according to new research from the consulting giant McKinsey.
Five large U.S. banks are among 50 global financial institutions that climate activists are targeting as they push to end financing of metallurgical coal projects.
Once the pace of private equity-backed sales of middle-market companies picks up, the Rhode Island-based bank expects to benefit. CEO Bruce Van Saun says that Citizens' recent expansions in private banking and wealth management will provide opportunities to cross-sell to corporate clients.
Top industry executives said this week that price increases are abating, even if they haven't yet fully abated. Their remarks reflect increased confidence that the Federal Reserve will hold interest rates steady — or perhaps even cut them — in the first half of 2024.