Corporate governance

A new public-private network is pursuing a more comprehensive approach than other states to cultivate a strong financial technology industry by uniting banks, insurance companies, startups, government agencies, investors, universities and students.

The four largest U.S. banks face investor pressure to deliver the returns of smaller rivals, but they complain that the federal deposit cap and capital rules make that difficult. So they're pouring money into wealth management, payments and digital banking to seize more market share in existing businesses and fend off nonbank challengers.

The San Francisco company has promoted or hired several bankers to steer growth in retail and commercial banking operations just months after completing its purchase of Radius.

The efforts to bolster risk controls and simplify global operations will ultimately lead to better shareholder returns, Jane Fraser said, while urging investors to show patience.

High-tech videoconferencing is no replacement for high-touch in-person meetings. Yet some bank directors who are vaccinated remain hesitant to return to boardrooms.

The store-branded credit card issuer is expanding from three sales divisions to five, a move that CEO Brian Doubles says will help by “aligning our organization for faster growth and execution.”

Sarah Dahlgren, who joined the scandal-plagued company in 2018, is departing of her own accord, according to a spokesman.

GreenState Credit Union's agreements to buy community banks in Illinois and Nebraska renewed the debate over whether federal tax exemption gives credit unions an unfair competitive advantage.

Despite concerns about the scope of information that companies would have to provide about risks linked to climate change, some of the largest institutions are seeking to collaborate with the agency as it develops a framework for informing investors.

Last year, many banks made big, splashy pledges to advance racial equity. Now some of those banks are seeking to hold executives accountable for those efforts through their paychecks.

Cypress Trust in Palm Beach is poised to pull off a rarity: the conversion of a wealth management firm into a community bank. It’s simply another way to take advantage of the ongoing melding of the two financial services sectors, CEO Dana Kilborne says.

The investment in Finitive is one of a number of technology agreements that the commercial lender has struck recently in an effort to broaden its reach.

The bank is launching a business called Morgan Health aimed at improving employee benefits and promoting health equity, first for JPMorgan’s workers and then for other large companies.

Deutsche Bank must be ready for possible acquisitions once consolidation in European banking accelerates, CEO Christian Sewing said, the clearest hint yet that he’s considering deals again halfway through his four-year turnaround program.

Michael Butler relied on partnerships with tech startups in areas such as checking and mobile banking to turn Radius into a digital-only bank before its sale to LendingClub. As the new CEO of Grasshopper Bank, he plans to strike similar deals to expand beyond business lending.

JPMorgan Chase has named two executives to key technology posts, including the first Black chief information officer of a company unit; Ally Financial's chief digital officer has bolted for Live Oak Bancshares; and Amalgamated Bank has landed a veteran Australian banking executive as its new CEO.

FinTrust Capital Partners in South Carolina has $2 billion of assets under management.

Princeton Portfolio Strategies Group would become the sixth asset management business that the New Jersey banking company has bought since 2014.

The Denver company, which has branches in El Paso, will gain more locations in cities such as Dallas and Austin with the pending purchase.

Both credit unions are based in Pittsfield, Massachusetts.