FORT WORTH, Texas -
"The bottom line is, we need to right-size the bank," Tim Carter, who took over as president and CEO in June following the death of long-time CEO Larry Duckworth in February, said in a statement. He attributed last year's losses to the costs incurred in the charter switch and expansion of services.
Visa is introducing a premium service to the Middle East, and Lloyds Banking says its cash protection product is showing results. Plus, Brex teams up with Doordash and more in the American Banker global payments and fintech roundup.
A report from Democratic staff on the Senate Permanent Subcommittee on Investigations said accounting firm KPMG gave Silicon Valley Bank, Signature Bank and First Republic clean audits despite internal warnings, fraud allegations and apparent risks of failure.
Each year, American Banker chooses five teams that embody the spirit of collaboration and illustrate how teamwork can have a substantial impact on a bank's top and bottom lines.
The goal of the regional banking team members is to partner across their respective business lines or service areas to bring in more clients to BofA and to better serve existing clients.
Led by chief SBA lending officer Anna Chung, the team oversees Hanmi's Small Business Administration lending operation, a longstanding component of the $7.8 billion-asset company's business model.
Led by Jennifer Warren, who serves as the head of Wilmington Trust, the teamwork resulted in over $2 billion in revenue expansion for the institutional client services division.
