Industry News
The Cincinnati bank's new division will lend to nonbanks that make or bundle together residential mortgage loans, whose businesses have slowed as higher interest rates lower appetite for refinancing. The warehouse sector has seen "fierce competition" among banks lately, one analyst wrote.
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The megabank rolled out new and expanded employee diversity targets that it aims to meet by 2025. The goals include placing more Hispanics in leadership roles and boosting the number of LGBTQ+ members the company hires from colleges and universities.
September 20 -
More U.S. consumers are saddled with credit card debts for longer periods of time, according to a survey, struggling to pay down amid high inflation and rising interest rates.
September 19
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The Minneapolis bank extended its purchase agreement until the end of 2022, six months after the deal's original targeted closing date. Large-bank acquisitions have been drawing closer regulatory scrutiny during the Biden administration.
September 16 -
The $536 million-asset credit union said the investment will "improve lives and close the racial and gender opportunity gaps" in Alabama, Arkansas, Louisiana, Mississippi and Tennessee.
September 16 -
The bank, which is seeking regulatory approval of its proposed First Horizon purchase, said that a quarter of the branches will be in majority-minority or low-to-moderate income neighborhoods. Progressive groups have argued that the $13.4 billion acquisition would harm low-income communities.
September 15 -
Allegiance Bancshares and CBTX received the final blessing they needed from the Fed to complete their proposed deal 10 months after it was announced. But regulators say the new company must take steps to attract more African American mortgage borrowers.
September 14 -
The fourth-largest U.S. bank by assets has commissioned an outside law firm to assess its diversity practices. Wells had previously resisted a shareholder proposal that would have authorized a similar review.
September 14 -
Sarver, who owns the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, is facing a one-year suspension and a $10 million fine after an investigation found evidence of workplace misconduct. The Arizona bank where Sarver previously served as chairman and CEO is also discussed in an investigative report released Tuesday.
September 13 -
After investment banking fees fell by 54% last quarter, the nation's largest bank by assets is considering cutting back. "Last year, we had to add a lot of bodies just to execute the huge amount of volume we were executing," Chief Operating Officer Daniel Pinto said Tuesday.
September 13
