Industry News
Goldsmith, the grandson of City National Bank’s co-founder, is set to retire as its chairman. In an interview, he betrayed no regrets about the company’s sale to Royal Bank of Canada, which was propelled by a similar logic about the need for scale that drives many deals today.
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The Florida company spent nearly $7 million in the fourth quarter on the payouts, which were made in recognition of work done during the pandemic.
January 24 -
The Alabama company continues to explore buyouts of add-on businesses, part of a strategy that has already helped recoup dollars lost as a result of reforms to its overdraft practices.
January 21
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Fourth-quarter profits rose 10% at the Cleveland company as investment banking income hit a record and nonperforming loans plummeted. Executives say charge-offs will probably start rising in late 2022 but that fee income from capital markets transactions will keep growing.
January 20 -
The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.
January 19 -
The government has become more skeptical of mergers, but the Minneapolis company expressed confidence it can maintain its original timeline for the $8 billion acquisition. Separately, it announced substantial changes to its overdraft program that will, among other things, eliminate fees for nonsufficient funds.
January 19 -
The Rhode Island bank estimated that its revised overdraft practices will cost $40 million each year, but it noted that complaints to call centers are down 40% since the policy change.
January 19 -
Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.
January 19 -
Derek Flowers, a 24-year company veteran, will replace the retiring Amanda Norton. Flowers' familiarity with the megabank's operations will help as it continues working through regulatory consent orders, CEO Charlie Scharf said.
January 18 -
Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.
January 14
