Credit union launches disaster relief loan, banking exec retires

Credit union launches disaster relief loan, Wells Fargo exec retires

September 8, 2023 6:14 PM

Merrimack Valley Credit Union is launching a disaster relief loan, William Daley will retire from Wells Fargo, New York Community Bancorp promotes Signorille-Browne to COO and more in the weekly banking news roundup.

Merrimack Valley Credit Union starts flood disaster lending program

Merrimack Valley Credit Union in Lawrence, Massachusetts, is launching a specialized disaster relief loan for those devastated by the floods throughout the state last month. Through Oct. 31, the $2.3 billion-asset MVCU's Flood Disaster Relief loan is offering members a maximum amount of $20,000 fixed at a 3.59% annual percentage rate. Eligible applicants include those living in the towns of Andover, North Andover, Haverhill, Lawrence, Methuen and Wilmington. "This initiative will make a meaningful difference for those who were hardest hit by this summer's devastating weather events," Sen. Barry Finegold, D-Mass., said in a press release.—Frank Gargano

Community First Credit Union CEO John Hirabayashi to retire

John Hirabayashi, longtime president and chief executive of Community First Credit Union in Jacksonville, Florida, is retiring after more than 27 years at the helm. Hirabayashi, who joined Community First as CEO in 1996, will continue to lead the credit union until it concludes the search for a successor in mid-2024. "This evolution and growth reflects the credit union's mission to improve quality of life and banking services to residents and businesses of the Jacksonville region," Hirabayashi said in the press release. —Frank Gargano

New York Community Bancorp chooses Signorille-Browne for COO role

New York Community Bancorp has promoted Julie Signorille-Browne to the role of chief operating officer, the company announced this week in a press release. Signorille-Browne joined the Hicksville, New York-based bank in 2021 as chief administrative officer. She succeeds Robert Wann, who retired from the COO role following New York Community's December 2022 acquisition of Flagstar Bancorp in Troy, Michigan. Signorille-Browne will retain her current duties — including the management of retail banking operations, corporate real estate and share services, commercial loan servicing operations and the customer contact center — and add information technology and human resources to her list of responsibilities, according to the press release. She will also oversee the systems conversions for Flagstar as well as Signature Bank, which New York Community acquired in March. Signorille-Browne has worked at Citizens Financial Group in Providence, Rhode Island, KeyCorp in Cleveland and First Niagara Financial Group in Buffalo, New York. — Allissa Kline

Citi hires Frankel to co-lead Americas consumer banking

Citigroup has hired Barrett Frankel from Barclays Plc as co-head of consumer investment banking in North America, according to an internal memo reviewed by Bloomberg News. Frankel will be based in New York and will partner with Awais Kharal, who's been leading the group for the past two years, according to the memo from Clayton Hale, Citi's global head of consumer and retail for its banking, capital markets and advisory group. Before joining Barclays in 2020, Frankel worked at JPMorgan Chase for two decades. "Barrett brings a wealth of experience and key relationships across the consumer sector and has led advisory and capital raise transactions for many of the largest global consumer companies including Mars, Mondelez, General Mills, Kraft Heinz and Hershey," Hale said. Representatives for Citi and Barclays declined to comment. — Michelle F. Davis, Bloomberg News

HSBC exploring quantum solutions for managing collateral assets

HSBC is partnering with a Swiss quantum technology company to research applications of quantum computing to increase optimization. The London-based bank will work with Terra Quantum on projects like using mathematical and algorithmic quantum strategies to allocate and manage collateral assets more efficiently. "It's been super exciting working in the quantum space with companies like Terra Quantum and its suite of cutting-edge hybrid quantum algorithms," said Steve Suarez, who served as global head of innovation at the bank until this summer, in a prepared statement. "Together we have explored the ability and readiness of hybrid quantum to take on large-scale, business critical problems and create transformational impact." HSBC has been exploring quantum solutions since 2020, and recently began testing a cybersecurity application of the technology. Other banks in the U.S. that are researching quantum potential include Ally Bank, Wells Fargo and JPMorgan Chase. — Catherine Leffert

JPMorgan promotes Matt Sable to CFO of commercial banking

JPMorgan Chase has promoted Matt Sable to serve as chief financial officer of commercial banking. Sable has spent his entire 22-year career at the bank. He joined in 2001 and worked in JPMorgan's asset management and investment banking division for 15 years before crossing over to serve as head of strategy for commercial banking. Before this week's promotion, Sable held the position of group head for JPMorgan's corporate client bank's financial institutions group. He will remain based in New York reporting to Doug Petno, the chief executive of commercial banking at JPMorgan, as well as the bank's CFO Jeremy Barnum, according to an emailed statement from a JPMorgan spokesperson. — Jordan Stutts

Daley to retire as Wells Fargo public affairs leader

William Daley, a former chief of staff to President Obama, is retiring from Wells Fargo after leading its public affairs division since late 2019. Daley joined the bank as part of its shake-up following a series of consumer abuse scandals. CEO Charles Scharf, whose hiring was part of the shuffle, brought Daley to the San Francisco bank after working with him at Bank of New York Mellon. Daley's division oversaw Wells Fargo's government relations, communications, branding, community relations and philanthropic arm. In a news release, Scharf called him an "invaluable asset to the company" who helped "rebuild our reputation both nationally and locally." Daley said his group has made "real progress in improving Wells Fargo's standing in the public eye." Daley was previously vice chairman at BNY Mellon, where Scharf was CEO; a member of JPMorgan Chase's executive committee; and president of SBC Communications. Daley, the son of late Chicago Mayor Richard J. Daley and brother of former Mayor Richard M. Daley, was also secretary of commerce in the Clinton administration. — Polo Rocha

Chicago elite taps Hyatt CEO and BMO banker to help curb local crime

Chicago's corporate leaders picked two executives to replace billionaire Jim Crown in the business community's efforts to curb crime in the city. Mark Hoplamazian, CEO of Hyatt, and BMO's Eric Smith will co-chair a task force to help halve the city's murder rate and reduce shootings. (Crown died in a racetrack accident earlier this year.) Prominent leaders have expressed growing concerns over the impact of crime on their operations: Ken Griffin, founder of Citadel, said he was moving his company to Miami because of the violence, while Terry Duffy, the CEO of CME Group, revealed that his wife was carjacked in broad daylight earlier this year. The task force works with the city's police department, community groups and other stakeholders. — Isis Almeida, Bloomberg News, with assistance from Shruti Date Singh