Former Tennessee congressman hired by Truist

Published August 28, 2026 3:00 PM

1 Min Read

In this week's banking news roundup:

Former Democratic Congressman Harold Ford Jr. will serve as president of wholesale banking at Truist Financial.
U.S. District Judge Jed Rakoff approved Bank of America's $72.5 million settlement with sex trafficking victims of the late financier Jeffrey Epstein.
HDFC will challenge the bankruptcy resolution involving a personal guarantee by media tycoon Subhash Chandra; and more.

Truist hires former Tennessee congressman to fill new role

Truist Financial has hired former Democratic congressman Harold Ford Jr. to serve as vice president of wholesale banking, a new role focused on business opportunities and deepening client relationships with Truist's commercial, corporate, institutional and wealth management clients.

Ford, who represented a Tennessee district in the House from 1997 to 2007, most recently worked at PNC Financial Services Group, the release said. Truist's incoming CEO, Michael Lyons, is PNC's former president.

Ford previously worked at Morgan Stanley, which fired him in 2017. Ford threatened to sue Morgan Stanley over his dismissal, and the investment bank later issued a statement saying Ford was fired "based on corporate policy," disputing reports that he was terminated for sexual misconduct.

Ford is currently a Fox News contributor. At Truist, he will report to Kristin Lesher, chief wholesale banking officer, and join Truist's 21-member operating council. He starts on Aug. 31. —Allissa Kline

Judge approves BofA’s $72.5M deal with Epstein victims

A federal judge in New York approved Bank of America's $72.5 million settlement with Jeffrey Epstein victims who claimed the bank aided in the late financier's sex trafficking.

At a hearing Thursday, U.S. District Judge Jed Rakoff called the agreement "fair, reasonable and adequate," clearing the way for lawyers to begin distributing money to about 90 women who were sexually abused or trafficked by Epstein and the people around him.

BofA disclosed the proposed deal in March, resolving a lawsuit filed the previous October. BofA admitted no wrongdoing as part of the settlement.

It was the third major bank to settle with Epstein victims. In 2023, JPMorganChase and Deutsche Bank agreed to pay $290 million and $75 million, respectively. While the cases against those banks focused on their client relationship with Epstein, the one against Bank of America mainly alleged that it was used by "his co-conspirators, associates and victims," including Ghislaine Maxwell, currently serving a 20-year sentence for sex-trafficking. —Bob Van Voris, Bloomberg News

HDFC to challenge over 99% cut in media tycoon’s repayment

India's largest private-sector lender plans to challenge the bankruptcy resolution involving a personal guarantee by media tycoon Subhash Chandra after an insolvency court approved a more than 99% cut for creditors.

HDFC Bank had opposed and voted against the plan, which was approved by the majority of creditors, the lender said in a media statement. The bank said it is exploring filing an appeal.

The loan, inherited from HDFC Ltd., represents 3.2% of the total admitted claims, it said. A ruling by the Delhi insolvency court reduced the Essel Group founder's payment liability to 62.5 million rupees ($654,160) against the claims worth 220 billion rupees in the insolvency case initiated by Indiabulls Housing Finance, now called Sammaan Capital, according to an order pronounced Tuesday and uploaded later.

On Thursday, Chandra said in a media statement that the personal insolvency proceedings were only for 39.92 billion rupees, and not 220 billion rupees. He has not borrowed any money from any lender, he said. —Shruti Mahajan and Siddhi Nayak, Bloomberg News

NatWest to expand US operations after UK eases ring-fencing rules

NatWest Group is boosting its presence in the U.S. more than a decade after the financial crisis forced it into retreat, according to a person familiar.

Last week, the U.S. Federal Reserve granted the lender's ring-fenced bank approval to set up a representative office in Connecticut, the person said, asking not to be identified discussing internal matters. That will see it employ a small number of relationship and credit colleagues in the U.S.

NatWest's U.S.-licensed broker-dealer already helps hedge funds and the new office will help bolster existing relationships, the person said.

Former Chancellor Rachel Reeves' reforms in January 2025 allowed ring-fenced lenders to establish a physical presence in jurisdictions like the U.K. The regime — introduced after the 2008 global financial crisis — had banned banks from establishing branches or subsidiaries outside the European Economic Area to shield them from risky overseas operations.

NatWest declined to comment. The Financial Times reported the news earlier. —Zainab Haji, Bloomberg News