David J. Wagner, president of Old Kent Financial Corp., has been
He succeeds John C. Canepa, who will continue as chairman of the Grand
In addition, the lead bank's president, Robert L. Sadler, has been
Mr. Wagner joined Old Kent in 1977. He was elected as president and
Mr. Sadler joined Old Kent in 1965. He has been a board member of Old
Net charge-offs at the Charlotte-based bank increased by more than 80% from the same period a year earlier. BofA executives said that the rising losses were in line with the bank's risk appetite.
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year's banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
Rep. Andy Barr, R-Ky., is running to lead his caucus in the House Financial Services Committee and says he has the skills to meld traditional and insurgent wings of the party.
Bellwether Community Credit Union's partnership with the New York ad tech firm Prizeout is working to build out gift card programs and generate added sources of non-interest income.
Morgan Stanley CEO Ted Pick downplayed the importance of government investigations into potential money laundering issues involving wealth management clients. "We've been focused on our client on-boarding and monitoring processes for a good while," he said.
