Retail & Commercial

Alison Rose stepped down after the British government, the UK lender's largest shareholder, signaled she had lost its confidence after a political dustup.

Elon Musk's grand vision is to turn Twitter into a one-stop shop for financial services. It's hardly the first time a tech giant has sought to muscle in on Jamie Dimon's turf.

Post-merger Banc of California will target "in-market relationship banking" by focusing on treasury management services and loan growth to boost "low-cost" commercial deposits, CEO Jared Wolff said.

BMO Financial Group will enable payments, hold deposits and more for Grounded Technologies, a company that sources funding for banks from a diverse mix of asset managers.

The $417 million agreement would give Richmond, Virginia-based Atlantic Union Bankshares "the critical mass" it needs in its home state and neighboring North Carolina, according to CEO John Asbury. He and his counterpart Jeff Haley at American National Bankshares in Danville, Virginia, describe each other as longtime pals.

During the company's second-quarter earnings call, CEO Jim Ryan acknowledged employees' "resiliency and their commitment to supporting one another" after a gunman opened fire on a Louisville, Kentucky, branch in April.

Storms earlier this month crippled local communities in the Green Mountain state. Banks, which have had to close branches or open alternative ones, are offering flexible loan repayment options and working with municipalities to finance the rebuilding of infrastructure.

Credit metrics are deteriorating as more cardholders fall behind on their payments. But bank CEOs detect few causes for alarm, saying they plan to stay in growth mode since most consumers have stayed current.

The deal is expected to close late in 2023 or early next year and be immediately accretive to the combined company's earnings.

Valarie Ivester, assistant vice president of indirect strategy and development for Greater Texas Credit Union, has helped update strategy from the start of the pandemic through the recent chip shortage.