Retail & Commercial

The New York bank had hoped to find a buyer for its South Korean retail franchise but now plans to wind down operations instead.

Michelle Moore, head of consumer digital at Wells Fargo, is leading development of an entirely new banking app and a virtual assistant named Fargo that will roll out next year.

The Alabama company agreed to buy two nonbank lenders earlier this year. It’s still on the lookout for possible deals, potentially in corporate finance or wealth management, its chief financial officer told American Banker.

The third-party investigation will assess the bank’s progress on a pledge to spend at least $1 billion providing mortgages, small-business loans and other banking services in underserved neighborhoods.

Lesher, previously the company’s head of middle-market banking operations on the East Coast, takes over as Wells is making technology investments in the unit.

Trustmark Bank agreed to pay $9 million to resolve allegations that it discriminated against Black and Hispanic residents in Memphis, Tennessee. Attorney General Merrick Garland said the Department of Justice and other agencies will continue their crackdown.

Zions and BOK Financial are eager to meet the anticipated rise in loan demand despite regulatory attention on the financial risks associated with climate change.

The industry is prioritizing Black and Hispanic consumers in the interest of social equity and to tap new markets amid declining refinance volume and rising rates.

Investment banking fees helped propel the Cleveland bank's noninterest income, which has been a focus for the last decade and continues to rise as a percentage of total revenue.

Building on four years of rapid growth in Dallas, Business First expects the acquisition to help it grow into a regional bank.