Banking

JPMorgan CEO Jamie Dimon testified that then-private banking head Mary Erdoes and then-general counsel Stephen Cutler could have decided to drop Jeffrey Epstein as a bank client after accounts of his sex-trafficking emerged

The unit's CEO, Jeff Leerink, and his management team are said to be preparing to announce a deal for the firm in the coming days, pending approval from the U.S. Bankruptcy Court for the Southern District of New York.

An activist investor blasted the appointment of Andrew Cohen, saying he has long served on the Philadelphia bank's board and shares responsibility for its financial troubles.

In May's roundup of American Banker's favorite stories: Washington state plans to provide mortgage assistance to help address historical discrimination, an insider look at how Comerica is faring with the Treasury's Direct Express program, the fall of First Republic Bank and more.

The ill-conceived proposed rule would increase costs for a significant majority of credit card customers.

All In Credit Union's acquisition of $115 million-asset SunSouth Bank will push the credit union above the $3 billion asset mark.

U.S. banks lost 2.5% of their deposits during the first quarter while credit unions saw a 2.1% quarterly increase, according to an S&P Global Market Intelligence analysis. Aggressive marketing — and credit unions' relatively untarnished reputations — helped motivate the shift.

Mobile banking offerings at midsize banks scored below those of their larger peers in a recent customer satisfaction survey. At a time of rising interest rates, consumers are increasingly valuing digital offerings that act as money movement hubs, experts say.

Nearly two out of three finance chiefs surveyed by Piper Sandler said they were most worried about deposit costs in the aftermath of recent bank closures. Only 7% cited credit quality as their top reason for unease.

Banks across the country have had deposit guarantees since 1998. By extending this to credit unions, Ukraine can provide economic stability while also improving its chances of joining the European Union.

CEO Bill Rogers says the North Carolina bank is contemplating additional business segment changes to improve its efficiency. Investors have been pushing the company to cut costs at a faster clip.

The Consumer Financial Protection Bureau said the Evansville, Indiana, installment lender had engaged in "unfair, deceptive and abusive acts and practices," and failed to reimburse interest to consumers who had cancelled certain add-on products.

JPMorgan Chase CEO Jamie Dimon says his company remains committed to doing business in the Communist Party-ruled nation as political tensions grow.

Carrie Tolstedt, the longtime head of retail banking at Wells, is resolving legal problems tied to her role in the bank's phony-accounts scandal. Earlier this year, she agreed to plead guilty to a criminal charge as part of a deal that calls for up to 16 months behind bars.

Banks with between $50 billion and $250 billion of assets leaned particularly heavily on the Federal Reserve and the Federal Home Loan banks amid deposit outflows in March and April, according to new research that quantifies the scramble for funding.

Wells Fargo & Co. has hired Credit Suisse Group's Jill Ford as head of its equity capital markets business.

The Consumer Financial Protection Bureau released fourth-quarter data last week showing a big drop in revenue from overdraft and nonsufficient-funds fees in 2022 compared with 2019 as big banks reduced or eliminated certain fees.

Led by Chairman Marshall Reynolds, the entire board of directors participated in a private placement that raised $10 million for the Hammond, Louisiana, company.

The longtime executive and former Trump Administration official will rejoin Goldman colleagues at merchant bank BDT & MSD Partners.

The banks that succeed in keeping top talent, from the branch to the corporate headquarters, do it by facilitating and encouraging employees' professional development.