Commercial banking

The largest U.S. bank by assets has elevated Jennifer Piepszak to chief operating officer, in preparation for Daniel Pinto's retirement in 2026. But Piepszak is not interested in being CEO, the company said.

The top five banks and thrifts had combined assets of more than $13 trillion as of Sept. 30.

Beau Cummins, a longtime Truist executive, stepped into the chief operating officer role in 2023 to help reposition it after years of lagging performance. The bank says he won't be replaced.

The Federal Deposit Insurance Corp. granted nonbank investment firm BlackRock an extra month to come to an agreement with the agency over its substantial stakes in certain FDIC-regulated firms, a matter that Republicans and Democrats have both expressed concern about.

The Federal Reserve Board on Friday approved UMB Financial's pending $2 billion acquisition of Heartland Financial.

The top five banks with the largest portfolios of home equity loans had more than $94 million in loans combined for the third quarter of last year.

The financial data firm Intercontinental Exchange is buying the firm that runs the Ameribor interest rate benchmark, which some community and regional banks back as a LIBOR alternative.

The top five banks with the largest portfolios of commercial and industrial loans had more than $1.03 billion when combined.

As part of the transaction, Scotiabank will take a 20% ownership stake in Davivienda, Colombia's third-largest bank, which has operations in Costa Rica, El Salvador, Honduras, Panama and Miami.