Industry News
Industry News
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As CEO Jane Fraser's restructuring of the embattled bank takes shape, the decisions show Citi's willingness to part with certain franchises, even if they are competitive, in the pursuit of lifting returns in line with major U.S. peers.
December 21 -
Led by veteran banker Stephen Gordon, Genesis Bank in Newport Beach, California, plans to use the funds pledged by private equity firms and other investors to roll up community banks in the Western U.S.
December 19 -
A proposed reduction in the amount of overall discretionary spending amounts would hamper both agencies' ability to fulfill their affordable-homeownership missions, the consortium of housing industry advocates said.
December 19 -
At the heart of Ardith Lindsey's Nov. 20 lawsuit are allegations that Mani Singh, another Citigroup managing director who was always more senior than her, coerced her into an abusive relationship and threatened her and her family with violence after she ended it in October 2022.
December 19 -
Rewards jumped as the Covid-19 pandemic spurred trading and deals in 2020, eventually setting off a war for talent. They then collapsed last year as rising interest rates put a damper on client activity — a malaise that stretched through 2023.
December 19 -
Wealth under management in Miami from Mexico clients alone increased by roughly 10% this year at JPMorgan, with similar gains coming from Argentina, Chile, Peru and several other Latin American nations.
December 19 -
The Stockholm-based firm announced Tuesday that it has amassed a stake of about 1.3% in the Swiss bank over the course of this year, making it one of the lender's biggest shareholders.
December 19 -
Left-leaning shareholder groups are asking JPMorgan Chase, Goldman Sachs and other large asset managers to explain a recent decline in their support for certain environmental and social policies at public companies.
December 18 -
Two frontrunners have emerged as possible successors to the long-serving CEO, but even more potential candidates wait in the wings.
December 18 -
A new Cerulli report suggests that one of banks' best opportunities to grow in the coming years is right under their nose, with a client segment they often ignore.
December 15 -
The Connecticut bank agreed to pay $350 million to acquire Ametros Financial, a custodian and administrator of medical funds from insurance claim settlements. Some analysts see the deal as a signal that Webster does not plan to sell its health savings account business, which has been the subject of recent speculation.
December 15 -
The KBW Bank Index soared 9% over two days on the heels of the Wednesday afternoon meeting, its best such rally in nearly three years.
December 15 - AB - Technology
The roundup of top banking tech news for 2023: Ally Bank's path into the world of generative artificial intelligence, JPMorgan Chase's fallout from its deal with the college financial-planning website, banks across the U.S. increasingly fell victim to cyber attacks and more.
December 15 -
Commercial-property sales have come under pressure over the past year as borrowing rates soared and values plummeted. Sellers and borrowers have often struggled to agree on pricing, given uncertainty around where values sit today.
December 15 -
Atlanta-based Global Payments has been working with an adviser to study the feasibility of a deal for Shift4 Payments, according to the people.
December 14 -
A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.
December 14 -
Xu Guojun, a former local branch head at Bank of China, was handed a life sentence over one of the Asian nation's biggest bank frauds.
December 14 -
Under the Corporate Sustainability Due Diligence Directive, large companies face civil liability for environmental and human rights violations in their value chains. According to the compromise announced on Thursday, the financial sector will be temporarily excluded from the scope of the directive.
December 14 -
The five banks that went under in 2023 had nearly $550 billion of assets, the largest total in a single year. Here's a look back at how they unraveled.
December 13 -
In the coming year, banks, fintechs and credit unions will be watching the elections and working out how to incorporate AI into their businesses.
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