Industry News
Industry News
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The Alabama company continues to explore buyouts of add-on businesses, part of a strategy that has already helped recoup dollars lost as a result of reforms to its overdraft practices.
January 21 -
The merger of FVCBankcorp and Blue Ridge Bankshares, which has faced criticism from student borrower advocates, would have created a $5 billion-asset bank. The deal was delayed last year after the Office of the Comptroller of the Currency raised concerns.
January 21 -
Christopher Del Moral-Niles, who has been at the Wisconsin bank since 2010, is credited with helping the company raise capital, exit the Troubled Asset Relief Program and improve its ratings profile.
January 21 -
Grupo Financiero Banorte is seen as the top contender among potential bidders to buy Citigroup’s Mexican consumer banking operations, according to analysts at Credit Suisse Group and Bank of America.
January 21 -
Fourth-quarter profits rose 10% at the Cleveland company as investment banking income hit a record and nonperforming loans plummeted. Executives say charge-offs will probably start rising in late 2022 but that fee income from capital markets transactions will keep growing.
January 20 -
JPMorgan Chase will introduce a credit card with Instacart this year, the first foray into grocery for the country’s largest co-brand credit card issuer.
January 20 -
The Boston company is forecasting larger earnings growth in the first year after closing its $3.5 billion deal than it projected in September. On the flip side, the acquisition will take longer to close than initially expected.
January 20 -
The deal is the latest example of a mainstream bank buying a point-of-sale lender focused on financing home improvement projects.
January 19 -
J. Kevin Ryan is succeeded by Cameron Minges, who became the credit union's president a year ago.
January 19 -
The government has become more skeptical of mergers, but the Minneapolis company expressed confidence it can maintain its original timeline for the $8 billion acquisition. Separately, it announced substantial changes to its overdraft program that will, among other things, eliminate fees for nonsufficient funds.
January 19 -
The Rhode Island bank estimated that its revised overdraft practices will cost $40 million each year, but it noted that complaints to call centers are down 40% since the policy change.
January 19 -
Valuations for payment technology companies skyrocketed over the past year, pushed by a wave of public listings and record venture capital investments. Some potential acquirers are waiting for prices to cool.
January 19 -
The economic and political conditions are in place for bank-credit union mergers to blow past last year's total of 13 despite the banking industry's strong opposition to them.
January 18 -
SoFi Bank, which is expected to open next month, emerges from the company’s purchase of a small community bank in California. It will not be allowed to engage in crypto-asset activities without its primary regulator’s approval.
January 18 -
Derek Flowers, a 24-year company veteran, will replace the retiring Amanda Norton. Flowers' familiarity with the megabank's operations will help as it continues working through regulatory consent orders, CEO Charlie Scharf said.
January 18 -
Joseph L. McGee, who has run the credit union for more than 20 years, will step down in March. Glenn Bryan, chief operating officer, has been named his successor.
January 18 -
The companies originally hoped to complete the deal in late 2021. The buyer chalked up the delay to an overburdened Federal Reserve, rather than any problems with its application.
January 18 -
Citigroup, which has been shedding some of its retail operations as part of a global revamp, is in advanced talks with Taiwan’s Fubon Financial Holding for a sale of its mainland China consumer business, people familiar with the matter said.
January 18 -
Citigroup CEO Jane Fraser is nearing the end of her organizational overhaul after deciding to cut loose retail-banking operations in Mexico. She will make the case at an upcoming investor day that the company is on the verge of producing stronger shareholder returns.
January 14 -
Citi will conduct a search for David Chubak's replacement as head of the retail services business, which provides private-label and co-brand credit cards for merchants including Macy’s and Best Buy.
January 14

















