News Topic: Commercial banking
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A ‘turnover tsunami’ is coming. Will banks be ready for it?
Umpqua aims to build on PPP momentum in 2021
BofA’s new sustainable financing goal: $1 trillion by 2030
Dimon says ‘fintech and big tech are here’ as banks lose ground
Forget M&A: KeyBank counts on medical niche to drive growth
Wells Fargo selling trust unit to Computershare for $750 million
Wells Fargo, disposing of units to simplify operations, agreed to sell its corporate trust business to Australia’s Computershare Ltd. for $750 million. ]] ... Read full article
First penalty for pot banking violations lands on credit union
Seven years after regulators issued guidance to financial institutions, a small Michigan credit union was ordered to stop opening new accounts for marijuana businesses. ]] ... Read full article
Citi blocks firms with errant Revlon payout from debt deals
Citigroup is punishing investment firms that kept payments the bank accidentally sent to Revlon lenders by blocking them from certain new debt offerings led by the bank, according to people with knowledge of the matter. ... Read full article
A business deposit account that sweeps cash into green projects
MUFG Union Bank is offering a new deposit product to commercial clients who want to see their cash reserves used to help finance sustainable projects, such as renewable energy or green transportation. ... Read full article
Citi’s $900 million mistake prompts banks to seek new safeguards
Banks have begun inserting new language into loan deals that would require investors to return accidental payments like the one Citigroup made to Revlon's lenders last year. ... Read full article
Citigroup restates earnings after writing down Revlon loan
Citigroup restated fourth-quarter results after writing down a portion of a loan to Revlon it now owns after losing a court battle. ... Read full article
CRE lenders’ growing fear: Office workers won’t come back
Already contending with stressed retail, hotel and restaurant loans, bankers are beginning to view office lending — historically a safe bet — as increasingly risky as companies of all types rethink their space needs. ... Read full article
Wells Fargo promotes veteran executive to new ESG post
Geneviève Piché, who has worked in investment banking at the company for 20 years, will be in charge of helping corporate clients make environmentally and socially responsible investments. ... Read full article
Citi may get stuck with huge chunk of distressed Revlon debt
A back-office blunder is leaving the financial behemoth faced with the prospect of becoming one of the biggest creditors to the troubled cosmetics empire. ... Read full article
U.S. Bancorp adds banker to find sustainable investments for clients
Marcus Martin will be responsible for expanding sustainable investing options for the Minneapolis company's corporate and commercial customers. ... Read full article
New York Community sets sights on M&A
The company is exploring a range of options to diversify its balance sheet, but new CEO Thomas Cangemi says the best plan of attack is to merge with or acquire another institution. ... Read full article
Will Biden, Democrats renew push to tax big banks?
A tax that banks successfully opposed throughout the Obama administration was endorsed by the president on the campaign trail and is supported by many prominent Democrats in Congress as a means of funding government spending. ... Read full article
How Wells Fargo sped up onboarding process for commercial clients
The bank has been streamlining common activities for commercial clients as part of a yearlong digital transformation. ... Read full article
JPMorgan names James Roddy to run corporate client banking
Roddy has worked at JPMorgan for more than two decades. He replaces Rob Holmes, who recently left the company to join Texas Capital Bancshares as CEO and president. ... Read full article