News Topic: Commercial banking

A defense spending package includes a measure requiring new businesses to report their beneficial owners directly to the Financial Crimes Enforcement Network, shifting the burden away from banks. ... Read full article

The bank will now let business customers receive and pay invoices from within online and mobile banking. ... Read full article

Citigroup appointed Elissar Farah Antonios as the first woman to run its Middle East and North Africa operations, among the U.S. bank’s fastest-growing businesses in emerging markets. ... Read full article

In November, the Sierra Club singled out Bank of America as "the only major U.S. bank not to rule out financing for the destruction of the Arctic refuge" after its five biggest competitors updated their policies this year. ... Read full article

The Toronto company says it will begin by gathering data on the greenhouse gas emissions of borrowers — a critical first step toward stress testing for climate events. ... Read full article

The global bank has rolled out cash-flow forecasting tools as financial institutions race to meet urgent demands from commercial customers trying to navigate uncertain times. ... Read full article

Spence’s promotion to president could signal that the Cincinnati banking company is grooming him as a potential successor to Chairman and CEO Greg Carmichael. ... Read full article

Deposits have piled up, curtailing overdrafts and other fees. The trend could force lenders to find other ways to make money — or start cutting to the bone. ... Read full article

Institutions that cling to outdated lending tools run the risk of being left behind by commercial clients who are barraged with opportunities to borrow faster and more conveniently. ... Read full article

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it ... Read full article

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets. ... Read full article

Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services. ... Read full article

Wells Fargo cut more than 700 commercial banking jobs as it embarks on workforce reductions that could ultimately number in the tens of thousands, according to people with knowledge of the matter. ... Read full article

HSBC, Bank of the West and Fannie Mae are among those offering green mortgage bonds, financing commercial clients’ efforts to rein in carbon emissions and developing other novel products that help customers tackle environmental challenges. ... Read full article

Citigroup can seek information on the relationship between investment managers and Revlon Inc. creditors who have refused to return millions of dollars the company says it mistakenly sent them, a judge ruled. ... Read full article

The American Association of Bank Directors is setting up an on-the-job training program to help banks reach a younger and more diverse group of prospective employees. ... Read full article

Lenders should be subjected to tough reviews of their readiness for economic threats posed by severe weather, required to disclose risks lurking in their portfolios and perhaps forced to set aside extra capital, a government study recently recommended. ... Read full article

Several companies said this week they’re slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick. ... Read full article