Banking News and Analysis | Banking Dive
NYCB postpones profitability goal to 2026. The embattled bank recorded a $280 million loss for the third quarter and said it expected to post a loss for 2025, while whittling its profit forecast to 75 cents to 80 cents per share rather than $1.25. Commercial.
Bank of America CEO on digital transformation: ‘There’s always …
Jan 18, 2024 · Dive Brief: Bank of America spent $3.8 billion on new technologies last year and plans to do the same this year, as it develops and deploys generative artificial intelligence capabilities. “There’s always more to go,” CEO Brian Moynihan said of digital transformation, speaking during a Q4 earnings call Friday. “We’ve had algorithm machine learning-type models all over our company for ...
Bank of America customer data exposed in IT provider breach
Feb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
BB&T completes acquisition of SunTrust to form Truist
Dec 9, 2019 · Dive Brief: BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation.. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 …
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
Jan 26, 2024 · Scharf’s compensation package represents an 18.4% boost over the $24.5 million he received for 2022. That raise is in line with at least one other package that was disclosed last week for a big-bank CEO: Morgan Stanley’s James Gorman saw his compensation jump 17.5% in 2023, his final year as chief executive.
Wells Fargo, Fiserv to end joint venture | Banking Dive
Sep 30, 2024 · The two companies extended their pact in 2018 to an expiration at the end of this year. Fiserv owned 40% of the joint venture, while Wells Fargo owned 60%, according to Fiserv’s SEC filing. The venture had a net income of more than $409 million in 2018, according to a Fiserv audit. The Wells Fargo spokesperson declined to comment beyond a ...
Breaking down capital requirements - Banking Dive
Dec 4, 2023 · Minimum: 6%, well-capitalized: 8%. Total Risk-Based Capital: This ratio is total capital — tier 1 and tier 2 capital — divided by risk-weighted assets. Minimum: 8%, well-capitalized: 10%. Regulatory scrutiny is common when a bank falls below well-capitalized. For this reason, banks typically look at well-capitalized requirements as a ...
Banks are excited about AI. Their customers aren’t so sure.
Sep 30, 2024 · Bank customers expressed apprehension around data privacy and security, increased risk of fraud and loss of human support when AI is involved. These customer concerns aren’t unfounded when AI is evolving rapidly, Ghosh said. There’s also unease about potential bias and fairness issues related to AI, particularly regarding lending decisions ...
Wells Fargo hires BNY’s ex-CIO to serve as tech chief
Jul 31, 2024 · Dive Brief: Wells Fargo has named BNY’s former chief information officer, Bridget Engle, as its head of technology, effective Aug. 12, the San Francisco-based lender said Tuesday in a release.; Tracy Kerrins — who took the bank’s tech chief role last year — was named head of consumer technology, Wells said in the release. In that …
TD CEO Bharat Masrani to retire in April | Banking Dive
Sep 19, 2024 · Dive Brief: TD CEO Bharat Masrani will retire April 10, and Canadian personal banking head Raymond Chun will succeed him as the bank’s next CEO, the lender said Thursday. “We are navigating a difficult moment, and I am confident that Ray's leadership will successfully guide this great institution into the future,” Masrani said in a news release.