Banking News and Analysis | Banking Dive
WEBDonald Felix, a 25-year banking veteran, will succeed Craig MacKay, who became interim CEO of the Black-owned bank last year when the company weathered a “hostile takeover” attempt from an investor. Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
Bank of America customer data exposed in IT provider breach
WEBFeb 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 ...
Wells Fargo faces new class-action suit over fake-accounts response
WEBMar 1, 2024 · Wells Fargo was hit with a new lawsuit Thursday alleging the bank did not do enough to reimburse customers affected by its 2016 fake-accounts scandal, Reuters reported. The class-action lawsuit, filed in a San Francisco federal court by Amanda Gonzales, a schoolteacher from New Mexico, comes on the heels of Wells Fargo recently sending letters to customers urging them to contact the bank if ...
BB&T completes acquisition of SunTrust to form Truist
WEBDec 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 former BB&T and SunTrust employees will relocate.
Banking Technology News | Banking Dive
WEB5 days ago · Open technology empowers banks to thrive in a dynamic digital world. Today’s banking and financial services industry is characterized by constant, rapid change. By Joe Gomez - General Manager for US Mid-Market Core and Digital, Finastra • Aug. 26, 2024.
PNC could cut more than 2,400 employees: report - Banking Dive
WEBOct 13, 2023 · That means the Pittsburgh-based lender could cut more than 2,400 employees, based on headcount figures from December, which put the bank’s workforce at 61,545. PNC expects to take a one-time $150 million charge in the fourth quarter, related to the cuts, which started Oct. 6, according to Bloomberg. The bank, however, expects to …
Truist CEO on cost cuts: We needed ‘a shock to the system’
WEBMay 31, 2024 · Dive Brief: Truist CEO Bill Rogers on Thursday said the bank remains focused on streamlining expenses after announcing “sizable reductions” last year. “We felt we needed to have a little bit of a shock to the system,” Rogers said Thursday at a Bernstein conference.; Where Truist’s expense base had been growing by mid-single digits previously, the bank has said it expects to keep ...
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
WEBJan 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. Access now .
Breaking down capital requirements - Banking Dive
WEBDec 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 …
7 personnel moves that spotlight Truist’s reorganization
WEBOct 9, 2023 · Here are seven personnel moves that could help define Truist’s restructuring: 1. The bank’s chief marketing officer is out. Vinoo Vijay, who has served as Truist’s CMO since 2020, will leave the bank this week and relocate to California, he wrote in a LinkedIn post Thursday. "Terribly bittersweet.