Banks News

JP Morgan Fined $348.2 Million for Improper Trade Surveillance

WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) related to deficiencies in its trade surveillance program. The Federal Reserve Board also issued an enforcement action against JPMorgan Chase & Co. and fined the firm approximately $98.2 million for an inadequate program […]

Albany Banks Upstate

Berkshire Bank Sells Off 10 NY Branches

Berkshire Hills Bancorp — a Boston-based financial company — announced that its subsidiary Berkshire Bank has entered into agreements with three buyers to sell 10 of its upstate and eastern New York branches, consisting of eight offices in Albany, Saratoga, Schenectady and Columbia counties, one office in Whitehall and one office in East Syracuse. The […]

Banks News NYC

Citibank to Cut 286 Jobs in NYC

Citigroup is cutting at least 286 jobs in New York City at its global headquarters according to WARN notices filed with the NYS Department of Labor. Reports in January said the company was planning to cut 20,000 jobs over the next two years. Citigroup employed 239,000 full-time workers at the end of December 31, 2023. […]

Banks News

NY Community Bank Completes Conversion to Flagstar

HICKSVILLE — New York Community Bancorp, Inc. and its subsidiary, Flagstar Bank, N.A., announced it has completed the operational conversion of its systems and national rebranding to Flagstar—further integrating the Company as one bank and one team. Clients are now unified under a single platform, which includes access to enhanced online and mobile banking tools, […]

Banks News Upstate

M&T Foundation Awards $8.2 Million in Grants

BUFFALO — The M&T Charitable Foundation, the philanthropic arm of M&T Bank, has awarded $8.2 million in donations to 68 nonprofit organizations across New England and Long Island and Rockland County New York. The announcement is the second round of giving as part of the company’s Amplify Fund grant, a commitment by M&T Bank to […]

Banks

JPMorganChase Expands Duties for Top Executives

NEW YORK — JPMorgan Chase, the nation’s largest bank, announced new and increased responsibilities for a number of key executives. Jennifer Piepszak, Co-Chief Executive Officer of Consumer and Community Banking (CCB), and Troy Rohrbaugh, Co-head of Markets and Securities Services, will become Co-CEOs of the expanded Commercial & Investment Bank, which will bring together our major wholesale businesses […]

Banks News

Morgan Stanley Appoints 155 Managing Directors

NEW YORK — Financial services firm Morgan Stanley has announced the appointment of 155 Managing Directors for 2024. This number is down from 184 promoted to Managing Director last year. Morgan Stanley provides a wide range of investment banking, securities, wealth management and investment management services. The new Managing Directors at the company for 2024 […]

Banks News

KeyBank Awards Grants to Nonprofits in NY

TARRYTOWN, NY — KeyBank is making 20 charitable donations through its KeyBank Foundation, the bank’s charitable foundation to nonprofit organizations throughout the Hudson Valley and Metro New York area.  The gifts focus support to address homelessness, financial literacy, education, workforce development, minority small business development, and more.  The charitable donations total $385,000 and are part of KeyBank’s community […]

Banks News

Morgan Stanley Raises $1.2 Billion for Late Stage Investments

NEW YORK — Morgan Stanley Investment Management (“MSIM”) announced it has closed on approximately $1.2 billion of total equity capital commitments for North Haven Expansion Equity IX and North Haven Expansion Credit II to fund later-stage growth equity and credit investments in the technology, healthcare, consumer, digital media and other high-growth sectors. The funds, managed […]

Banks News

J.P. Morgan Launches New Fund Banking Group

NEW YORK — J.P. Morgan Private Bank has launched the Fund Banking Group, a division of the U.S. Private Bank’s business focused on the banking, lending and investing needs of private equity and venture capital funds and their principals. This new division combines the experience of First Republic’s historical fund business with the Private Bank’s […]

Banks

NYC Banking Commission Limits New Deposits at Capital One, Key Bank

NEW YORK – Following the first-ever public hearing held by the New York City Banking Commission this week, all three members voted to limit deposits at Capital One and KeyBank after the banks failed to submit required plans demonstrating their efforts to root out discrimination. New York City Comptroller Brad Lander, one of three members […]

Banks Government

FDIC Wants to Levy Fees on Larger Banks to Pay for Seizures

The Federal Deposit Insurance Corporation (FDIC) Board of Directors wants to implement a special assessment on the nation’s largest banks to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank earlier this year. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in […]

Banks News

JPMorgan Chase to Buy Closed First Republic Bank

First Republic Bank of San Francisco was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank to assume all of the deposits and substantially all of the […]

Banks News

Flagstar Bank Buys Signature Bank Assets

The Federal Deposit Insurance Corporation (FDIC) has entered into a purchase and assumption agreement for substantially all deposits and certain loan portfolios of Signature Bridge Bank by Flagstar Bank of Hicksville, NY, a wholly owned subsidiary of New York Community Bancorp of Westbury, NY. The 40 former branches of Signature Bank will operate under New […]

Banks

Signature Bank Taken Over by Government

On Sunday, March 12, 2023, the New York State Department of Financial Services (DFS) took possession of NY-based Signature Bank in order to protect depositors. All depositors will be able to access and withdraw their funds. Signature Bank was a leading bank for the crypto industry along with law firms in New York City and the […]