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Read the latest on the banking & finance industries in the U.S. with award-winning analysis and in-depth reporting by American Banker.
15 most recent bank failures - American Banker
Oct 24, 2024 · Since 2019, 15 banks have failed, with five banks failing in 2023 alone. On October 18, 2024, First National Bank of Linday's demise marked the second bank failure of the year. The collapse raised questions about whether the failure was caused by errors at the bank or by economic issues that could affect other institutions.
20 highest-paid bank executives - American Banker
Aug 29, 2024 · In 2023, the top five bank executives with the highest total compensation earned a combined salary of more than $147 million. The average salary for the 20 bank executives making the most money in 2023 was more than $21 million.
Best Banks to Work For 2024 - American Banker
Nov 12, 2024 · Independence Bank wants to make sure employees enjoy the time they spend at work. Themed dress days are planned throughout the year. So-called Office Olympics break up the workday with games and activities. Food trucks are on site and free popcorn is available at all sites every Friday.
SouthState's $2B bank deal, the year's largest, clears key hurdles
Dec 18, 2024 · Winter Haven, Florida-based SouthState Corp. announced in May a $2 billion, all-stock bid to acquire McKinney, Texas-based Independent Bank Group.The Federal Reserve Board and Office of the Comptroller of the Currency approved the merger this month, clearing major hurdles on the path toward an expected closing early in 2025.
Truist's COO, who oversaw strategy revamp, resigns
Jan 13, 2025 · Cummins, who became Truist's vice chair in 2021, was a top executive at SunTrust Banks before the merger and had been its co-COO.In 2023, his compensation package totaled $6.5 million, according to Truist's most recent proxy statement. In its SEC filing, the $519 billion-asset company said its board of directors and management had a "deep appreciation … for …
Wells Fargo gets its first nonbranch employee union
Dec 11, 2024 · Scharf has said that Wells Fargo's leaders believe the company's employees are best served by working directly with the bank, rather than unionizing. "We intended to exercise our right to speak with our employees about these matters to make sure that they make informed decisions," Scharf said at the bank's annual shareholder meeting in April. Few U.S. banks …
American Banker November/December 2024
From Donald Trump to Gunjan Kedia, Jerome Powell to Jamie Dimon, here are the politicians, bankers, regulators, tech execs, lobbyists and lawyers who will impact the industry this year (plus Taylor Swift).
Banks sue CFPB for capping overdraft fees at $5
Dec 12, 2024 · Looking ahead, bank experts said there's a wide menu of choices for other ways the overdraft rule could be scuttled. Once the Trump administration takes over next year, "this final rule will almost certainly be subject to the Congressional Review Act," which allows Congress to nullify a rule within 60 legislative days of its finalization, said Joe Lynyak, a partner at …
How 'Uberization' drives embedded payments - American Banker
Dec 12, 2024 · "Invisible payments are the goal, the coolest trend in payments is the transactions are becoming invisible," said Anu Somani, head of global payables and embedded payments for U.S. Bancorp at the American Banker Future of Payments Summit this week.. Somani was speaking in a virtual panel on embedded payments, or payment products that are integrated …