The Federal Reserve Board approved the $35.3 billion deal, which will result in Discover Bank merging with Capital One's national bank subsidiary, Capital One, National Association (CONA), with CONA as the surviving entity. Post-merger, Capital One will become the eighth largest bank in the United States, with its deposits making up 2.6% of total deposits in U.S. banking institutions. The merger is expected to strengthen the merged entity's presence in the U.S. credit card market.
JPMorgan Chase is pursuing legal action against customers accused of exploiting a glitch allowing them to withdraw funds from fraudulent checks before they bounced. The bank is filing lawsuits in state courts for amounts below $75,000, including cases in Georgia, Miami, the Bronx and Texas. The move highlights the bank's efforts to recover funds owed to it.
The Office of the Comptroller of the Currency (OCC) is assessing the extent of a major email breach that exposed sensitive banking data from May 2023 to Feb. 2025. Hackers accessed over 100 OCC email accounts and around 150,000 emails, prompting concerns about the compromise of financial information, including loan details which could've leaked. JPMorgan Chase, BNY and Bank of America have temporarily stopped sharing certain data with the OCC over security concerns. The OCC has begun notifying affected banks and is working with Microsoft, Mandiant and CrowdStrike to investigate.
Wiedman, a 21-year BlackRock veteran, will replace Michael Lyons as president. At BlackRock, he led global client business and managed $11 trillion in assets. Wiedman will report to CEO William Demchak and oversee the bank's core business units and regional operations.
CIM Group will use the refinancing loan for Panorama, a 670,000-square-foot office campus in Brooklyn, N.Y. JPMorgan previously provided $245 million in 2022. Located on two city blocks at 25, 30, 50, 58 Columbia Heights and 55 Furman St., the five-building complex was originally built in the 1920s and 1930s.
The bank bought the Preserve at Pine Valley in Wilmington, N.C. and Bass Lofts in Atlanta. The 219-unit apartment complex in Wilmington was bought for $32.1 million, not including closing costs, in a 90/10 JV partnership with Ginkgo Residential. Located in Little Five Points in Atlanta, Bass Lofts consists of 133 units, is 96% leased and was purchased for $34.8 million. JPMorgan says the purchase underscores its confidence in the residential sector and its belief in the continued growth and resilience of the housing market.
JPMorgan downgraded its outlook on commercial real estate debt, advising investors to underweight REIT credit due to rising recession risks and potential defaults. The bank cited widening spreads and higher borrowing costs as signs of growing distress in the sector. Risks are especially high for warehouse owners, where recession and trade war impacts could hit hardest. JPMorgan highlighted that refinancing is becoming more difficult, even for investment-grade borrowers, and office towers may face less immediate pressure due to already weak demand.
Wiedman was appointed president of PNC Financial Services Group and its banking subsidiary, effective immediately. He will report to CEO William S. Demchak and oversee key operating lines and regional leadership. Wiedman joins from BlackRock, where he led the Global Client Business and previously headed iShares and Index Investments. His background includes advising governments during the financial crisis and serving at the U.S. Treasury.
The bank says Bley intends to retire as EVP and Chief Risk Officer (CRO), but he'll continue to serve as CRO until a successor is appointed. He will then transition to an advisory role. Webster said it's currently looking for Bley's replacement.
Hofmann brings more than 25 years of experience to PNC and most recently served as the head of the co-brand and business credit card divisions at Wells Fargo. Prior to joining Wells Fargo in 2022, he spent more than a decade at JPMorgan, overseeing key lending, credit card and co-brand partnership portfolios. Hofmann will report to Alex Overstrom, head of PNC's retail bank.
The bank bought the property from Shakas Properties and is expected to build a Chase Bank location. JPMorgan said its Chase Bank subsidiary will open 10 more branches in North Fla. and hire more than 100 people over the next three years for those offices and other needs. The land is in St. Johns County, indicating a potential branch may be planned off International Golf Parkway, east of U.S. 1.
Current CFO, James von Moltke, said he won't seek another term when his contract expires in June 2026, concluding a nine-year tenure. Akram will assume the roles on Oct. 1, 2025 and also join the bank's management board Jan. 1, 2026. Akram has served as deputy CFO at Morgan Stanley since 2020.
Nuno Matos, the incoming chief executive of ANZ, will be starting May 12 instead of the previously announced July start date. ANZ said Matos was able to secure the early fulfilment of his commitments with his previous employer, HSBC, and bring forward his start date. Matos replaces Shayne Elliott, who will offer role support until Sept.
The bank bought The Preserve at Pine Valley in Wilmington, N.C. and Bass Lofts in Atlanta, Ga. The Preserve at Pine Valley, a 219-unit housing community, was acquired in a 90/10 JV partnership with Ginkgo Residential for $32.1 million. Bass Lofts, a 133-unit multifamily property located in Atlanta, Ga. was bought for $34.8 million. JPMorgan said the Sunbelt region is experiencing declining supply amidst continued population and wage growth, making it a key part of its investment strategy.
The bank was named one of America's Most Innovative Companies for the third consecutive year since 2023 by Fortune. BNY says the recognition speaks to its employees, and noted the firm's achievements in product innovation, process innovation and fostering an innovation-driven culture. BNY says it plans to invest in AI-powered solutions to enhance client services and to continue pushing its innovative efforts.
The loan is for the financing for Hawthorn Park, a 54-story apartment building at 160 W. 62nd St. on Manhattan's Upper West Side. The building houses 339 units, 271 of which are rented at market rates and 68 of which are designated as affordable housing. Hawthorn Park was built in 2014 and amenities include a fitness center, lap pool and whirlpool, children's playroom and a tenant lounge. The borrower was undisclosed.
Taconic Partners landed the acquisition financing to purchase the 360,000-square-foot logistics facility at 1735 Jersey Ave. in North Brunswick, N.J. The property was previously acquired for $18.9 million in late 2017 by a private investor in an off-market transaction. The fully leased property has anchor tenants, including pallet distributor Kamps and furniture rental company Luxe Living Design.
Launched in 2022, 55% of customers consider the ANZ Plus digital banking platform as their main bank and nearly half of those are using at least one financial wellbeing feature like Round-Ups, card controls or setting a savings goal. ANZ said reaching one million customers is a significant milestone and demonstrates the success of ANZ Plus.
The bank filed suit against JPMorgan alleging false financial statements resulted in investor losses for a $481 million loan issued in 2019. The suit claims JPMorgan was aware of "dramatically inflated" financial information when it originated the loan for Chetrit Group's acquisition of 43 multifamily assets. Wells Fargo claims instead of demanding corrected NOI data, JPMorgan proceeded with the loan, and the borrower eventually defaulted in 2022 and still owes $285 million.
The bank announced Mike Anselmo, market leader for PNC's Corporate Bank in Western and Central Pa., will retire effective July 1 and Pascarella will succeed him. Pascarella brings more than two decades of banking experience to his new role, including 16 years at PNC. He currently serves as the corporate banking sales leader on Anselmo’s team.
The retail-and-office building at 399 Washington St. was sold by the bank to Hudson Group and two unnamed partners. The space has sat empty since Barnes & Noble closed a store there almost 20 years ago. The 76,000-square-foot building last sold in 2017 for $63 million to L3 Capital and LaSalle Investment Management, but Covid-19 hindered their plans and Wells Fargo took over the property in lieu of foreclosure in 2023.
FCP, with partners BMC Investments and The RMR Group, acquired ARIUM Sunrise, a 400-unit community in Sunrise, Fla. Built in 1998, the 22-acre property features 16 two- and three-story buildings. Located at 1501 NW 124th Ter., ARIUM Sunrise has 94% occupancy.
Due to the President's Day holiday, Harbor will not issue an Emmet Market Intelligence Briefing on Monday, Feb. 17. Service will resume as usual on Tuesday, Feb. 18.
The loan is to finance the adaptive reuse of the First & Market office building, located in downtown Pittsburgh. Beacon Communities will use the loan to add 93 affordable senior housing units to the building, complete with accessibility features. All 93 units will be restricted to a senior population.
The bank appointed Mike Santomassimo, a veteran of JPMorgan, as its next Chief Financial Officer. This move is part of CEO Charlie Scharf's strategy to bring in leadership from JPMorgan, where he also previously worked. Scharf has quickly restructured Wells Fargo's leadership team, hiring seven JPMorgan veterans since he joined in 2019.
A JV between Ivanhoe Cambridge and Hines landed the $1.1 billion refinancing for 3 Bryant Park, a 42-story office tower located at 1095 Avenue of the Americas in New York City. Ivanhoe Cambridge purchased 3 Bryant Park in 2015 for $2.2 billion. Wells Fargo, Bank of America and Bank of Montreal were the lead lenders for the refinancing. Further details of the financing weren't released.
BNY and The Clearing House successfully completed the largest instant payment in U.S. history and the first-ever payment on the RTP network exceeding $1 million, following the recent increase in the network's transaction limit. BNY says the $10 million inter-company liquidity management payment, from Computershare to an account at another financial institution, marks a significant milestone in the evolution of instant payments. BNY says the limit increase to $10 million will enable businesses of all stripes to perform larger transactions 24/7.
The bank said Johnson, Vice Chair and Chief Experience Officer, will retire from the bank effective Mar. 5. Johnson oversees customer experience and digital design, data & analytics, marketing & communications, enterprise payments strategy, and the bank's sustainability & impact programs. Citizens says it has a smooth transition with Johnson planned to move the Enterprise Experience functions to other senior leaders at the bank.
KeyBank provided the loan to SMY Investments for the acquisition of two contiguous apartment buildings totaling 362 units in Jersey City. Known as the Rivet Portfolio, the properties include a 163-unit building with 9,580 square feet of retail space and a 199-unit building with 9,972 square feet of retail space. Both buildings include studio, one- and two-bedroom units and share 75,000 square feet of indoor and outdoor amenities, as well as parking.
JPMorgan Chase's employees on hybrid schedules will be required to work full-time in the office starting in Mar. This change affects thousands of employees globally. The bank cited benefits such as enhanced teamwork and faster decision-making as reasons for the shift. The policy aligns JPMorgan Chase with other major financial institutions like Goldman Sachs and Morgan Stanley, which have also mandated a return to the office.
PNC Bank is investing $1.5 billion to open over 200 branches and renovate more than 1,200 existing locations by 2028, going against the trend of reducing physical branches. This expansion includes 20 new branches in Tampa Bay and additional locations in Miami and Orlando. The bank's strategy focuses on increasing branch density and giving customers the in-person experience for big purchases and financial decisions.
Please note that there will be no Emmet Market Intelligence Briefing on Jan. 1. Regular service will resume on Jan. 2.
The bank is investing $128 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and four other banks and insurance companies across the U.S., and will finance more than 1,400 affordable housing rental units in 13 multifamily properties in eight states, including Calif., N.C., Va. and Texas, among others. Many of the projects are designed to serve families and special populations, including seniors, people experiencing homelessness, and those with special needs.
Matos will become CEO starting July 3, 2025, succeeding Shayne Elliott who is retiring from ANZ after nine years in the role. Matos will also be appointed to the boards of ANZ Group Holdings Limited and Australia and New Zealand Banking Group Limited as an Executive Director. Matos was most recently CEO of Wealth and Personal Banking at HSBC where he was responsible for 87,000 employees serving approximately 40 million customers across 35 markets.
B&D Holdings used the loan to acquire a 109,300-square-foot industrial building in Avon, Mass. from a JV between Oliver Street Capital and Bain Capital Real Estate. The property was previously traded in 2021, when the JV acquired it for $12 million from Parker Property Management. The industrial facility, built in 1972, is located at 21 Parker Drive and is fully leased to Taylor Communications, FreshPoint and HelloFresh.
Grover Corlew landed the refinancing for its 355-unit apartment complex in Pompano Beach. The Mayla Pompano complex, located at 11 Northeast 24th Ave., encompasses a pair of eight-story buildings and two garages. The property offers studios, as well as one- to three-bedroom apartments, ranging from 548 square feet to 1,383 square feet.
TF Cornerstone will use the loan to refinance its 798-unit apartment complex at 595 Dean St. The complex includes 23-story and 28-story towers with 30% of the apartments designated as affordable housing. Amenities along the passageway include a lounge, a coworking area, a screening room, conference rooms, a dog-grooming station and an exclusive entrance to nearby retail options.
PNC has filed applications with the Office of the Comptroller of the Currency to close 10 locations across six states, including Pa. The bank said the locations will close by Feb. 21. PNC said the decision was based on an ongoing review of client transaction patterns and trends across its U.S. footprint.
The bank's real estate income trust arm acquired a three-building infill logistics and storage portfolio that spans 154,000 square-feet across two sites in Tampa and Pinellas Park, Fla. The two-site, three-building portfolio is leased exclusively to PODS, a storage firm based in Tampa. JPMorgan says the acquisition strengthens its portfolio and aligns with its strategy to invest in high-growth regions.
In recognition of Veterans Day, Harbor won't issue a briefing on Monday, Nov. 11. Service will resume as usual on Tuesday, Nov. 12.
The bank is increasing its branch investment by $500 million to open more than 100 additional branches and renovate 200 more existing locations across the country. This builds on the 100 locations and 1,200 branch renovations PNC Bank announced in early 2024. PNC said it plans to "significantly expand" its branch network throughout Atlanta, Charlotte, Orlando, Miami, Raleigh and Tampa, among other yet-to-be-announced locations.
Red Apple Real Estate landed the loan to refinance its 228-unit The Margo property at 180 Myrtle Ave. in Fort Greene. Red Apple built the property in 2016. Red Apple previously secured a $90 million loan from Bank of America to refinance the building in 2017. The Margo has amenities that include a rooftop terrace, fitness center and children's playroom.
Related Companies has secured the loan to refinance the 11 parcels that makeup Gateway Center Mall in East New York, Brooklyn. The loan refinances a $300 million loan from August 2014 that was securitized into a commercial mortgage-backed securities trust. The mall has several stores that include JCPenney, T.J. Maxx, Shoprite, Target, Staples, Best Buy and Home Depot.
Paze is an online checkout tool available to customers with eligible credit and debit cards. Wells Fargo says the offering simplifies online shopping by eliminating the need to enter card numbers, instead using a tokenized number for enhanced security. Users can activate Paze through the Wells Fargo Mobile app or at participating online merchants and requires no additional username, password, or app download.
The bank vacated 700,000 square feet across multiple buildings in downtown Winston-Salem, including the 29-story Wells Fargo Center and the Linden Center. Wells Fargo says the move aligns with Wells Fargo's strategy to modernize workspaces and reduce office footprints. With the bank leaving, the Winston-Salem Central Business District has a vacancy rate of 31.3%, the biggest in the region.
ABN AMRO Bank implemented Commercial Banking Applications' Transaction Due Diligence functionality within its IBAS GBF Global Banking Factory. This enables the bank to monitor transactions and flag suspicious activities across its global trade finance operations, ensuring compliance with national and international regulations. The move aims to combat financial crime and has created efficiencies in the bank's trade finance processes.
PNC Financial Services Group recently acquired loan commitments from Signature Bank worth $16 billion. Despite a decline in loan balance in the first half of 2024, deposit growth continued and the company expects record net interest income in 2025, aided by the Federal Reserve's rate cut.
A JV between Washington Capital and The Davis Companies will use the loan to refinance their 1,054-key Omni Boston at the Seaport property. The hotel is located across the street from the Boston Convention and Exhibition Center.
Bank of America will open more than 165 branches across the U.S. by the end of 2026. The bank says the expansion will help emphasize in-person sales of products like mortgages and investments. Consumer banking is the biggest contributor to Bank of America's earnings, accounting for nearly 38% of second-quarter net income.
Ben Carpenter and Jeremy Meilman will be the global co-heads of healthcare investment banking, while Chris Grose and Greg Mendelson will be the global co-leads of technology investment banking. Carpenter rejoins JPMorgan from Citigroup and Meilman has been with the bank for nearly two decades. Grose joined JPMorgan's technology and diversified industries team in 2005, while Mendelson, who has been at the bank since 2015, last served as an investment banking VP before the promotion.
The bank said Christopher Schnirel will be the bank's Controller and Chief Accounting Officer, effective Oc. 21, 2024. Schnirel comes from Huntington Bancshares where he was SVP and Assistance Controller, where he led SEC reporting, regulatory reporting, accounting policy, treasury controllership, capital markets controllership, among other functions. Schnirel succeeds Jack Read, who left Citizens in Aug. for a career outside of the banking sector.
Meyers will retire Oct. 31 after spending 25 years directing the bank's services in Ga. and banking executive Samantha Jones will succeed him. Meyers has served in several key leadership positions during his stint, including over a decade as Ga.'s regional president. Meyers also helped guide PNC's philanthropic efforts in early childhood education and the arts.
Jordan will stay on as vice chairman, serving in an advisory role to the PNC Board of Directors and chairman and CEO William S. Demchak. Jordan retires as PNC general counsel and chief administrative officer following a 40-year career, 11 of which were at PNC. During his time as PNC's chief administrative officer, Jordan oversaw PNC's Corporate Ethics Office, Corporate Communications and Marketing, the PNC Foundation, Enterprise Change Office and the Regional Presidents' Office.
The bank raised its U.S. minimum hourly wage to $24 per hour, the latest step in its commitment to hit $25/hour by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
The U.S. Office of the Comptroller of the Currency approved JPMorgan Chase's plan to open a second branch in Winston-Salem, located at the northeast corner of South Stratford Road and Knollwood Street. This branch will join other financial institutions at a banking intersection that includes Bank of America Corp, First Bancorp and First Horizon Corp. JPMorgan Chase previously received approval for its first Winston-Salem branch at 102 Laura Ave and has submitted an application for another branch at the northeast corner of Country Club and Jonestown roads, likely at the former Southern Community Bank and Trust headquarters.
Andrew Castaldo and Andrew Martin were appointed as co-heads of the unit. Castaldo has been with JPMorgan since 2014 and previously led the energy M&A unit. Martin joined the bank in 2024 from a 27-year tenure at Bank of America where he led a similar team. These moves come amid a broader industry recovery in dealmaking, with companies increasingly engaging in transactions and seeking capital through debt or equity offerings.
Hartz Mountain Industries will use the loan to restructure its pre-existing $250 million debt on the Soho Grand Hotel at 310 West BDWY. and the Roxy Hotel at 2 Ave. of the Americas. Hartz Mountain built the Soho Grand Hotel in 1996 and acquired the Roxy Hotel in 1999.
Due to the Labor Day holiday, Harbor will not issue an Emmet Market Intelligence briefing on Monday, Sept. 2. Service will resume as usual on Tuesday, Sept. 3.
The bank provided the $210 million Freddie Mac loan to refinance a portfolio of 12 transitional and affordable housing properties in New York City. The properties are located throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. The borrower is a JV between Slate Property Group and Fundamental Advisors.
Trimont agreed to buy Wells Fargo's non-agency third-party segment of its Commercial Mortgage Servicing (CMS) business. The deal will make Trimont the largest loan servicer in the U.S. commercial real estate industry. Wells Fargo says the sale of the CMS business is consistent with the bank's strategy of focusing on businesses that are core to its consumer and corporate clients.