Bank Watch roundup: Ally’s IPO to price at the low end
04/10/2014 7:00 AM
04/17/2014 7:39 AM
ALLY'S IPO TO PRICE AT THE LOW END: The bank's stock offering will debut today at the low end of the price range it was expected to be, but will still raise nearly $2.4 billion for the U.S. Treasury, the Wall Street Journal reports. The offering should help Ally exit the Troubled Asset Relief Program by year's end. Ally has its name on an uptown office building and employs several hundred people in Charlotte, including some top executives.
WELLS EXEC IN CHARLOTTE NAMED TO LEAD HEALTHCARE FINANCE: William H. "Bill" Morgan is now co-head of the national Healthcare Financial Services group within Government and Institutional Banking, Wells said Wednesday. He had been in charge of the Southeast and Mid-Atlantic regions. Also, New York-based Melissa Bastan is now head of Healthcare for Public Finance.
MOVEMENT MORTGAGE GETS 'TOP LENDER' AWARD: The Charlotte-based mortgage company got the distinction from the N.C. Housing Finance Agency, based on Movement Mortgage's origination of $28 million in loans through the agency's down payment assistance program.
MOBILE MARKETING IS ABOUT RELATIONSHIPS, NOT TRANSACTIONS: That's what Bank of America senior vice president and enterprise media executive Lou Paskalis had to say at a big industry get-together, Mobile Commerce Daily reports.
JAMIE DIMON'S YEAR OF PAIN: The JPMorgan chief said 2013 was "the most painful, difficult and nerve-wracking experience I have ever dealt with professionally," he wrote in a letter to shareholders, according to the Wall Street Journal.
From the Observer
CERTUSBANK FIRES ITS TOP EXECUTIVES, INSTALLS INTERIM CEO: As questions about lavish spending persist, CertusBank's top executives Milton Jones, Walter Davis and Angela Webb are gone. It's unclear exactly how the boardroom drama went down, but community banking veteran John S. Poelker has been brought in to put things back together.
BANK OF AMERICA SETTLES CREDIT CARD ADD-ON CASE FOR $783 MILLION: The Consumer Financial Protection Bureau and the OCC had been looking at how the Charlotte bank pitched and billed for things like credit protection and identity theft protection. They determined that Bank of America had misled its customers.
BOFA CLOSING THREE OVERSEAS OFFICES: 3,000 people will lose their jobs in the next year as the bank shutters offices in Costa Rica, Mexico and the Philippines. No U.S. jobs are expected to be lost, and some of the work may ultimately come back to places like Charlotte.
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