Dan Ennis

Arlington

Senior Editor at Banking Dive

Banking journalist. Dog rescuer. Husband. Improviser. Syracuse Orange fan.

Articles

BMO to buy wealth manager Burgundy in $456M deal

1 week ago | bankingdive.com | Dan Ennis

BMO agreed to acquire Toronto-based Burgundy Asset Management in a C$625 million ($456 million) deal expected to close by the end of the year, the institutions announced Thursday. “In large part due to Burgundy’s success, we have found it more difficult than expected to transition ownership of Burgundy from the founders and current leadership to the next generation of our people,” Tony Arrell, a co-founder of the wealth manager, told clients Thursday in a note seen by The Globe and Mail.
CFPB again delays small-biz data collection rule’s compliance timeline

1 week ago | bankingdive.com | Dan Ennis

The Consumer Financial Protection Bureau is extending by nearly a year the dates by which prolific small-business lenders must collect race, gender, LGBTQ status and demographic data from borrowers, the agency said in a notice published Wednesday in the Federal Register.
BNY names CEO Robin Vince as its next chair

1 week ago | bankingdive.com | Dan Ennis

BNY’s board on Thursday named CEO Robin Vince as its next chair, effective Sept. 1. The bank’s current chair, Joe Echevarria, will become lead independent director at the same time. The move means six of the U.S.’s eight global systemically important financial institutions have consolidated their CEO and board chair roles. "Since stepping into his role almost three years ago, Robin has demonstrated why the Board chose him as CEO,” Echevarria said in a statement Thursday.
Court overturns $218M patent-infringement verdict against PNC

2 weeks ago | bankingdive.com | Dan Ennis

An appeals court Thursday overturned a $218 million verdict against PNC from a patent-infringement case brought by USAA. The mobile-deposit technology patents USAA accused PNC of violating “fall ‘within the realm of abstract ideas’” and don’t contain enough specific information to be patent-eligible, the U.S. Court of Appeals for the Federal Circuit ruled Thursday.
Private-equity firms offer olive branch in junior banker recruiting

2 weeks ago | bankingdive.com | Dan Ennis

At least two private-equity firms have told recent graduates they will delay their recruiting process to hire junior associates for positions that begin in 2027. Apollo Global Management sent a letter Wednesday to its candidates, indicating as much. And General Atlantic followed suit Thursday. “Hiring decisions at Apollo are among the most significant to our business,” wrote David Sambur, Apollo’s co-head of equity, and Nicole Bonsignore, the firm’s head of human capital.
CFPB’s top enforcement official resigns

2 weeks ago | bankingdive.com | Dan Ennis

Cara Petersen, the Consumer Financial Protection Bureau’s leading enforcement official, is leaving the bureau, she wrote Tuesday in an email to staff. “I have served every Director and Acting Director in Bureau's history and never before have I seen the ability to perform our core mission so under attack,” Petersen wrote Tuesday in an email seen by Banking Dive.
Citi offers hybrid employees 2 weeks of remote work in August

2 weeks ago | hrdive.com | Dan Ennis

Citi is allowing its hybrid employees to work remotely for two weeks of their choice in August, according to a memo seen Monday by Banking Dive, HR Dive’s sister publication. “We’ve selected August because it is traditionally a quieter time for some of our businesses and clients, when many are already out of the office due to vacations,” Sara Wechter, the bank’s chief human resources officer, wrote in the memo, first reported by Business Insider.
Senate Republicans would cut off CFPB funding from Fed

2 weeks ago | bankingdive.com | Dan Ennis

The Senate Banking Committee’s version of the “One Big, Beautiful Bill” would cut off the funding pipeline between the Federal Reserve and the Consumer Financial Protection Bureau, according to text made public Friday. Under current stipulations, the CFPB can receive funds of up to 12% of the Fed’s inflation-adjusted profits in 2009.
Capital One to give CEO Fairbank a $30M award

3 weeks ago | bankingdive.com | Dan Ennis

Capital One CEO Richard Fairbank will receive a one-time award worth roughly $30 million in connection with the bank’s acquisition of Discover, the company disclosed Thursday in a filing with the Securities and Exchange Commission. Capital One’s compensation committee granted Fairbank 153,351 restricted stock units that are set to vest in five years. The settlement will be 50% stock and 50% cash based on Capital One’s average stock price over the 15 days ahead of vesting.
Senate confirms Bowman as Fed supervision czar

3 weeks ago | bankingdive.com | Dan Ennis

The Senate confirmed Federal Reserve Gov. Michelle Bowman, by a 48-46 vote Wednesday, to serve as the central bank’s vice chair for supervision. Bowman’s bid received no support from Democrats – a change from 2018, when she joined the Fed board with a from the Senate. Once she’s sworn in, the central bank will have a point person on supervision for the first time since Feb. 28, when Michael Barr, who’s still serving as a Fed governor, stepped down from the post.