Banking Dive

Wells Fargo workers at a branch in Apex, North Carolina, made the rare move to decertify their union election last week, with two other branches moving to do the same. Employees at branches in Spring Hill, Florida, and Casper, Wyoming, also filed petitions to remove union representation, ultimately resulting in the Communication Workers of America-backed Wells Fargo Workers United walking away from the former branch. A decertification election date in Casper is not yet set. The bank, for its part, said it was “pleased [that] employees are able to exercise their voice regarding union representation” and that it’s “committed to maintaining a culture where all employees continue to feel supported, valued and heard.” Sabrina Perez, Wells Fargo senior premier banker and member of the WFWU bargaining committee, called the decertification push “a disappointing development” and “a bump in the road,” , vowing to “continue to show workers that representation is the way that we’re going to be able to change the scales back in our favor and ensure that we have a fair workplace.” Read more on Banking Dive. https://lnkd.in/eSccscbv

In Alabama particularly, JPMorganChase wants to triple its presence – to 35 branches – by 2030 and open its first community center in the state. The bank also said it aims to help local business owners compete for supply chain contract opportunities connected to Alabama’s aerospace, defense and government industries. https://lnkd.in/eWav96_Q

Tony Sciarrino, head of BMO’s U.S. commercial bank, said he’s on a mission to “make a top-10 bank [into] a top-5 bank.” Growth in California – where the lender is hiring bankers, building branches and boosting advertising – is a key component of that effort, the Canadian bank conveyed during its investor day in Toronto last week. https://lnkd.in/eYiGe_m5

Flagstar Bank appointed Eli Miller to its board of directors, effective April 1. Miller is a senior managing director at Liberty Strategic Capital, the lead investor in a $1.05 billion cash infusion that likely saved Flagstar from failure in 2024. Miller fills a board seat once occupied by Liberty’s former general counsel, Brian Callanan. https://lnkd.in/eRAehR8G

Attorneys for Bank of America and Jane Doe reached a settlement in principle March 11, after engaging in mediation sessions with a former federal judge who also mediated the Jane Doe case against JPMorganChase. U.S. District Court Judge Jed Rakoff is set to consider the settlement at a Thursday hearing. https://lnkd.in/e7jiEh_6

Incoming COO Toby Clements joined U.S. Bank in 2017 and has run operations in several lines of business, including its Europe arm, cards and merchant payment solutions, and client services, according to his LinkedIn profile. He also held two broader operations positions – two years as a transformation leader, and two as chief risk officer. https://lnkd.in/eU7sdixw

EagleBank is disregarding the three board nominees activist investor Diligence Capital Management, LLC has suggested, the embattled Maryland lender told its shareholders last week. https://lnkd.in/ePzjt-eY

Citizens is six months into its Reimagine the Bank initiative, and the pace of change in the artificial intelligence realm is “overwhelming,” said Brendan Coughlin, the bank’s president. Banks must shake the old mindset of set it and revisit in five years, he said, as large language models and other firms “continue to leapfrog each other.” https://lnkd.in/edzJpmiA

Morgan Stanley may incorporate its German investment bank into its holding company under an exception granted Thursday by the Federal Reserve Board. https://lnkd.in/emUJ2nwS

Staff reductions at the Federal Deposit Insurance Corporation (FDIC) may lead to a loss in institutional knowledge and hinder its ability to respond to crises, according to a report by the agency’s Office of the Inspector General. https://lnkd.in/evA3K6aK