Banking and Lending
Safra Filed to Add Boston Branch in March
The bank tied to the new leaseholders for Boston’s Quincy Market retail complex has filed to open its first location in Boston, among the applications by banks to open new branches last month.
Job Flexibility Keeps Workers from Feeling Hopeless
Research shows when employees don’t have control over their work schedules, it’s not just morale that suffers – mental health takes a hit too.
Community Good Works
North Shore Bank, based in Peabody, gave $20,000 to the Essex Community Foundation to support education, healthcare, economic development and social services initiatives. See who else gave back.
Chase’s New England Head Leaves for Atlanta Post
Roxann Cooke, one of the most prominent Black women in the Massachusetts banking industry, is leaving Boston. But she’s staying with JPMorgan Chase.
Santander Names New ‘Transformation’ Executive
Santander Bank announced Wednesday morning that Swati Bhatia, formerly of Goldman Sachs’ Marcus banking unit, has taken over its retail banking arm.
Mass. Money Transmission Bill Protects Consumers, Levels Regulatory Playing Field
Massachusetts residents send billions of dollars every year using money transmission platforms like Venmo, PayPal and CashApp – but with zero state consumer protections.
Localizing Philanthropy for a Global Bank
Coming from the world of government administration, Rafia Zahir-Uddin has helped JPMorgan Chase to organize significant community investments in Massachusetts as its vice president for corporate responsibility.
Banker & Tradesman’s Editorial Cartoon: AI Takes an Old Form
As banks experiment with new uses for AI, it’s showing up in some surprisingly old-fashioned ways in familiar places.
Berkshire Hires Ex-SVB Private Banking Head, Relocates Boston Branch
Berkshire Bank scored another high-ranking hire from the former Silicon Valley Bank and announced plans to relocate a downtown Boston branch to support its growing private banking team.
Santander Picks Boston for New Branch Format Pilot
Boston will be one of five cities in five states to get Santander’s new experiment in stripped-down branch formats.
All Boston-Area SVB Private Branches to Rebrand
First Citizens Bank will finally plant its flag in Greater Boston roughly a year after buying Silicon Valley Bank following the latter’s March 2023 collapse.
Fed Still Sees Three Rate Cuts in ’24, Fewer Next Year
In new quarterly projections they issued, Fed officials forecast that stronger growth and stubborn inflation would persist this year and next, meaning the central bank’s benchmark interest rate will stay higher for longer.
Powell May Hint at Rate Cuts Today
Two weeks ago, Chair Jerome Powell suggested that the Federal Reserve was “not far” from gaining the confidence it needed that inflation was headed sustainably down. It was a tantalizing suggestion.
Holyoke Credit Union Names New CEO
Holyoke Credit Union has named its new leader: James T. Wolohan.
Personnel File – No. 364
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
Healey Launches Small Fund to Help Cities Plan for Office Conversions
Communities “outside of Boston” will share a $1 million fund to help plan for the conversion of office spaces to housing, Gov. Maura Healey announced Friday.
Fed Likely to Preach Patience on Rate Cuts
Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Wall Street traders envision higher stock prices. Housing developers looking to get shovels in the ground.
Community Good Works
North Shore Bank announced its employees recently presented the Reading Food Pantry with a $1,200 contribution raised via one of its regular Jeans Day events. See who else gave back.
Personnel File – No. 363
Who’s on the move? From new VPs to fresh project managers, see who’s been hired, promoted and honored: It’s The Personnel File.
Winners in a Bad Year
Massachusetts banks, credit unions and mortgage companies all took major hits in residential lending, but there were a few brights spots that helped some lenders come out on top.
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