Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.
CIFC Asset Management partnered with the deal parties of its latest CLO, CIFC Funding 2022-II, to make a collective contribution of more than $225,000 to the TEAK Fellowship.
CIFC Asset Management launched the CLO Initiative for Change, a philanthropic program connected to collateralized loan obligations issued by the firm and dedicated to supporting organizations driving social, economic and/or environmental change.
Charles W. Scharf has been named Wells Fargo chief executive officer and president, and a member of the board of directors, effective October 21. Scharf was chairman and CEO of Bank of New York Mellon.
Thomas P. (Todd) Gibbons has been appointed by the board of directors as interim chief executive officer of BNY Mellon and a member of the board, effective immediately.
According to the Securities and Exchange Commission, Bank of New York Mellon will pay more than $54 million to settle charges of improper handling of “pre-released” American Depositary Receipts.
The Bank of New York Mellon revamped its organizational and leadership structure, effective January 1, 2018. As part of the organizational restructuring, Thomas Gibbons was appointed CEO of Clearing, Markets and Client Management.