Thursday, July 25, 2013

Ally Bank hits $40 billion in deposits

Ally Bank, which has a significant portion of its retail bank here in Charlotte, announced the milestone Wednesday. Deposits grew 32 percent year-over-year in the first quarter, the bank said. It's small fries compared to banks in neighboring towers uptown, but Ally doesn't have any branches.

WELLS IS MOST VALUABLE BANK: Wells Fargo overtook a large Chinese bank to become the most valuable in the world by market cap, the Wall Street Journal reported. The Chinese bank has been hit by fears of a slowing economy there.

BOFA NAMES NEW DIRECTORS: Both are former bank executives, one at JPMorgan and one at Deutsche Bank.

WELLS TALKS UP AG HUB: Gov. Pat McCrory was again talking up a bank expansion, this time Wells Fargo's new East Coast agricultural lending hub. The hub will be based in Charlotte, but the bank today was announcing a team for the Triangle that will focus on eastern North Carolina.

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Financial headlines

CHARGES COMING FOR SAC CAPITAL: Federal charges will soon be announced against the hedge fund, the Wall Street Journal reports. They've been under investigation for securities fraud for more than a year.

Around Bank Town

ON THE FRONT PAGE: The city and state lawmakers are working on an airport deal that would bring Orr back and keep the city in charge .... Charlotte company charged in $87 million construction fraud case .... Controversial gun bill under consideration in N.C.