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Wells Fargo to lay off 320 Henrico County employees
The investment management and financial brokerage business unit of Wells Fargo & Co., Virginia’s third-largest bank by 2019 deposits, will lay off 320 employees from its Henrico County office. The wealth and investment management jobs are moving to some of the bank’s larger locations, Wells Fargo Advisors spokesperson Shea Leordeanu said in a statement. Wells […]
Freedom Bank, NVTC to seed $50K revolving loan fund for minority entrepreneurs
The Northern Virginia Technology Council (NVTC) and Fairfax-based Freedom Bank of Virginia announced Tuesday a $50,000 revolving loan fund for Northern Virginia entrepreneurs of color who have been affected by the pandemic. NVTC and Freedom Bank of Virginia will seed the NOVA Technology Loan Fund, a gap financing program to be administered by the Springfield-based […]
PPP loans could make comeback in time for holidays
Congress could pass a third round of the U.S. Small Business Administration‘s Paycheck Protection Program funding just in time for the holidays. A bipartisan group of U.S. senators on Monday introduced a $908 billion coronavirus relief bill, including an estimated $300 billion set aside for another round of PPP funding. In April, the first $349 […]
Richmond investment bank launches health care group
Richmond-based investment bank Matrix Capital Markets Group Inc. announced Wednesday it has established the Matrix Healthcare Banking Group, which will focus on health care subsectors. The industry group will be led by Amanda Verner Thompson and Vasanta B. Pundarika, who joined the firm as managing directors and co-heads of the new group. Their focus will […]
Va. Credit Union League president to retire next June
The Virginia Credit Union League (VCUL) announced Wednesday that its longtime president, Richard D. “Rick” Pillow, will retire on June 30, 2021, after dedicating 40 years to the credit union system. “Anyone who has worked with Rick knows his passion for credit unions,” VCUL Board Chairman Patsy Stuard, CEO of Fort Lee Federal Credit Union, […]
Finance | Insurance
JOHN ASBURY PRESIDENT AND CEO, ATLANTIC UNION BANKSHARES, RICHMOND A Radford native, Asbury transitioned from a career with large financial institutions to help build a regional bank. After successful mergers in 2018 and 2019, Atlantic Union expanded its footprint in Northern Virginia, Maryland and North Carolina, making it the largest regional bank headquartered in Virginia. […]
E-Trade stockholders approve $13B acquisition by Morgan Stanley
Arlington-based online brokerage E-Trade Financial Corp. announced that on Monday more than 99% of its stockholders approved its $13 billion acquisition by Morgan Stanley, which was first announced in February. E-Trade stockholders will receive 1.0432 Morgan Stanley shares for each of their E-Trade shares as a result of the acquisition. The deal is expected to […]
Freddie Mac names new CFO
Tysons-based Freddie Mac announced that Christian M. Lown will become the Fortune 500 company’s executive vice president and chief financial officer, effective June 15. Previously the executive vice president and CFO for Navient Corp., Lown succeeds interim CFO Donald F. Kish, who will continue serving as Freddie Mac’s senior vice president, corporate controller and principal […[...]
Goldman Sachs to acquire McLean financial firm
McLean-based online financial services company Folio Financial Inc. announced Tuesday it will be acquired by New York City-based The Goldman Sachs Group Inc. Both companies provide investment management, asset management and brokerage services. Financial terms of the transaction were not disclosed. Acquisition discussions began in 2019, and the transaction is expected to close by the […]
Morgan Stanley to acquire E-Trade for $13B
New York City-based wealth management company Morgan Stanley will acquire Arlington-based E-Trade Financial Corp. under a $13 billion definitive agreement expected to close in the fourth quarter of this year, the companies announced Thursday. E-Trade stockholders will receive 1.0432 Morgan Stanley stares for each of their E-Trade shares as a result of the acquisition, which […]
Lawmakers advance bills regulating consumer lending
RICHMOND, Va. — Del. Mark Levine recalls receiving a $1,000 loan offer from a company with a 299% interest rate buried deep in the fine print. “As the company compounds daily at this interest rate, this loan would cost anyone desperate enough to accept this offer more than $20,000 in interest and fees if they […]
MorganFranklin Consulting names managing director of IAM service
McLean-based finance and technology advisory firm MorganFranklin Consulting LLC named Jason Berland as the managing director of its identity and access management (IAM) service offering, the company announced Monday. Identity and access management services ensure that the proper people in a business have the appropriate access to its technology resources. In his new role, Berland […]
