The Savings Bank names Raichelle Kallery as its president and CEO

January 17, 2025 2:54 PM

In this week's banking news roundup: Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO; Los Angeles-based Banc of California is donating $1 million to launch a recovery fund in response to the devastating wildfires in Southern California; Amazon agreed to acquire the Bengaluri-based fintech Axio for $150 million; and more.

The Savings Bank names first female CEO

Wakefield, Massachusetts-based The Savings Bank named Raichelle Kallery as its president and CEO.

Kallery, who succeeds 37-year bank veteran Robert DiBella, is the first woman to lead the 155-year-old financial institution.

"I am honored to serve as the 15th President and first female President and CEO of the bank that was … presided over by our first President, Cyrus Wakefield, for whom the town was re-named," Kallery said in a statement Thursday. "When looking back on the bank's history, I am mindful of the position that I hold and the work of those that have come before me. I am especially grateful to my direct predecessor, Bob DiBella, who served with distinction and advanced the legacy upon which the bank was built."

Kallery previously served as executive vice president and chief operating officer at The Savings Bank and oversaw its retail business, commercial lending, marketing, sales, operations and branch administration. —Mary Ellen Egan

Gabby Jones/Bloomberg

Amazon plans to acquire Indian BNPL firm

Amazon agreed to acquire Axio, a Bengaluru-based fintech that offers buy now/pay later lending, for $150 million.

Amazon has held a stake in Axio for about six years, and the deal requires approval from the Indian government.

The acquisition "means reaching more under-served customers, diversifying our offerings to address more unmet needs, and continuing to strike the right balance of customer experience, risk management, and affordability as we strive to responsibly expand access to credit across the country," Axios said in an announcement.

Amazon's other BNPL options include a partnership with Affirm. Amazon did not comment on the proposed deal. —John Adams

Banc of California launches wildfire relief and recovery fund

Banc of California is donating $1 million toward the launch of a recovery fund in response to the wildfires devastating Southern California.

"As the largest independent bank based in Los Angeles, Banc of California is committed to doing all we can to help our community recover from these tragic fires," said Jared Wolff, the bank's CEO and a native Angeleno, in a statement on Tuesday.

In addition to creating the Banc of California Wildfire Relief & Recovery Fund, the company is supporting its employees displaced by the wildfires with temporary housing, rental cars, stipends and other needs, and offering 24/7 confidential counseling and wellness support.

As the situation evolves, the bank is evaluating conditions and adjusting branch hours as necessary to protect the health and safety of its team members and clients. —Editorial Staff

CEO and chair of The Cooperative Bank of Cape Cod to retire

Lisa Oliver, a longtime Most Powerful Women to Watch honoree, plans to retire as president and CEO of The Cooperative Bank of Cape Cod later this year.

Oliver has been the CEO since 2017 and the board chair since 2020. She plans to step down on Oct. 31.

"It has been an honor to lead The Cooperative Bank of Cape Cod through such a dynamic period. Together, we've built a more agile and community-focused institution. I am confident the bank is positioned for continued growth, and I look forward to seeing its future unfold," she said in a statement Wednesday.

During her tenure, Oliver spearheaded its expansion into new areas of lending across New England, including commercial construction, specialty real estate and sponsored finance, helping to nearly double the bank's assets to $1.6 billion. —Mary Ellen Egan

Morgan Stanley forms new client-management unit under Crawley

Morgan Stanley named Mandell Crawley to run a new unit combining client coverage, strategy and marketing as Chief Executive Officer Ted Pick continues to set his priorities one year into his tenure.

Crawley, a 32-year veteran of the firm and one of its senior-most Black executives, will run the unit as chief client officer, according to memos seen by Bloomberg News. Crawley will report to co-presidents Andy Saperstein and Dan Simkowitz.

The unit "is designed to drive coordination and commercial outcomes across our businesses," Saperstein and Simkowitz wrote in a memo Monday. The firm named Elizabeth Dennis head of global client coverage, reporting jointly to Crawley, the head of wealth management and co-head of investment banking.

Crawley was previously Morgan Stanley's chief human resources officer, and Pick elevated Adam Kudelka and Cami Rice to succeed him in that role. Prior to that, Crawley was head of private wealth management. —Hannah Levitt, Bloomberg News

Ohio’s F&M Bank names first chief strategy officer

F&M Bank has named Andrew Baker as its first chief strategy officer.

The Archbold, Ohio-based bank, owned by Farmers & Merchants Bancorp, has tapped Baker to lead the newly formed Strategic Governance Committee that will guide the bank's strategic direction, overseeing initiatives, projects, products and services.

Baker most recently served as F&M's chief retail banking officer, a role that will be taken by his deputy Taryn Marino. Before joining F&M in 2022, Baker had been an executive vice president at PNC Financial Services.

"These leadership changes and strategic initiatives position us to achieve sustainable growth and deliver exceptional value to our clients, employees, and stakeholders," President and CEO Lars Eller said in a press release on Monday. —Mary de Wet

Bank of America partners with U.S. Soccer Federation

Bank of America agreed to a long-term partnership with the U.S. Soccer Federation to sponsor the 27 national teams.

As part of the partnership, the bank and the organization will launch SheInvests, a program to help women investors learn about financial planning and investment strategies. The initiative will complement U.S. Soccer's SheBelieves platform, which serves to empower girls and young women to reach their career and personal goals.

Bank of America is also helping to fund the construction of the Arthur M. Blank U.S. Soccer National Training Center in Atlanta, the bank said in a press release Tuesday.

Bank of America didn't disclose how much money it would be putting into the partnership. —Mary de Wet

NCR Atleos names new CFO

NCR Atleos on Tuesday said that Andrew Wamser will assume the role of chief financial officer, effective January 27. Wamser replaces Paul Campbell, who is stepping down.

The transition marks an end of a 35-year tenure at NCR. Campbell has served as the company's CFO since October 2023 when the company split from NCR Corp. He will remain with the company through April 1 to "facilitate a smooth transition," according to a company release.

Wamser joins NCR Atleos from BlueLinx, a wholesale distributor of building and industrial products, where he held the role of executive vice president and chief financial officer. He has also held finance roles at Mativ Holdings, AutoNation, Barclays Capital and UBS. —Joey Pizzolato

ACI Worldwide appoints former McKinsey exec to chief strategy and growth officer

ACI Worldwide on Wednesday named Philip Bruno its new chief strategy and growth officer, where he will be responsible for the commercial rollout of ACI's payment hub, which is expected to launch this year. Bruno will also be responsible for implementing the company's wider corporate strategy.

Bruno joins ACI from McKinsey & Company, where he served as partner and co-lead of the consultancy firm's global payments practice.

"ACI is executing on the strategy we launched in 2024 to become the global leader in Intelligent Payments Orchestration," said Thomas Warsop, president and CEO of ACI Worldwide, in a statement. "The addition of Phil to our already strong executive leadership team is critical to further enhancing our corporate strategy and increasing our growth opportunities." —Joey Pizzolato