Retail: Page 2
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Provident, Lakeland deal gets final regulatory approval
Upon completion, the new Provident will be the 83rd largest insured depository firm in the U.S.; and the 7th largest in New Jersey, where it will represent approximately 4.1% of total deposits in the state.
By Gabrielle Saulsbery • April 12, 2024 -
Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
Trendline
Artificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
Goldman treasurer Berlinski to leave bank for hedge fund
The bank named Carey Halio, its chief strategy officer and head of investor relations, as its next treasurer, effective June 1. That adds a woman to Goldman’s C-suite.
By Caitlin Mullen • April 11, 2024 -
Citi snags BlackRock vet as CMO
Some big banks, such as Bank of America and Wells Fargo, have retired the chief marketing role in recent years. Others, like Truist, have combined it with other functions.
By Caitlin Mullen • April 10, 2024 -
Utah Ponzi scheme case envelops bank executive
Bank of Utah’s vice president and senior trust officer knowingly disregarded fraudulent activity and divulged protected financial information, a lawsuit asserts.
By Gabrielle Saulsbery • April 9, 2024 -
Varo’s new CFO aims for ‘path to profitability’
Zillow alum Allen Parker is focused on “ensuring finance can play a role in how we prioritize our investments,” he said.
By Grace Noto • April 9, 2024 -
Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Frost Bank faces proposed overdraft fee class action
Two plaintiffs filed a lawsuit last week accusing the Texas lender of having a “routine policy and practice of charging its customers Overdraft Fees on transactions that did not overdraw an account.”
By Gabrielle Saulsbery • April 8, 2024 -
Wyoming bank sheds fintech program
The Kansas City Fed hit Mode Eleven Bancorp with a cease-and-desist following an inspection in September.
By Gabrielle Saulsbery • April 5, 2024 -
Cadence consolidates its executive circle
The bank's president is adding chief credit officer to his title, and the CFO will also oversee mortgage lending and wealth in a move to eliminate layers of management.
By Dan Ennis • April 5, 2024 -
Navy Federal’s ‘community bank’ label draws ICBA rebuke
The trade group wants the FDIC and NCUA to issue cease-and-desist orders against the credit union's characterization of a co-branded program with the Defense Department.
By Gabrielle Saulsbery • April 4, 2024 -
KeyBank, NCRC team up on $25M pledge
The NCRC and the bank will put $8.5 million each toward grants, down payment assistance, fee waivers, product and branch expansion, and marketing that addresses alleged mortgage lending issues.
By Rajashree Chakravarty • April 4, 2024 -
Citi asks judge to toss NY AG’s fraud reimbursement suit
The bank called Letitia James' lawsuit against the bank a "misguided attempt" to modify the Electronic Fund Transfer Act, when a different law covers wire transfers.
By Dan Ennis • April 3, 2024 -
JPMorgan Chase to let brands target customers based on spending data
Chase Media Solutions connects customers to retail deals, tailored to their spending, directly through their bank app.
By Gabrielle Saulsbery • April 3, 2024 -
Credit card complaints surpass bank account gripes at CFPB
The agency received 70,000 card-related complaints from consumers last year, but complaints regarding checking and savings accounts jumped 33% from 2022, according to a report last week.
By James Pothen • April 3, 2024 -
Citizens CEO knocks higher capital requirements
“The rest of the economy is saying this has to be rethought,” CEO Bruce Van Saun said, adding the increase could scuttle lending to entrepreneurs and less affluent borrowers.
By Suman Bhattacharyya • March 29, 2024 -
Integrated Financial finds another buyer in $66M deal
Capital Bancorp agreed to buy IFH to expand its consumer and lending business. IFH’s prior deal with MVB Financial fell through in May due to delays and changing market conditions.
By Rajashree Chakravarty • March 29, 2024 -
Warren reiterates call for gun MCC guidance
The senator and 32 other Democrats are stressing the need for federal guidance on the gun merchant category code as states take opposing sides.
By Caitlin Mullen • March 29, 2024 -
Santander hires ex-Marcus chief to lead US digital transformation
Swati Bhatia becomes the second Goldman consumer-banking vet to find a landing spot in just over a week.
By Dan Ennis • March 28, 2024 -
Ally names Discover CEO to its top post
A little over a month after starting as Discover's CEO, Michael G. Rhodes is leaving to take the same position at Ally.
By Caitlin Mullen • March 27, 2024 -
Walmart can break off Capital One card partnership early, judge says
It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.
By Caitlin Mullen • March 27, 2024 -
Citi wraps up reorg’s ‘major actions’
The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."
By Dan Ennis • March 27, 2024 -
A New Jersey ‘super-community bank’ is just one approval away
The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.
By Gabrielle Saulsbery • March 26, 2024 -
Capital One pledges to give Discover’s network a boost
Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.
By Caitlin Mullen • March 26, 2024 -
Robinhood goes live in the UK
The company indefinitely postponed its U.K. launch in 2020 over technical issues but rolled out a waitlist in November. It did, however, pause margin investing for U.K. users.
By Gabrielle Saulsbery • March 20, 2024