The Latest

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    BankProv no longer offering loans backed by crypto mining rigs

    The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured by cryptocurrency mining rigs.

  • JP Morgan Chase Props Up Ailing Bear Stearns
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    Michael Nagle / Stringer via Getty Images

    JPMorgan plans to launch digital bank in Germany by 2025: report

    The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

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    Ultima_Gaina via Getty Images

    NYCB to close 69% of Flagstar’s mortgage offices

    The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images

    Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

    Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

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    pcess609 via Getty Images

    BM Technologies to cut 25% of staff

    BM Technologies’ effort to reduce expenses follows the dissolution of the fintech’s planned acquisition of First Sound Bank, a $23 million deal the two parties called off in December.

  • Citizens Financial Group branch
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    Permission granted by Citizens Financial Group

    Citizens Bank continues auto-loan pullback

    The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

  • Varo Bank debit card
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    Permission granted by Varo Bank

    Varo slows burn rate, shifts marketing strategy

    The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

  • PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

    The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

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    Jack Taylor / Stringer via Getty Images

    Crypto bank Anchorage Digital names execs to compliance, BSA posts

    The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Custodia Bank denied Fed membership, master account

    The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

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    Permission granted by MARQETA

    Marqeta names new CEO, makes $275M deal

    The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

  • Image of bitcoins.
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    Chris McGrath via Getty Images

    Crypto firm Gemini picks new finance chief

    Tyler Skelton joins Gemini from small-business payment service provider Till Payments. He also held finance roles at crypto insurance marketplace Nayms and financial services provider Bakkt.

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    Dan Kitwood / Staff via Getty Images
    Deep Dive

    The crypto world is sending mixed signals

    Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images

    Goldman Sachs cuts CEO Solomon’s pay by 28.6%

    The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo holds CEO Scharf’s pay steady at $24.5M

    The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images

    JPMorgan Chase can’t seem to quit soccer

    The bank’s reported interest in underwriting the creation of a media unit for Italy’s Serie A — a deal worth up to $1 billion — comes two years after the dissolution of the JPMorgan-backed European Super League.

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    Mario Tama via Getty Images

    Morgan Stanley claws back bankers’ pay over WhatsApp scandal

    The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.

  • The Charlotte skyline rises behind a row of trees.
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    Streeter Lecka via Getty Images

    Former BofA CEO-backed fintech launches to match SMBs with lenders

    “What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

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    Spencer Platt via Getty Images

    Warren asks Congress to help SEC fight crypto fraud

    The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

  • coppel access fintech app
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    Permission granted by Grupo Coppel

    Mexico’s largest department store now offers banking services to Mexican Americans

    Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images

    Bank of America again awards restricted stock to rank and file

    Roughly 96% of the bank’s employees are eligible, though details are sparse this year on the incentive’s value. This marks the sixth straight year Bank of America has given the awards.

  • Popular Bank to pay $2.3M over alleged PPP fraud

    The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.

  • sam bankman-fried
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    Alex Wong via Getty Images

    Feds seize $150M from Farmington, Silvergate amid FTX probe

    Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”

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    Permission granted by SMBC

    Inside Jenius Bank’s plan to tap the US consumer market

    Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

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    JPMorgan Chase
    Column

    Davos may have a time-travel portal. Just listen to bank CEOs.

    CEO comments on remote work, junior banker salaries and Bitcoin belie a warp to 2021. Or 2017. Or 1975. Or the '50s.