The Latest
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Streeter Lecka via Getty Images
Truist sees Q1 boost over insurance acquisitions, investment-banking boon
Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.
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Chris Hondros via Getty Images
JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release
During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.
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Wells Fargo profits jump nearly sevenfold amid signs of economic recovery
The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.
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PNC's 'low cash mode' gives users 24-hour overdraft buffer
The feature lets customers choose which payments will be processed if an overdraft is imminent. Tests of the product have helped users reduce insufficient-funds fees by more than 60%, the bank said.
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Fotolia
With neobank purchase, Avant mirrors SoFi's path
Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.
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Permission granted by BancorpSouth
BancorpSouth to buy Cadence Bank in $2.8B all-stock deal
The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.
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Bank of America boosts its ESG financing goal to $1 trillion by 2030
Combined with the bank's $500 billion pledge toward socially inclusive finance, the figure effectively doubles Goldman Sachs's landmark $750 billion ESG pledge from 2019.
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Permission granted by Revolut
ColumnBanks decide their place on the Citi-Goldman spectrum
While Bank of America is offering compensation boosts of $10,000 to $25,000 to entice employees to stay, challenger Revolut is letting its workers log on from abroad for up to two months a year.
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Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Niche banking could safeguard challengers, incumbents from big tech, retail threat
In his annual shareholder letter, JPMorgan CEO Jamie Dimon said the strengths of Amazon, Apple, Facebook, Google and Walmart are "extraordinary, with ubiquitous platforms and endless data."
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Courtesy of State Street
State Street leans ever so slightly into crypto
Through a partnership with U.K.-based Pure Digital, the infrastructure the bank’s Currenex unit uses in foreign exchange will be transposed to the crypto space for a trading platform set to launch in mid-2021.
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Permission granted by Fair
Membership-based neobank Fair would target immigrants, unbanked
Houston entrepreneur Khalid Parekh, who founded the tech firm Amsys Group, said the platform's portfolio of services will help differentiate it from neobanks already serving the space.
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Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart's trademark filing may offer clues to fintech startup
The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.
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Eastern cements Boston footprint with $642M Century Bank acquisition
Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.
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California bill would create free banking services for state's residents
The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.
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BlackRock bets its interest rate on ESG progress
The company agreed to pay lenders on a $4.4 billion credit facility more — or less — depending on the strides it makes to hire more Black and Latinx people, put more women in leadership roles and boost its sustainable investments.
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Anna Hrushka/Banking Dive
Chance for early feedback spurs banks to join FedNow pilot program
More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.
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Column
Climate-risk players take a one-level-higher approach
A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.
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Fotolia
Citi hires FinCEN chief to lead compliance in bank's new unit
The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.
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Permission granted by SoFi
SoFi to offer auto loan refinancing through MotoRefi partnership
The deal with the Arlington, Virginia-based startup represents the latest product expansion by SoFi as it continues its push to become more than a student loan fintech.
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VyStar Credit Union to buy Heritage Southeast Bank for $195.7M
The deal, which is expected to close later this year, would be the credit union's second purchase of a bank in two years.
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Pixabay by AhmadArdity
COVID-19 pushed real-time payments to jump 41% in 2020, study finds
Real-time payments accounted for 9.8% of all electronic transactions in 2020, the report found. That figure is expected to reach 17.4% by 2025.
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Permission granted by Spiral
New challenger bank Spiral aims to make charitable giving easier
"Just like what Amazon did to consumption with the click of a button, that's what we're trying to do to charitable giving," said Spiral's CEO and co-founder, Shawn Melamed.
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Courtesy of Business Wire
Walgreens to launch digital bank accounts this year
The accounts will be available to customers online and at 9,000 Walgreens locations in the second half of 2021. The pharmacy chain is the second nonbank in a week to announce a digital banking partnership with MetaBank.
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Wells Fargo, Bank of America roll out office-return benchmarks
Wells extended remote-work arrangements through Sept. 6 but said it would return to a "more normal operating model" soon after. Meanwhile, BofA said it aims to have its 1,800 new-graduate hires working in the office by October.
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Robinhood axes its signature celebratory confetti displays
"If the focus of a conversation is around confetti and not around these people taking these first steps … then we've done something that's just off base," the company's senior director of product management said.
