The Latest
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Fotolia
PNC looks to shutter 280 branches by the end of next year
The bank is on track to double the number of closures it expected this year, thanks to the pandemic. But the Pittsburgh-based lender has been in the "consolidation business" for some time, executives have said.
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Neobank Unifimoney partners with DriveWealth to offer investing services
The San Francisco-based startup, which describes itself as a neobank for affluent millennials, is the latest fintech to use automation to help customers save and invest money.
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Citi resumes job cuts, faces regulator reprimand over risk management
The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.
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Courtesy of KeyBank
Pandemic accelerated KeyBank's digital shift by 5 years, CEO says
The executive didn't give a target number of branches the Cleveland-based bank aims to close, but said customers' embrace of digital channels allows an "opportunity to ramp up" the transformation to a "more impactful" footprint.
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Courtesy of Wells Fargo multimedia resources
Many banks not yet accepting PPP forgiveness applications
Lenders are awaiting more guidance from the federal government, as well as potential legislative action. Here is what some of the country's top banks are telling customers.
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Citi's Fraser paves the way, but more needs to be done, experts say
Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.
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Anna Hrushka/Banking Dive
ColumnCOVID relief programs can ill afford a third black eye
Lawmakers look to jump-start the Main Street Lending Program so it avoids the disappointments of PPP and EIDL.
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Banks' business loan fraud reports doubled in July, nonprofit finds
The spike in suspected fraud — to nearly seven times FinCEN's monthly average — comes as the Justice Department announced it has charged 57 people with PPP fraud since the coronavirus relief measure's launch in April.
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JPMorgan mandates Sept. 21 office return for sales, trading managers and teams
The bank is making exceptions for employees with child-care issues and those with preexisting medical conditions, who can continue working remotely.
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Permission granted by Citigroup
Citi taps Jane Fraser to be CEO when Corbat retires in February
The transition means Fraser will become the first woman to lead a major U.S. bank.
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Morgan Stanley, Citi, JPMorgan sign off on CFTC panel climate report
Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a regulator subcommittee wrote.
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JPMorgan Chase fires employees after finding they improperly obtained EIDL funds
The bank's discovery of suspicious amounts of money in checking accounts owned by bank employees comes after the SBA's inspector general called for closer oversight of the program.
UPDATED: Sept. 10, 2020 at 7:43 a.m. -
Financial regulators defend diversity, inclusion training on Capitol Hill
The House hearing follows a report detailing a lack of diversity among regulators, and comes amid recent calls from the White House that federal agencies should end racial sensitivity training.
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Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
ColumnPost-Labor Day remote-work benchmark arrives, and attitudes are shifting
Though the letterhead-official sentiment from bank brass may be sensitive, the tone surrounding a return to the office is displaying an eagerness — and sometimes an impatience — to get to business as usual.
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Aleksandr Kravtsov/Getty Images
Fewer banks servicing pot businesses, FinCEN report finds
The agency attributed the decline to several factors, including new guidance for hemp-related businesses, as well as the impact of the coronavirus pandemic.
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Anna Hrushka/Banking Dive
Fed error spurs Goldman Sachs, Morgan Stanley to lower stress capital buffers
The central bank said it overestimated hypothetical losses on certain public welfare investments, such as those made in funds or companies that back housing and community development in low- and moderate-income areas.
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Fintech Jiko gains national charter by buying Minnesota community bank
"Without a license, we would be just another fintech amongst many others," founder and former Goldman Sachs trader Stephane Lintner said. "We decided to buy a bank because it felt better for us, given what we wanted to do."
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Fotolia
Stash sees sign-ups, deposits swell as customers shift into 'save' mode
The personal-finance fintech looks to build a digital community around its investing roots, arranging weekly fractional-share giveaways.
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Fotolia
Alabama credit union to buy bank in 6th such deal of 2020
The tie-up represents Alabama One's second takeover of the year, following a July merger that brought Alabama Rural Electric Credit Union under its umbrella.
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Becky Phan
Inside Northern Trust's $2.5B tech investment
"We see a huge amount of fairly inefficient [processes], especially when you compare it to our personal lives where we are logging into apps and moving money instantaneously," said one exec. "We get about 20,000 faxes a month on trade instructions."
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Robinhood may face $10M fine over payments from high-speed traders
The startup failed to disclose so-called "payment for order flow" as a revenue source until October 2018, the SEC said. About half of the company's 2018 revenue reportedly came from that stream.
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Wealthfront launches automatic savings, investment feature
The California-based fintech, which got its start as a robo-adviser, has been pushing into banking since launching a cash account in February 2019.
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$4B in PPP loans were duplicates or had mismatched data, analysis finds
The Democratic chair of a coronavirus panel urged the SBA and Treasury to review PPP and adjust its audit plan over concerns about fraud and waste. A Republican report called the program "a resounding success."
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Courtesy of Wells Fargo multimedia resources
Wells Fargo fast-tracks launch of no-overdraft-fee bank account
The account could be an attempt to show the public the bank is implementing positive change in a practice often criticized by lawmakers and consumer groups.
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Huntington launches 5-year, $20B effort toward income equality
The Ohio-based bank joins Bank of America, U.S. Bank, PNC, PayPal and Netflix in pledging billions in the wake of racial unrest accelerated by the May death of George Floyd.
