The Latest
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Bank of America eyes 'momentum' in loans, deposits after a Q4 in transition
Profit fell 4% at the nation's second-largest bank, but a trading surge and a 10% jump in active mobile users have executives looking on the bright side.
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PNC credits market expansion for its Q4 loan growth
The bank has expanded into 10 new cities, and isn't afraid to play the long game to embed itself in the community, CEO Bill Demchak said.
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Wells Fargo's $1.5B legal charge drives net income to 9-year low
In CEO Charlie Scharf's first earnings call, the company revealed profits plummeted 53% compared with a year ago. Scharf has emphasized resolving the lender's regulatory issues in his three months at the helm.
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JPMorgan's record earnings buoyed by strong trading unit
The bank's corporate and investment bank generated record Q4 revenue, rebounding from what CEO Jamie Dimon called "a challenging prior year."
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Citi beats Q4 goals with trading surge, continued card growth
Citigroup shares jumped to their best year in two decades in 2019, increasing 53%. Those gains outpaced rivals JPMorgan Chase, Wells Fargo and Bank of America.
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Visa to acquire Plaid for $5.3B
The payment card network was revealed as an investor in the Silicon Valley-based startup in September, along with competitor Mastercard.
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Truist unveils logo, purple color scheme following megamerger
Customers will see the new branding on digital platforms and in branches, as well as on outdoor advertising in Miami leading up to the Super Bowl, the bank says.
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Wells Fargo ordered to pay $102.8M in mobile deposit patent case
Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.
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Founders Bank's conditional FDIC approval kicks off 2020 de novo activity
Founders Bank, set to open in the first half of this year if it raises $25 million to $30 million, has hired a new CFO. But new banks have had a shaky 12 months in the nation's capital.
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Travelex hack halts currency exchange for HSBC, Barclays
Hackers are demanding $6 million to return 5 gigabytes of sensitive customer data. That may pale compared to what Travelex could face in penalties if regulators determine it didn't do enough to protect the information.
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California governor to create state's own version of CFPB
The proposed California Consumer Financial Protection Law, which is expected to be unveiled Friday in the governor's state budget, would revamp the existing Department of Business Oversight.
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Fed releases its own CRA revamp plan, revealing regulator rift
Gov. Lael Brainard criticized the OCC and FDIC's proposal for the low-income borrowing rule, saying it emphasizes dollar value over number of loans.
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Chase raises Sapphire Reserve annual fee to $550, adds Lyft, DoorDash perks
The changes bring the card closer to its competitor, American Express Platinum, which already charges a $550 annual fee and gives certain dining and ride-share credits.
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Visa, Mastercard hold fast to gas stations' chip-card deadline
Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.
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Treasury renews Comerica contract that came under fire in fraud suit
Retirees and veterans sued the Dallas-based bank last year over "sham investigations" they claim it conducted before rejecting loss claims.
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Banks to tighten third-party data access in 2020, experts say
Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.
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Goldman revamps business units to highlight consumer growth
The bank eliminated a hard-to-predict investing and lending segment with the aim of boosting its stock and may unveil other strategic shifts at its first investor day this month.
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Citi wants to hire 2,500 coders in trading, investment banking
Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
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Former Wells Fargo execs could face criminal charges, sources say
It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.
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62% of breached data came from financial services in 2019
Capital One's data breach was a leading contributor to the amount of compromised data. But American Express and SunTrust have suffered the greatest number of breaches since 2009, with five apiece, a report showed.
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BBVA sets sights on Amazon with new pilot project
"The bank's intention is to move into offering banking products on the platform — an idea still to be fully explored," BBVA's Cristóbal Baeza said in a blog post.
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De novo activity fell in 2019 despite FDIC plea
The regulator conditionally signed off on a Utah startup in late December, bringing the number of 2019 approvals to nine. That's down from 15 in 2018, as capital requirements and executive turnover pose hurdles for new banks.
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JPMorgan Chase to ban fintechs from accessing customer passwords
The U.S.'s largest bank said it plans to issue tokens for access to a limited amount of data in a secure form, and is also working toward getting customers' passwords "out of the system."
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Banks cut nearly 78K jobs in 2019, a 4-year high
More than 80% of the cuts were concentrated in Europe, where negative interest rates and trade disputes are taking a toll. Deutsche Bank and HSBC account for more than 30,000 of the losses.
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Deep Dive2020 election: Where the candidates stand on banking
Fifteen candidates are vying for the presidency in 2020, and all of them have something to say about banking.
