The Latest

  • Treasury Secreatry Janet Yellen peers behind her glasses on Capitol Hill.
    Image attribution tooltip
    Chip Somodevilla via Getty Images

    Yellen takes aim at deregulation

    Banks were a “pillar of strength” for the financial system at the onset of the COVID-19 pandemic, the treasury secretary said, but the failures of Signature and Silicon Valley Bank “demonstrate that our business is unfinished.”

  • Wall Street sign with american flags and New York Stock Exchange
    Image attribution tooltip
    lucky-photographer via Getty Images

    Wall Street securities bonuses plunged 26% in 2022 after record 2021: DiNapoli

    Wall Street securities employee bonuses dropped to $176,700, a sharp decline from $240,400 in 2021, the New York comptroller said in his report.

  • Greenlight's debit card and mobile app are displayed on a white background.
    Image attribution tooltip
    Permission granted by Greenlight

    Greenlight’s new B2B offering brings kid-focused banking to traditional firms

    Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers.

  • Person pays using phone to tap point-of-sale device with cup of coffee sitting on table.
    Image attribution tooltip
    Cecilie_Arcurs via Getty Images

    Synchrony mulls creating a digital wallet

    Merchant partners still want physical cards because their names and logos are on the plastic, but Synchrony knows consumers are segueing to digital, said Mike Bopp, the company’s chief growth officer.

  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    JPMorgan CEO Jamie Dimon to be deposed in Epstein case

    The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

  • Image attribution tooltip
    Daniel Berehulak via Getty Images

    UBS rehires Ermotti as CEO to guide Credit Suisse tie-up

    UBS CEO Ralph Hamers has agreed to step down effective April 5, the bank said. Ermotti will likely be asked to make deep investment-banking cuts — a feat he executed in his previous UBS stint.

  • People walk by a branch of Signature Bank.
    Image attribution tooltip
    Spencer Platt via Getty Images

    FDIC tells Signet users to close accounts, so it can sell the platform

    Roughly $4 billion in crypto loans were not included in Flagstar's Signature acquisition. The regulator is asking depositors to move that money by April 5.

  • Large amount of US dollars isolated on a black background.
    Image attribution tooltip
    alfexe via Getty Images

    SavvyMoney helps consumers bolster credit scores, banks bolster loan portfolio

    The integrated credit solution has 1,055 banking partners, and that number "grows daily," its CEO said.

  • A headshot of BM Technologies CEO Luvleen Sidhu
    Image attribution tooltip
    Permission granted by BM Technologies

    BM Technologies taps Raymond James vet as co-CEO

    The fintech appointed Raj Singh, previously an adviser to the company, to strengthen its management team and position itself for the “next phase of growth,” BM Technologies said Monday.

  • Michael Barr
    Image attribution tooltip
    Tasos Katopodis via Getty Images

    Barr, Gruenberg face Senate panel over SVB, Signature failures

    “It is not the job of [Fed] supervisors to fix the issues identified,” Barr said Tuesday. “It is the job of the bank's senior management and board of directors to fix its problems.”

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
    Image attribution tooltip
    Anna Hrushka/Banking Dive

    FDIC orders neobank Utoppia to stop making claims of deposit insurance

    As of January, the fintech’s website claimed Utoppia was “insured by the FDIC,” according to the regulator. The FDIC also said Utoppia’s CFO made false claims of deposit insurance on LinkedIn.

  • Bankruptcy
    Image attribution tooltip
    Justin Sullivan / Staff via Getty Images

    First Citizens acquisition could leave SVB parent’s $1.9B in limbo

    Now that a buyer has come forward, it’s not clear what will happen with FDIC-blocked money that SVB Financial has on deposit at the failed bank.

  • binance apps on phone
    Image attribution tooltip
    Michael M. Santiago / Staff via Getty Images

    CFTC sues Binance over compliance ‘evasion’

    The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.

  • A sign showing a company logo seen through a rain-covered window.
    Image attribution tooltip
    Justin Sullivan via Getty Images

    First Citizens Bank to buy SVB’s loans, deposits

    About $90 billion in securities and other assets will remain in FDIC receivership, the regulator said.

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

    Fed could have rejected Custodia’s application 3 times, it says

    The central bank blasted Custodia’s decision to accept only uninsured deposits, as well as its lack of diversification, in a scathing 86-page order Friday.

  • Credit Suisse Zurich
    Image attribution tooltip
    Arnd Wiegmann / Stringer via Getty Images

    Credit Suisse could face disciplinary action: Finma

    Additionally, the chairman of Credit Suisse's largest shareholder resigned after his comments may have played into a run that doomed the bank.

  • Ally Financial, NYSE facade
    Image attribution tooltip
    Courtesy of Ally Financial

    Ally Financial taps 22-year Goldman vet for CFO seat

    Russell Hutchinson, Goldman's chief operating officer for global mergers and acquisitions, will join the Detroit bank July 3. At that point, Ally’s interim CFO will return to his full-time role as corporate treasurer.

  • The exterior of the Consumer Financial Protection Bureau building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB funding is constitutional, 2nd Circuit court rules

    The decision creates a clear conflict between the Second and Fifth Circuits, providing the Supreme Court with further incentive to directly resolve the issue, said an attorney at Dorsey & Whitney.

  • The United States, Capitol Dome.
    Image attribution tooltip
    Yaya Ernst via Getty Images

    Bank crisis puts deposit insurance, Fed IG in focus but leaves cannabis out

    Lawmakers are shuffling priorities in the wake of Signature and Silicon Valley Bank failures. In a surprise turn, the overdraft fight even gets a callback.

  • Coinbase
    Image attribution tooltip
    Courtesy of Coinbase

    Coinbase faces SEC enforcement action over staking services

    “Coinbase runs a rigorous asset review process and has rejected more than 90% of assets that have applied to be listed on the platform,” CEO Brian Armstrong tweeted Wednesday.

  • Image attribution tooltip
    Mario Tama via Getty Images

    Citi names 32-year vet Selva as its COO

    The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.

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

    JPMorgan to buy investment analytics fintech Aumni

    The bank did not disclose the value of the deal, set to close by June. But Aumni was worth $232 million after its latest funding round in 2021, according to Pitchbook.

  • A person walks by a First Republic Bank office on March 16, 2023 in San Francisco, California.
    Image attribution tooltip
    Chris Hondros via Getty Images

    First Republic execs to forgo bonuses this year

    The executives also forfeited vesting of their performance-based incentives for 2023 in a move meant “to foster closer alignment with the shareholder experience,” the bank said.

  • Small wooden box swag from Fed with FedNow logo.
    Image attribution tooltip
    Lynne Marek/Banking Dive

    ‘Faster has value’: FedNow attracts early adopters

    Companies partnering with the Federal Reserve to test the real-time payments system see it as a way to draw customers and get an edge on rivals.

  • Immad Akhund, CEO of Mercury
    Image attribution tooltip
    Permission granted by Mercury

    Mercury moves to close the gap created by SVB collapse

    The startup-focused neobank raised its FDIC insurance and launched new features for VCs to meet the growing demand from former Silicon Valley Bank customers, CEO Immad Akhund said.