The Latest

  • Image attribution tooltip
    Permission granted by H&R Block

    H&R Block launches challenger bank Spruce

    The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.

  • Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    OCC terminates Wells Fargo consent order from 2015

    The termination comes after the bank remediated the customers who bought third-party identity theft protection and debt cancellation products for full price even when they did not receive a full slate of credit monitoring services.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Fed's long-awaited CBDC report arrives

    The 40-page paper makes no policy recommendations but rather lays out concerns — particularly, security — and benefits, such as access for the unbanked, and is designed to elicit feedback over a 120-day comment period.

  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    JPMorgan Chase boosts Dimon's compensation 9.5%, to $34.5M

    With the package, Dimon would regain his place as the best-paid CEO among the U.S.'s top six banks. JPMorgan's board cited 2021's record profit and revenue, a 23% return on tangible common equity and numerous acquisitions.

  • Image attribution tooltip

    U.S. Bank, Truist scale down overdraft fees

    U.S. Bank is increasing from $5 to $50 the amount by which accounts can go negative before triggering an overdraft fee and is instituting a 24-hour grace period. Truist, meanwhile, is unveiling two overdraft-free accounts this summer.

  • Image attribution tooltip
    Drew Angerer via Getty Images

    Crypto questions, Fed vacancies fill 2022 regulatory agenda with unknowns

    The people doing the regulating will be as important as rulemaking substance — and the Senate's vote on the Fed's Lael Brainard can serve as a test of Republicans' appetite for change.

  • Image attribution tooltip
    Permission granted by SoFi

    SoFi gets OCC's conditional approval to become a bank

    The OCC restricted the bank, once it's operational, from crypto activity without first obtaining the regulator's non-objection.

  • Image attribution tooltip

    Neilson Barnard/Getty via WireImages

    It's the new year, and banks are opening their wallets

    JPMorgan Chase is boosting first-year investment-banking analyst pay to $110,000, Bloomberg reported Wednesday. Second-year analysts, meanwhile, will make at least $125,000, and third-year compensation will start at $135,000.

    Updated Jan. 19, 2022
  • Image attribution tooltip
    Drew Angerer via Getty Images

    Bank of America sees 28% Q4 profit jump

    The bank earned 78.8% more throughout 2021 than it did a year earlier. CFO Alastair Borthwick, meanwhile, said "stubborn COVID costs" would drop throughout 2022, in a further hint of branch de-emphasis.

  • Image attribution tooltip
    Permission granted by U.S. Bank

    U.S. Bank's Q4 profit jumps 10% on reserve release

    This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.

  • Image attribution tooltip
    Jeff Swensen via Getty Images

    PNC reports 10% dip in Q4 profit

    The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.

  • Image attribution tooltip
    Truist Financial

    Truist sees 24% jump in Q4 profit

    CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.

  • Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit

    About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.

    Updated Jan. 18, 2022
  • Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    Wells Fargo's Q4 profit skyrockets 86%

    The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.

  • JPMorgan smashes yearly profit record despite 14% Q4 dip

    The bank's M&A advisers saw an 86% fourth-quarter uptick in fees. However, fixed-income trading fell 16%. JPMorgan Chase reported an 11% jump in operating expenses, which it credited to compensation boosts.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Biden nominates Raskin among 3 candidates for Fed posts

    Raskin, a Fed veteran, would serve as vice chair of supervision. Lisa Cook would be the first Black woman to serve on the central bank's board.

  • Image attribution tooltip
    Courtesy of State Street

    State Street arm vows voting action on companies with all-male boards

    The Boston-based bank's investment arm wants companies on major indexes in the U.S., Canada, Europe and Australia to have women make up 30% of their boards by next year.

  • Image attribution tooltip
    Alex Wong via Getty Images

    House Republicans blast prospect of SBA direct lending

    Republicans cited the discrepancy between suspected criminal activity tied to PPP, run in cooperation with financial institutions, and the smaller EIDL program run solely by the SBA.

  • Image attribution tooltip
    David McNew via Getty Images

    Bank of America, Wells Fargo pivot away from overdraft fees

    Wells said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.

  • Image attribution tooltip
    Permission granted by Citigroup

    Citi to exit retail banking in Mexico

    Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.

  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Powell hints at Fed's inflation moves, CBDC paper, ethics rules in hearing

    The oft-delayed digital currency white paper is coming "within weeks," Powell said, but is "an exercise in asking questions and seeking input ... rather than taking a lot of positions."

  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    Dimon: 'We're not going to pay you not to work in the office'

    JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."

  • Image attribution tooltip
    Anna Hrushka/Banking Dive

    Richard Clarida, Fed's outgoing vice chair, resigns

    His last day is Friday, less than three weeks before his term was slated to end. An amended disclosure last week revealed Clarida sold a stock fund and re-bought it three days later, ahead of a Fed interest-rate move.

  • Image attribution tooltip
    Drew Angerer via Getty Images
    Column

    Bank of America's bonus do-over

    A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.

  • Image attribution tooltip
    Retrieved from Ono Kosuki from Pexels.

    ATMs may have peaked in 2019, research finds

    A Euromonitor International executive predicts the once-revolutionary dispensers may be gone within 25 years — a consequence of reduced demand and higher costs for servicing the machines.