The Latest
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JPMorgan Chase
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
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Peter Bernik / Shutterstock
Sponsored by OracleResearch shows that over half of Gen Z and Millennial's banking relationships are at risk
Gen Z, Millennials are looking to banks to help guide financial decisions for life's biggest moments.
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Citi's net income jumps 44% in Q4 over previous quarter
The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.
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Wells Fargo posts $1.1B in restructuring and remediation, sees 4% rise in Q4 profit
Despite the bump in Wells Fargo's bottom line, the bank saw double-digit percentage-point declines, or close, in net interest income and revenue.
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PNC sees 6% jump in Q4 net income ahead of BBVA acquisition
Deposits at the Pittsburgh-based lender grew 25% year over year.
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PPP portal access to expand to small banks Friday, all lenders Tuesday
About 5,000 more lenders with $1 billion or less in assets can submit applications Friday, the SBA said. That gives those institutions one business day — and an overtime-filled weekend — to file paperwork before big banks.
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Permission granted by Office of the Comptroller of the Currency
OCC acting chief Brian Brooks steps down
The former Coinbase executive joined the agency as chief operating officer in March and was nominated in November by President Donald Trump to serve a five-year term as comptroller.
UPDATED: Jan. 14, 2021 at 10:35 a.m. -
Permission granted by Upgrade
Upgrade adds mobile banking to credit, lending platform
The checking account's debit card lets users earn 2% cash back on gas, groceries and recurring payments. The company also is offering up to 20% lower rates on loans to qualified customers who open a bank account.
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Getty
Crypto firm Anchorage receives trust bank charter from OCC
The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.
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Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
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Synchrony CEO Keane to step down April 1
Margaret Keane guided the credit-card provider through a rebranding, an IPO and a spinoff from GE. Shares gained 60% in that time, but she said she may be proudest of the company's "north star" — its culture.
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Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
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LMI lender Aura closes amid pandemic, funding woes
The loss of the CDFI leaves one less borrowing option for its mostly Latino clientele and adds to a growing list of financial institutions, including digital banks Simple and Azlo, that have shuttered in 2021's early days.
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Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
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Courtesy of State Street
State Street doubles down on ESG pledge, while HSBC's comes under scrutiny
State Street said it will start voting against board members if companies don't disclose the racial makeup of their boards. Meanwhile, HSBC investors filed a resolution to put teeth on the bank's climate commitment.
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BBVA shutters digital banks Simple, Azlo as it looks to PNC deal
BBVA did not give a time frame for the wind-down. The closure of Simple would leave a second pioneer-sized hole in the digital bank field in the span of a year, after Moven pivoted away from consumer accounts last spring.
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Banks embrace automation, white-label options ahead of PPP relaunch
"It's going to be the coming-out party for commercial digital loan applications," Numerated CEO Dan O'Malley said of the $284 billion round of Paycheck Protection Program funding that reopens Monday.
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Deutsche Bank to pay more than $130M to settle anti-bribery, spoofing cases
Prosecutors accused the German lender of falsifying records of payments it made between 2009 and 2016 to middlemen in Saudi Arabia, the UAE, Italy and China to help the bank win clients.
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Community-based lenders to get first 2 days of PPP 2.0 to themselves
CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.
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U.S. Bank to buy MUFG Union Bank's $320B custody portfolio
The deal, expected to close by March, bolsters the West Coast reach of a Midwest stalwart and marks a shift in priorities for another U.S. subsidiary of a foreign banking giant.
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Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
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Courtesy of Green Dot
Green Dot launches GO2bank to compete with challenger banks
"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."
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Permission granted by Office of the Comptroller of the Currency
Column
It's complaint season, and the OCC is a common target
State attorneys general, bank advocacy groups and even fellow regulators are weighing in on the agency's perceived shortcomings.
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Silicon Valley Bank to buy Boston Private for $900M in wealth-management push
The deal, expected to close mid-2021, would vault the bank's assets under management to $17.7 billion, from $1.4 billion. SVB said it planned $200 million in restructuring charges tied to the deal.
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JPMorgan, Amazon, Berkshire Hathaway shutter healthcare venture after 3 years
"Haven worked best as an incubator of ideas, a place to pilot, test and learn — and a way to share best practices across our companies," JPMorgan CEO Jamie Dimon wrote in a memo. "Our learnings have been invaluable."
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Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
