The Latest

  • A medium shot of Philadelphia City Hall
    Image attribution tooltip
    Mark Makela via Getty Images
    Image attribution tooltip

    Investors back out of $35M deal with Republic First

    The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.

  • Heavy smoke clouds of carbon emissions spew from three cylindrical columns rising from a factory in the background, partly obscured by trees, with the roof of a house barely visible in the foreground.
    Image attribution tooltip
    Mark Wilson via Getty Images
    Image attribution tooltip

    West Virginia warns Citi, TD, others over fossil-fuel stances

    BMO, HSBC, Fifth Third and Northern Trust also received notices that the state would add them to a restricted financial institution list over alleged "boycotts."

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi laying off 286 New York-based employees

    The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.

  • Image attribution tooltip
    Courtesy of State Street
    Image attribution tooltip

    State Street to invest $100M in MDIs, CDFIs

    South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.

  • Image attribution tooltip
    Dan Kitwood/Getty Images News via Getty Images
    Image attribution tooltip

    Gemini to return more than $1.1B to Earn customers

    The crypto exchange and New York's Department of Financial Services reached an agreement Wednesday that included a $37 million penalty for compliance failures.

  • Crypto regulation
    Image attribution tooltip
    Leon Neal via Getty Images
    Image attribution tooltip

    Coinbase users see $0 balance in technical glitch

    “We are aware that some users may see a zero balance across their Coinbase accounts and may experience errors in buying or selling,” the crypto exchange wrote on its website. “Your assets are safe."

  • treasury prime
    Image attribution tooltip
    Permission granted by Treasury Prime
    Image attribution tooltip

    Treasury Prime has laid off half its staff

    The banking-as-a-service platform is shedding its fintech-bank liaison duties — and about 40 to 50 employees — to focus exclusively on providing software to banks.

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

    Tennessee bank hit with FDIC consent order over BaaS business

    Under the consent order, Lineage Bank must implement an enhanced risk management program overseen by its board of directors, increase capital levels, and let go of some fintech partners.

  • Green Dot GO2bank
    Image attribution tooltip
    Courtesy of Green Dot
    Image attribution tooltip

    Green Dot faces Fed’s proposed consent order

    The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.

  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    Wells Fargo CFO calls commercial real estate a ‘long movie’

    “We’re not at the beginning, but ... we still have a long way to go to really see the ultimate resolution of a lot of this,” Mike Santomassimo said in reply to a question from a UBS analyst at a conference.

  • Two business people shaking hands
    Image attribution tooltip
    nathaphat via Getty Images
    Image attribution tooltip

    Smaller credit unions face hurdles despite NCUA’s fintech rule

    The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.

  • Chime to pay California regulator $2.5M over customer service flaws

    The agency investigated accuracy and responsiveness to customer complaints. The consent order offered few details but the time frame aligns with COVID-era account closures.

  • A Capital One sign is seen
    Image attribution tooltip
    Joe Raedle / Staff via Getty Images
    Image attribution tooltip

    Capital One sets out to tackle Discover compliance issues

    The bank projects it will spend $2.8 billion in integration costs, CFO Andrew Young said Tuesday. That's on top of the $500 million Discover is planning to spend on compliance this year.

  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
    Image attribution tooltip
    Justin Sullivan / Staff via Getty Images
    Image attribution tooltip

    Wells Fargo names JPMorgan veteran as vice chair

    Doug Braunstein, who led JPMorgan’s global M&A business among other roles in a two-decade stint, will focus on expanding Wells' corporate finance and advisory operations, the bank said.

  • elizabeth warren
    Image attribution tooltip
    Spencer Platt via Getty Images
    Image attribution tooltip

    Warren calls out OCC over merger policy ahead of Capital One-Discover

    The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

  • Federal Reserve Chair Jerome Powell.
    Image attribution tooltip
    Scott Olson via Getty Images
    Image attribution tooltip

    Fed denies TNB master account after 6 years

    Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.

  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
    Image attribution tooltip
    Win McNamee / Staff via Getty Images
    Image attribution tooltip
    Q&A

    Capital One-Discover deal may spur payments M&A

    The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Co.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi taps JPMorgan veteran to lead banking unit

    Hiring Vis Raghavan, formerly CEO of JPMorgan’s Europe, Middle East and Africa business, gives Citi a permanent figurehead in a unit led temporarily by the retiring Peter Babej.

  • People walk in front of a JPMorgan Chase & Co. sign at its headquarters in New York City.
    Image attribution tooltip
    Spencer Platt via Getty Images
    Image attribution tooltip

    JPMorgan names Petno, Gori to oversee global banking

    Doug Petno had led JPMorgan’s commercial bank since 2012. The move combines commercial, corporate and investment banking under Petno and Filippo Gori, now the bank’s CEO of Europe, the Middle East and Africa.

  • The Salt Lake City skyline
    Image attribution tooltip
    Denis Tangney Jr. via Getty Images
    Image attribution tooltip

    Zions Bank CEO to retire April 1

    The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

  • Denver Colorado skyscrapers snowy Longs Peak Rocky Mountains summer - stock photo
    Image attribution tooltip
    milehightraveler/iStock/Getty Images Plus via Getty Images
    Image attribution tooltip

    HTLF CEO to retire at year-end

    Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.

  • California state flag and state capitol building in Sacramento
    Image attribution tooltip
    DustyPixel via Getty Images
    Image attribution tooltip

    California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

    Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

  • jamie dimon jpmorgan ceo
    Image attribution tooltip
    Drew Angerer via Getty Images
    Image attribution tooltip

    Jamie Dimon sells roughly $150M in JPMorgan shares

    The sale comprises 821,778 shares and marks the CEO's first-ever sale of JPMorgan stock since taking the helm of the bank in 2005.

  • Image attribution tooltip
    Andreas Rentz via Getty Images
    Image attribution tooltip

    Russia’s VTB Bank chief charged with US sanctions violations

    The Justice Department also charged Andrey Kostin with conspiracy to commit money laundering in alleged efforts to hide his ownership of a Colorado home. Kostin rejected the charges in comments to Russian media.

    Updated Feb. 26, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
    Image attribution tooltip
    Win McNamee / Staff via Getty Images
    Image attribution tooltip

    Capital One-Discover deal carries $1.38B termination fee

    The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.