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Fed temporarily curbs exams for banks with less than $100B

Big banks are still expected to submit their capital plans by April 6, but some in the industry argue the coronavirus creates a scenario worse than the stress test's most dire, making it irrelevant.

British challenger bank Revolut launches in US

The fintech, launched in 2015, could face unique challenges as it expands to a new market at a time of economic uncertainty amid the coronavirus pandemic.

Santander chair, CEO give half of their pay to bank's virus-related medical fund

The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.

UPDATED: April 3, 2020 at 8:47 a.m.

How Grasshopper Bank supports clients during COVID-19 pandemic

For the digital bank, which caters to the entrepreneur and venture capital market, the virus has created an environment where its clients rely on tailored offerings to navigate the crisis.

Citi, Wells, U.S. Bank boost compensation for front-line employees

Both Capital One and U.S. Bank have opted for pay raises, with the former offering an additional $10 an hour to branch workers. U.S. Bank, meanwhile, is giving an extra 20% to branch, call center and field office staff.

UPDATED: March 27, 2020 at 2:33 p.m.

JPMorgan freezes hiring as coronavirus impact felt industrywide

Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.

Rakuten withdraws ILC application, intends to refile

The move comes less than a week after the FDIC approved applications for Square and Nelnet. But trade groups and some lawmakers still voice concern about the business model.

Opinion

Banks should double down on personal touch despite coronavirus fears

Financial institutions should be taking extra steps to help their senior customers use digital tools, NBH Bank's Whitney Bartelli and Patrick Sobers write. 

Wells Fargo asks Fed to lift asset cap

Adding deposits or loans may be one way the nation's fourth-largest bank could help businesses and customers hit hard by the coronavirus outbreak.

Regulators ease loan modification rules amid coronavirus pandemic

Examiners will exercise judgment in reviewing loan modifications, including troubled debt restructurings, according to a joint statement by five agencies and an organization of state regulators.

Goldman Sachs gives CEO a nearly 20% pay raise

The $4.5 million jump makes David Solomon the second-highest-paid CEO among Wall Street's big banks.

Bank of America hires 2,000 amid outbreak, keeps all branches open

The nation's second-largest bank is offering eligible branch workers an extra $200 per biweekly pay period, but the company's lack of restrictions on branch access counters moves announced by JPMorgan Chase and others.

Kabbage asks Congress to retool SBA's lending rules amid coronavirus crisis

The online lender wants private-sector partners to help the agency with its disaster loan program as it faces a potential flood of small businesses in need of cash.

Truist, PNC, Fifth Third, KeyBank lay out virus-influenced branch restrictions

Meanwhile, Citi and Wells Fargo suggest staggered log-in and meeting times so workers don't overtax remote access or teleconferencing systems.

JPMorgan Chase temporarily closing 20% of US branches

The nation's largest bank is also offering a one-time, $1,000 bonus to tellers and other "front line employees" who can't work from home, the company announced Friday.

UPDATED: March 20, 2020 at 11:07 a.m.

FDIC approves ILC charters for Square, Nelnet

The recent approvals are bound to usher in more scrutiny from the banking establishment, which has called the industrial loan company model's lack of oversight a consumer safety issue.

Coronavirus may force HSBC to delay restructuring

The bank remains confident, however, that it can triple its billionaire client base in Greater China over the next three years, an HSBC executive told Bloomberg.

Banks need to push digital offerings during COVID-19 pandemic, experts say

"As we saw in the last recession, if you take the pedal off, you can wake up in a couple of years and have a lot of fintechs nibbling away at your business," said John Stockamp, director in West Monroe's financial services practice.​

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

Regulators weigh easing more bank rules as markets stay jittery

A spate of initiatives, some released and some under consideration, are intended to keep credit flowing to businesses hard hit by the novel coronavirus outbreak.

HSBC makes Quinn's CEO role permanent

The bank's failure to quickly revive growth in Asia led HSBC Chairman Mark Tucker to dismiss Quinn’s predecessor in August. Now the new CEO must right the ship amid a global pandemic and Brexit woes.

UBS CFO: 'We've experienced very few losses'

Kirt Gardner says the giant Swiss bank will weather the pandemic storm, thanks to its "conservative risk profile, high-quality credit portfolio and relatively limited exposure to highly impacted industries."

Goldman Sachs waives March payments for Apple Card users

Apple and Goldman Sachs are continuing to allow payment deferrals in April, but Apple Card customers who took advantage of the March program must re-enroll, the tech giant said.

UPDATED: April 2, 2020 at 12:06 p.m.

Former PayPal, Intuit CEO launches digital bank targeting middle-class families

Bill Harris said the San Francisco-based startup will serve a demographic that hasn't had its needs adequately met by traditional banks or the current fintech offerings that are available in the market.

Banks tap Fed discount window to signal readiness on credit

The biggest U.S. banks have been cooperating with each other and with the Federal Reserve to show they'll keep people and companies liquid as the economy worsens.