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Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase
The nation's biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
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Dive Awards
Company of the Year: Mastercard
The world's second-leading payment network is pivoting away from its five-decade bread and butter — and showing its future lies not in cards but in partnerships.
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Dive Awards
Disruption of the Year: P2P payments
Fintechs have revolutionized the peer-to-peer landscape, causing banks to reevaluate their existing payment systems.
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Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
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HSBC agrees to pay $192M to settle U.S. tax case
The bank's Swiss unit helped 720 U.S. clients hide $825 million in assets from the IRS between 2000 and 2010, it admitted. HSBC has quintupled the number of employees assigned to spot suspicious activity in recent years.
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Morgan Stanley faces 1-2 punch of 1,500 job cuts, $22M fine
The bank plans to take a charge, connected to the staff reduction, of $150 million to $200 million in its fourth-quarter results.
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JPMorgan blockchain network may draw more than 80 Japanese banks
The U.S.'s largest bank had said it wanted the platform to accrue 400 members by year's end.
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OpinionBanks should apply customer data more smartly to instill greater trust
Financial institutions are often strong on security, but they should consider emulating Amazon or Netflix, which boost user experience by proving they know their customers' preferences, Experian's David Britton writes.
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BB&T completes acquisition of SunTrust to form Truist
The deal creates the nation's sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.
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Former Fed chief, rule architect Paul Volcker dies at 92
Volcker's policies while leading the central bank helped rein in inflation in the early 1980s, while his proposed ban on proprietary trading drew the ire of big banks after the 2007-08 recession.
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Challenger bank Chime valued at $5.8B, a nearly fourfold jump from March
Chime CEO Chris Britt plans to use the capital to develop new products and double the bank's employee count by the end of 2020, sources said. The bank will also consider acquiring other fintechs.
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Warren bill would loop CFPB in to bank merger approval process
Financial institutions' Community Reinvestment Act exam ratings would also be taken into account under the Democratic presidential candidate's legislation, which was introduced Wednesday.
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Wells Fargo CEO: Bank to refund some checking account fees next year
The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.
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NCUA's Hood defends credit union growth during House hearing
Some communities would be without banking access if a credit union hadn't decided to purchase a community bank, NCUA Chairman Rodney Hood told lawmakers Wednesday.
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Goldman Sachs gives Amazon's cloud a nod of approval in database migration
Although the bank works with a few cloud providers, CEO David Solomon credits AWS as "the first because [of] their immense capabilities and the astounding pace of their innovation."
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Suncoast Credit Union targets Miami market with Apollo Bank buy
If regulators approve the deal, it would be the 16th bank acquisition by a credit union this year and the largest since 2012.
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BB&T sues tech vendor Hitachi Vantara over 2018 outage
The bank estimates the outage cost about $20 million in lower deposit service charges and higher expenses. BB&T is seeking $75,000 in damages, but a jury could increase that amount.
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Banks don't need to file SARs when servicing hemp businesses, regulators say
The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
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Banks eye a bigger helping of holiday retail point-of-sale pie
Citi, JPMorgan Chase and Mastercard have expanded their loan options this year to fend off upstarts and entice interest-averse buyers.
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Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
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Bakkt CEO's Senate assignment sets up potential conflict of interest
The agriculture panel on which Sen. Kelly Loeffler, R-GA, will serve oversees the CFTC, which regulates markets for derivatives that trade on exchanges run by Intercontinental Exchange, where Loeffler's husband is chairman.
UPDATED: Jan. 8, 2020 at 10:54 a.m. -
Banks top credit unions for 1st time in customer satisfaction survey
The shift may reflect the greater value consumers place on mobile app quality, the survey's managing director says.
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Robinhood pulls bank charter application
The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.
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OpinionThink globally: 4 tips for payment success
Keeping up with innovation and limiting cross-border friction can be crucial to growth, writes BlueSnap CEO Ralph Dangelmaier.
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Bank branch closures leave deeper void in rural counties, Fed says
Most of the 39 rural counties that lost half or more of their bank branches from 2012 to 2017 have lower median incomes and a higher share of African-Americans, according to the report.
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