Commercial
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PNC reports $1.8B Q1 profit, forges ahead with BBVA deal
PNC CEO Bill Demchak said the bank is on track to complete its acquisition of the Spanish lender's U.S. arm by midyear, adding he thinks the current economic environment will give rise to more acquisition opportunities.
By Anna Hrushka • April 16, 2021 -
Truist sees Q1 boost over insurance acquisitions, investment-banking boon
Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.
By Anna Hrushka • April 15, 2021 -
Explore the Trendline➔
FotoliaTrendlineThe Banking Dive Outlook on 2021
There are three ways to keep the narratives surrounding cryptocurrency, fair lending and the fight for racial equality in finance from losing steam.
By Banking Dive staff -
Bank of America's Q1 profits double as it reinstates pre-COVID credit standards
The bank released $2.7 billion in loan loss reserves, but saw a 15% jump in noninterest expenses, driven by COVID-19-related costs, including incentive changes, real estate charges and compensation boosts for associates.
By Suman Bhattacharyya • April 15, 2021 -
Citi's net income triples as the bank prepares to exit 13 retail markets
SPAC underwriting pushed investment-banking revenue at the nation's third-largest bank up 46%, but Citi saw a 14% lull in consumer banking.
By Dan Ennis • April 15, 2021 -
JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release
During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.
By Anna Hrushka • April 14, 2021 -
Wells Fargo profits jump nearly sevenfold amid signs of economic recovery
The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.
By Suman Bhattacharyya • April 14, 2021 -
BancorpSouth to buy Cadence Bank in $2.8B all-stock deal
The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.
By Anna Hrushka • April 12, 2021 -
BlackRock bets its interest rate on ESG progress
The company agreed to pay lenders on a $4.4 billion credit facility more — or less — depending on the strides it makes to hire more Black and Latinx people, put more women in leadership roles and boost its sustainable investments.
By Dan Ennis • April 07, 2021 -
Chance for early feedback spurs banks to join FedNow pilot program
More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.
By Anna Hrushka • April 06, 2021 -
H&R Block eyes digital banking market
The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.
By Anna Hrushka • March 29, 2021 -
Senate passes bill extending PPP deadline to May 31
The bill, which advanced on a 92-7 vote, also gives the SBA until June 30 to close pending PPP applications.
By Anna Hrushka • UPDATED: March 31, 2021 at 5:08 a.m. -
Federal Reserve forms 2nd climate change risk panel
Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.
By Anna Hrushka • March 24, 2021 -
Novo expands products, welcomes surge in users from Azlo
Novo said it gained 20,000 former Azlo customers in the 2½ months since Spanish lender BBVA said it planned to shutter the entrepreneur-focused startup.
By Anna Hrushka • March 23, 2021 -
Revolut applies for California charter, launches Revolut Business
The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.
By Anna Hrushka • March 22, 2021 -
Stripe faces building pressure for a go-public strategy
Stripe's Irish co-founder brothers will be balancing the views of management, investors and bankers in deciding the best path to fund the company's future.
By Lynne Marek • March 22, 2021 -
House lawmakers reintroduce cannabis banking bill
While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.
By Anna Hrushka • March 19, 2021 -
Column
Crypto, ESG and office returns: Banks show when they would — and would not — rather be first
As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.
By Dan Ennis • March 18, 2021 -
Bank branches will be extinct by 2034, fintech study finds
Figures released by Self Financial hinge on the acceleration of closures from 2012 to 2018. Particularly, the rate of closure doubled from 0.81% per year between 2012 and 2015 to 1.6% between 2015 and 2018.
By Dan Ennis • March 17, 2021 -
Brian Brooks, former OCC acting chief, joins blockchain startup
The new role places Brooks in a position where he can continue his push for the inclusion of blockchain and cryptocurrency in the financial sector, actions he took during his tenure at the helm of the bank regulator.
By Anna Hrushka • March 15, 2021 -
Column
How Citi can vanquish Revlon's ghost
The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.
By Dan Ennis • March 12, 2021 -
Lawmakers introduce plan to extend PPP deadline to May 31
The bill, which also gives the Small Business Administration until June 30 to process PPP applications, passed the House by a 415-3 vote.
By Anna Hrushka • UPDATED: March 17, 2021 at 7:15 a.m. -
Colorado credit union spinoff has ambitions beyond pot banking
Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.
By Anna Hrushka • March 11, 2021 -
SBA's delay in onboarding new PPP guidance squeezes applicants, lenders
Banks have exacerbated the crunch with early cutoffs. Bank of America has stopped taking new loan paperwork. JPMorgan and Citi's cutoffs are next week. The Fed extended the PPP facility, but only Congress can push the deadline.
By Dan Ennis • March 10, 2021 -
Biden's SBA nominee gives fintechs hope for inclusion beyond PPP
Funding Circle executive Ryan Metcalf said he was "heartened" by what he heard from a candidate to lead the agency that oversees the 7(a) program, for which the company applied to be a lender in 2019.
By Anna Hrushka • March 09, 2021 -
SoFi to buy community bank in $22.3M deal to speed charter
Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.
By Dan Ennis • March 09, 2021