Commercial
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Column
German banks are having a moment right now
The proposed resignations of Commerzbank's CEO and board chairman come little more than a week after the collapse of the country's biggest challenger bank and amid restructuring by its largest lender.
By Dan Ennis • July 06, 2020 -
Courtesy of Kabbage Media
Kabbage nearly doubles customer count through PPP participation
The Atlanta-based online lender said it approved $5.8 billion in loans under the program for 209,000 customers — 97% of whom are new to its platform.
By Anna Hrushka • July 02, 2020 -
Permission granted by BBVA USA
BBVA brings 'banker bar' to new branches in Texas expansion
The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.
By Anna Hrushka • July 01, 2020 -
Senate passes PPP extension as Fed chair cites middling Main Street demand
The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.
By Dan Ennis • UPDATED: July 6, 2020 at 11:48 a.m. -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo cuts dividend to level it will reveal July 14
Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.
By Dan Ennis • June 30, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
Courtesy of Ally Financial
Inside Ally Financial's technology strategy
The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.
By Naomi Eide • June 30, 2020 -
Fotolia
PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says
More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.
By Dan Ennis • June 26, 2020 -
Permission granted by Office of the Comptroller of the Currency
Community groups sue OCC over anti-redlining revamp
The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.
By Anna Hrushka • June 25, 2020 -
Wells Fargo signs multiyear solar energy deal with Shell
The 150-megawatt purchase boosts Wells' green profile, even if the other party is an oil company. The Rainforest Action Network blasted the bank for financing $198 billion for fossil fuel companies and projects since 2015.
By Dan Ennis • June 24, 2020 -
Mastercard to buy Finicity for $825M in open banking play
The announcement echoes a move by credit card rival Visa, which revealed in January its plan to purchase data aggregator Plaid for $5.3 billion.
By Anna Hrushka • June 24, 2020 -
Anna Hrushka/Banking Dive
Main Street Lending Program doesn't live up to its name, community banker says
Businesses with up to 15,000 employees or $5 billion in revenue are eligible to participate in the program. But certain requirements, while well-intentioned, are neither attractive nor attainable for most of her clients, one banker says.
By Anna Hrushka • June 23, 2020 -
Nasdaq
Eastern Bank to go public as pandemic accelerates need for tech
"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.
By Anna Hrushka • June 22, 2020 -
Fotolia
Banking by appointment could stick as a post-COVID-19 customer habit
"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.
By Anna Hrushka • June 19, 2020 -
BV Financial to buy Delmarva Bancshares in merger of Maryland banks
BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.
By Dan Ennis • June 18, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo ties diversity efforts to executive pay
CEO Charlie Scharf aims to double the number of Black leaders at the bank over the next five years, but says Wells' "unique" regulatory issues may make that difficult.
By Dan Ennis • June 18, 2020 -
Getty
Former Citi executive's AI platform identifies bias in banking
Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.
By Anna Hrushka • June 18, 2020 -
HSBC resumes 35K job-cut plan, ending COVID 'pause'
"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"
By Dan Ennis • June 17, 2020 -
Morgan Stanley's ex-diversity chief sues bank, claiming race discrimination
Marilyn Booker says the bank cut her budget by 71% and made little effort to retain Black managers, adding the CEO's messaging since race has taken a national focus is hypocritical.
By Dan Ennis • June 17, 2020 -
Courtesy of FDIC
Bank earnings drop 70% in Q1, FDIC report finds
Banks set aside $52.7 billion during the quarter — a 280% increase from the previous year — to prepare for potential loan losses and the implementation of CECL standards.
By Anna Hrushka • June 17, 2020 -
JPMorgan Chase, PNC join banks closing early for Juneteenth
Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.
By Dan Ennis • UPDATED: June 18, 2020 at 9:39 a.m. -
JPMorgan plans to bring back more traders to office June 22
The bank rearranged desks and reformatted floor plans, reduced capacity in its elevators and instituted an elevator queue system. It reportedly aims to ramp up its office capacity to 50% by mid-July.
By Dan Ennis • June 16, 2020 -
PPP forgiveness process constrains lenders, small businesses, bankers say
In a letter Friday, 47 senators bemoaned the 11-page document as unwieldy as banks repurpose staff for the next stage of coronavirus relief.
By Anna Hrushka • June 15, 2020 -
Getty Images
Q&AHow Mambu plans to expand in North America's core banking market
"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.
By Anna Hrushka • June 15, 2020 -
Goldman, Amazon to launch credit line for small businesses
The deal marks the second time in a year that the investment bank has partnered with one of the big four tech giants, following the August launch of the Apple Card.
By Anna Hrushka • June 11, 2020
