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    Bank of America to give restricted-stock bonuses to rank and file

    Full-time, U.S.-based employees making less than $500,000 a year will get 65 to 600 restricted stock units, scheduled to vest over four years beginning in 2023, the bank said Tuesday in a memo.

    By Jan. 26, 2022
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    Sean Pavone/iStock/Getty Images Plus via Getty Images

    Big banks gear up to return to office despite omicron variant

    Citi, Goldman Sachs and others have set hard dates for when workers are expected to return, while Wells Fargo and Capital One are taking a wait-and-see approach.

    By Jan. 25, 2022
  • Trendline

    Marketing trends

    Established and up-and-coming platforms show how they are pivoting to take on new business. Some are even dropping top marketing roles or well-known marketing tools.

    By Banking Dive staff
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    Courtesy of Wells Fargo multimedia resources

    U.S. banks close 2,927 branches in 2021, a 38% jump

    Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.

    By Jan. 24, 2022
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    JPMorgan Chase boosts Dimon's compensation 9.5%, to $34.5M

    With the package, Dimon would regain his place as the best-paid CEO among the U.S.'s top six banks. JPMorgan's board cited 2021's record profit and revenue, a 23% return on tangible common equity and numerous acquisitions.

    By Jan. 21, 2022
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    U.S. Bank's Q4 profit jumps 10% on reserve release

    This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.

    By Jan. 19, 2022
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    Truist Financial

    Truist sees 24% jump in Q4 profit

    CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.

    By Jan. 18, 2022
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    PNC reports 10% dip in Q4 profit

    The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.

    By Jan. 18, 2022
  • Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit

    About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.

    By Updated Jan. 18, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo's Q4 profit skyrockets 86%

    The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.

    By Jan. 14, 2022
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    Alex Wroblewski via Getty Images

    Dimon: 'We're not going to pay you not to work in the office'

    JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."

    By Jan. 11, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo's chief risk officer to retire in June

    "Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.

    By Updated Jan. 19, 2022
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    Pablo Blazquez Dominguez via Getty Images

    Santander finds itself in a Citi moment with $175M error

    In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

    By Jan. 5, 2022
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    Chris Hondros via Getty Images

    JPMorgan to pay $200M in SEC, CFTC fines over record-keeping failures

    The bank in June ordered staff to save relevant texts from as early as 2018 made on personal devices and on messaging platforms until the company's legal department said otherwise, Bloomberg reported.

    By Dec. 17, 2021
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    Customers Bank plays up 'fintech-forward' focus in rebrand

    The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."

    By Dec. 16, 2021
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    Crypto custody firm Anchorage Digital raises $350M in $3B valuation

    The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

    By Dec. 15, 2021
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    Justin Sullivan via Getty Images

    Citi levels up gender diversity in managing director class

    Women comprise 34.6% of the 306 employees promoted Monday, an uptick of more than 5 percentage points over last year. But the figure falls short of a goal of 40% the bank pushed in 2018.

    By Dec. 14, 2021
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    From Greenwood Energy (used with permission)

    'Profit with a purpose': Mission-driven banks find value in partnerships

    Balancing an environmental, social and governance mission with the pursuit of profit can present unique challenges for startup banks.

    By Dec. 13, 2021
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    Permission granted by Office of the Comptroller of the Currency

    Crypto, cybersecurity and climate in focus in OCC risk report

    "The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

    By Dec. 7, 2021
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    Courtesy of FDIC

    Bank profits jump nearly 36% year over year in Q3, FDIC says

    However, net income has fallen 1.2% from this year's second quarter, as banks release fewer loan loss reserves that had been set aside earlier in the COVID-19 pandemic.

    By Dec. 1, 2021
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    UBS poaches next CFO from JPMorgan Chase

    Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March. Bori Cox will replace Youngwood at JPMorgan.

    By Updated Dec. 22, 2021
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    UK fintech Thought Machine surpasses $1B valuation

    The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.

    By Nov. 29, 2021
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    Citi names crypto team chief, looks to hire 100 more in digital asset effort

    Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.

    By Nov. 23, 2021
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    Courtesy of KeyBank

    KeyBank buys fintech XUP to streamline merchant payments business

    The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank's head of commercial product and innovation said.

    By Nov. 23, 2021
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    Alex Wroblewski via Getty Images

    JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs

    The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.

    By Updated Nov. 24, 2021
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    Deep Dive

    Banks, fintechs navigate market's appetite for crypto amid pending regulatory guidance

    From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.

    By Nov. 22, 2021