Commercial
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JPMorgan Chase
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
By Anna Hrushka • Jan. 15, 2021 -
Citi's net income jumps 44% in Q4 over previous quarter
The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.
By Suman Bhattacharyya • Jan. 15, 2021 -
PNC sees 6% jump in Q4 net income ahead of BBVA acquisition
Deposits at the Pittsburgh-based lender grew 25% year over year.
By Robert Freedman • Jan. 15, 2021 -
Wells Fargo posts $1.1B in restructuring and remediation, sees 4% rise in Q4 profit
Despite the bump in Wells Fargo's bottom line, the bank saw double-digit percentage-point declines, or close, in net interest income and revenue.
By Dan Ennis • Jan. 15, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman, Marqeta partner to launch Marcus checking accounts this year
The bank is considering growing Marcus through acquisitions, Reuters reported, though executives have ruled out any tie-ups that involve taking on bank branches.
By Dan Ennis • Jan. 15, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Banks embrace automation, white-label options ahead of PPP relaunch
"It's going to be the coming-out party for commercial digital loan applications," Numerated CEO Dan O'Malley said of the $284 billion round of Paycheck Protection Program funding that reopens Monday.
By Anna Hrushka • Jan. 08, 2021 -
Community-based lenders to get first 2 days of PPP 2.0 to themselves
CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.
By Dan Ennis • Jan. 07, 2021 -
Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
By Anna Hrushka • Jan. 07, 2021 -
U.S. Bank to buy MUFG Union Bank's $320B custody portfolio
The deal, expected to close by March, bolsters the West Coast reach of a Midwest stalwart and marks a shift in priorities for another U.S. subsidiary of a foreign banking giant.
By Dan Ennis • Jan. 07, 2021 -
Anna Hrushka/Banking Dive
Fed extends Main Street program amid late rush in loan applications
The program saw a nearly threefold swell in activity in the four weeks preceding Dec. 23.
By Anna Hrushka • Jan. 04, 2021 -
PPP reboot promises some relief for borrowers, lenders
Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.
By Anna Hrushka • Dec. 23, 2020 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
Deutsche could scatter half of its New York staff within 5 years, exec says
"I'm optimistic that New York remains, to a degree, a hub," the bank's chief executive for the Americas told the Financial Times. "But that isn't maybe going to be relevant for all of those people."
By Dan Ennis • Dec. 15, 2020 -
Courtesy of State Street
State Street, UBS weigh merger of asset-management units
The banks discussed a tie-up as early as 2012 and were close enough to a deal this summer that roles had been determined for top executives and brand names were being considered, The Wall Street Journal reported.
By Dan Ennis • Dec. 14, 2020 -
Huntington, TCF agree to all-stock merger
The deal, expected to close in the second quarter of 2021, would add 475 branches and four states to Huntington's footprint, bringing the bank's asset total in line with fellow Ohio-based institutions Fifth Third and KeyBank.
By Dan Ennis • Dec. 14, 2020 -
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 09, 2020 -
Courtesy of Kabbage Media
Dive Awards
Deal of the Year: American Express buys Kabbage
The fintech was growing beyond lending. The payment network was building beyond cards. Together, they saw the chance to expand outside of themselves.
By Dan Ennis • Dec. 09, 2020
