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  • Goldman Sachs, lower Manhattan
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    Spencer Platt via Getty Images
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    Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors

    Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said Friday.

    By Oct. 2, 2023
  • Bank CEOs sit in front of the Senate Banking Committee.
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    Drew Angerer via Getty Images
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    Top bank CEOs to testify Dec. 6 to Senate panel

    Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

    By Oct. 2, 2023
  • Phone in hand with 'pay' button showing Explore the Trendline
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    Tero Vesalainen via Getty Images
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    Trendline

    Mobile banking trends

    Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps.

    By Banking Dive staff
  • Truist building
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    8 Truist board members to leave at year-end

    Four reached mandatory retirement age, and four others are leaving voluntarily. Truist's inaugural CEO, Kelly King, is among those leaving, though the timing of his departure was set in 2019.

    By Oct. 2, 2023
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    Daniel Berehulak via Getty Images
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    Credit Suisse, Mozambique settle tuna bonds case

    UBS, Credit Suisse's acquirer, gave no financial details of the agreement, ahead of a trial in the case. UBS also said it was "not aware" of a sanctions-related Justice Department probe that was reported last week.

    By Oct. 2, 2023
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    Getty Images via Getty Images
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    Banking events for the 2023-24 conference season

    It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

    By Sept. 29, 2023
  • U.S. Capitol In Washington
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    Stefan Zaklin via Getty Images
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    Landmark cannabis banking bill heads to full Senate

    While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

    By Sept. 27, 2023
  • A golden bull stands on top of a slew of 100 US Dollar banknotes
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    asbe via Getty Images
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    Deposits drop year over year for first time in 29 years: S&P

    Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.

    By Sept. 27, 2023
  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    Kendall Davis/HR Dive
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    Deep Dive

    Cannabis-friendly banks face pressure to differentiate

    Banks have used risk-based pricing and non-interest bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms are feeling the pressure to rethink their strategies.

    By Sept. 26, 2023
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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    Wells Fargo taps ex-diplomat, Morgan Stanley vet as vice chair

    Thomas Nides, a former U.S. ambassador to Israel, will replace William Daley, who is retiring.

    By Sept. 25, 2023
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Column

    Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?

    CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance. 

    By Sept. 25, 2023
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    lucky-photographer via Getty Images
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    JPMorgan, BofA, Wells face price-fixing suit over municipal bonds

    Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.

    By Sept. 22, 2023
  • Bank of America, Erica, AI, chatbot, earnings, quarterly report, Brian Moynihan, CEO
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    Justin Sullivan / Staff via Getty Images
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    Bank of America boosts minimum hourly wage to $23

    If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.

    By Sept. 21, 2023
  • Citizens Financial Group branch
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    Permission granted by Citizens Financial Group
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    Citizens pledges $50B to help commercial clients go greener

    The Providence, Rhode Island-based lender also aims to achieve carbon neutrality by 2035 and to engage with its oil and gas clients by next year regarding transition options.

    By Sept. 20, 2023
  • A person holds a credit card in front of a laptop computer.
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    Poike via Getty Images
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    Rakuten withdraws bid for NCUA charter

    The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.

    By Sept. 19, 2023
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    Justin Sullivan via Getty Images
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    Citi launches token service for institutional clients

    The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.

    By Sept. 19, 2023
  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Pablo Blazquez Dominguez via Getty Images
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    Santander retools its structure

    The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.

    By Sept. 19, 2023
  • Gavel and money in the court. Penalty or bribe.
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    designer491 via Getty Images
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    FinCEN fines Puerto Rico bank $15M on alleged BSA violations

    Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

    By Sept. 18, 2023
  • The photo shows cannabis plants growing in a greenhouse.
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    Drew Angerer via Getty Images
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    Senate panel to hold vote on cannabis banking bill

    The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

    By Sept. 18, 2023
  • RBC
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    Photo by Matt Cardy/Getty Images via Getty Images
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    City National hires ex-Fifth Third CEO as executive board chair

    Greg Carmichael will report directly to RBC CEO Dave McKay. The Toronto-based lender acquired City National in 2015.

    By Sept. 15, 2023
  • A cityscape photographed at dusk, featuring the global headquarters of Goldman Sachs Company in center left, set in contrast to older buildings along New York's financial district.
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    JayLazarin via Getty Images
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    Goldman fires transaction banking chief, execs over communication breach

    Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

    By Sept. 14, 2023
  • lazard ceo peter orszag
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    Chip Somodevilla via Getty Images
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    Incoming Lazard CEO aims to double revenue by 2030

    Peter Orszag wants to boost productivity in the bank’s investment-banking and asset-management businesses after taking the helm Oct. 1.

    By Sept. 14, 2023
  • TD Bank at One Vanderbilt
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    Permission granted by TD Bank
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    Column

    TD, First Horizon lay out post-breakup woes at the same conference

    TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.

    By Sept. 14, 2023
  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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    Justin Sullivan / Staff via Getty Images
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    Wells Fargo to cut jobs to improve efficiency

    The lender has cut its employee base by nearly 40,000 since the third quarter of 2020 and has more cuts on the horizon, CFO Mike Santomassimo said Tuesday.

    By Sept. 13, 2023
  • Jane Fraser headshot
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    Permission granted by Citigroup
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    Citi reboots its management chain

    The bank scrapped a structure that split its business between two units, opting instead for five unit chiefs reporting directly to CEO Jane Fraser.

    By Sept. 13, 2023
  • Clipboard with small business loan application form and pen on wooden desk background.
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    Piotrekswat via Getty Images
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    Citi sells SMB loan platform to Foro

    As part of the deal, Citi becomes a minority shareholder in Charlotte, North Carolina-based Foro, which counts former Bank of America CEO Hugh McColl Jr. as one of its founding investors.

    By Sept. 13, 2023