Commercial

Morgan Stanley muscles in on traditional bank accounts with CashPlus

The shift in strategy comes after the investment bank announced it's cutting 1,500 jobs and reducing bonuses.
By Dan Ennis • Jan. 24, 2020
OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal

Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.
By Anna Hrushka • Jan. 23, 2020
Regulator prepping civil charges against ex-Wells Fargo managers

The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.
By Anna Hrushka • Jan. 23, 2020
OCC's CRA plan will move forward regardless of Fed, Otting says

"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."
By Anna Hrushka • Jan. 22, 2020
Cannabis, banking trade groups urge Crapo to advance SAFE Act

The letter to the Senate banking panel chair echoes arguments advocates have made for years: lack of access to financial services for marijuana-related businesses is a public safety issue.
By Anna Hrushka • Jan. 22, 2020
Deep Dive
HSBC whistleblower says Iran sanctions could bring AML into sharper focus

"The laws that are about to come out of this ... are going to be unreal," says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.
By Anna Hrushka • Jan. 21, 2020
PNC credits market expansion for its Q4 loan growth

The bank has expanded into 10 new cities, and isn't afraid to play the long game to embed itself in the community, CEO Bill Demchak said.
By Anna Hrushka • Jan. 15, 2020
Bank of America eyes 'momentum' in loans, deposits after a Q4 in transition

Profit fell 4% at the nation's second-largest bank, but a trading surge and a 10% jump in active mobile users have executives looking on the bright side.
By Dan Ennis • Jan. 15, 2020
Wells Fargo's $1.5B legal charge drives net income to 9-year low

In CEO Charlie Scharf's first earnings call, the company revealed profits plummeted 53% compared with a year ago. Scharf has emphasized resolving the lender's regulatory issues in his three months at the helm.
By Dan Ennis • Jan. 14, 2020
JPMorgan's record earnings buoyed by strong trading unit

The bank's corporate and investment bank generated record Q4 revenue, rebounding from what CEO Jamie Dimon called "a challenging prior year."
By Anna Hrushka • Jan. 14, 2020
Citi beats Q4 goals with trading surge, continued card growth

Citigroup shares jumped to their best year in two decades in 2019, increasing 53%. Those gains outpaced rivals JPMorgan Chase, Wells Fargo and Bank of America.
By Dan Ennis • Jan. 14, 2020
Wells Fargo ordered to pay $102.8M in mobile deposit patent case

Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.
By Dan Ennis • Jan. 13, 2020
Citi wants to hire 2,500 coders in trading, investment banking

Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
By Dan Ennis • Jan. 06, 2020
Former Wells Fargo execs could face criminal charges, sources say

It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.
By Anna Hrushka • Jan. 06, 2020
Wells Fargo board members may testify in 2020 over scandal, lawmaker says

If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019
Pot banking bill suffers blow as Senate panel chair opposes it

Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
By Anna Hrushka • Dec. 19, 2019
Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions

Until governments attach a price to some efforts, banks may have to police themselves, with help from clients and consumers.
By Dan Ennis • Dec. 18, 2019
Regulators find shortcomings in 6 US banks' 'living wills'

Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
By Anna Hrushka • Dec. 18, 2019
Truist's post-merger hurdle: Blending two cultures

BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
By Anna Hrushka • Dec. 17, 2019
Regulators retool CRA to reflect digital banking footprint

The Office of the Comptroller of the Currency and the FDIC on Thursday proposed expanding assessment areas covered under a 1977 law to protect lower-income borrowers.
By Anna Hrushka • Dec. 13, 2019
Azlo CEO: Small businesses want simple, digital integration from banks

Digital bank handles entrepreneurs' invoices and aims to save them the hassle of branch visits.
By Anna Hrushka • Dec. 12, 2019
BB&T completes acquisition of SunTrust to form Truist

The deal creates the nation's sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 09, 2019
Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase

The nation's biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
By Anna Hrushka • Dec. 09, 2019
Dive Awards
The Banking Dive Awards for 2019

From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
Banks don't need to file SARs when servicing hemp businesses, regulators say

The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
By Anna Hrushka • Dec. 03, 2019