Truist, Microsoft back FDIC fund to invest in minority-owned banks

"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.

By Anna Hrushka • Sept. 16, 2021

Goldman Sachs to buy home-improvement lender GreenSky for $2.24B

The deal, set to close in this year's fourth quarter or the first quarter of 2022, will bring more than 10,000 merchants into the fold of Goldman's consumer-banking arm, Marcus.

By Robin Bradley • Sept. 15, 2021

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

How BankMobile pivoted its business model in the face of competition

"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."

By Anna Hrushka • Sept. 15, 2021

Goldman Sachs names new CFO as Scherr steps down

Denis Coleman will become deputy CFO effective immediately and succeed Scherr in January. Goldman is the fourth of the six largest U.S. banks to make a change at CFO this year.

By Robin Bradley • Sept. 14, 2021

Bank of America to scrap CMO role after top marketer leaves this year

The bank pushed ahead with a raft of executive moves last week. Bank of America is not the first big U.S. bank to do away with the chief marketing role. Wells Fargo said in May it would do the same.

By Robin Bradley • Sept. 13, 2021

Bank of America names new CFO, adds 3 women to senior management

The bank's chief administrative officer and general counsel are also retiring. The shuffle of more than a dozen leaders comes two weeks after two longtime Bank of America executives said they were retiring at year's end.

By Dan Ennis • Sept. 10, 2021

Georgia bank's new owners eye a digital makeover without losing the personal touch

ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.

By Anna Hrushka • Sept. 9, 2021

Citizens Bank to acquire JMP Group in $149M, all-cash deal

The move, slated to close in the fourth quarter, is the latest in a busy year for Citizens, which bought 80 HSBC branches in May, as well as a New Jersey-based bank and an Oregon consulting firm.

By Robin Bradley • Sept. 9, 2021

Bank of America debuts overdraft alternative

If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12-per-transaction fee.

By Robin Bradley • Sept. 8, 2021

JPMorgan to buy majority stake in Volkswagen's payments business

The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."

By Anna Hrushka • Sept. 8, 2021

CFPB proposes rule to boost data collection on small-business loans

The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.

By Robin Bradley • Sept. 7, 2021

Wells Fargo names new commercial banking CEO

Kyle Hranicky will succeed Perry Pelos, who is set to retire in April, the bank said. Hranicky will join Wells Fargo's operating committee, becoming the first inside promotion CEO Charlie Scharf has elevated to that level.

By Dan Ennis • Sept. 7, 2021

SBA 'threat' draws ire of PPP lenders, Republican lawmakers

Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.

By Anna Hrushka • Sept. 2, 2021

Wells Fargo seeks more time to comply with scandal consent orders: report

The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.

By Anna Hrushka • Sept. 1, 2021

Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs

Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.

By Robin Bradley • Sept. 1, 2021

Bank regulators issue guidance on partnering with fintechs

Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.

By Anna Hrushka • Aug. 30, 2021

Santander Holdings USA to buy rest of US consumer unit for $2.5B

The deal, which includes the remaining 20% of the consumer unit's shares, values the division at $12.7 billion, and is expected to close in the fourth quarter of 2021.

By Anna Hrushka • Aug. 24, 2021

Serial acquirer Seacoast to buy 2 Florida banks

The deals, expected to close in the first quarter of 2022, would add $600 million in assets to Seacoast and value Sarasota-based Sabal Palm Bank at $53.9 million and Business Bank of Florida at about $28.4 million.

By Dan Ennis • Aug. 24, 2021

SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out

More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.

By Anna Hrushka • Aug. 23, 2021

Canada’s largest banks to require employee vaccinations before office return

Staff at TD, the Royal Bank of Canada, Bank of Montreal and the Canadian Imperial Bank of Commerce must demonstrate proof of vaccination by October. Scotiabank also will require vaccines for its workers but has not set a date.

By Robin Bradley • Aug. 23, 2021

Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks

The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.

By Anna Hrushka • Aug. 20, 2021

Sustainable banking-focused Aspiration to go public via $2.3B SPAC deal

The neobank, whose financial backers include Leonardo DiCaprio and Cindy Crawford, said the deal will provide more than $400 million in cash, which will be used for marketing, product innovation and technology.

By Anna Hrushka • Aug. 19, 2021

PNC sets 5-year, $20B environmental finance goal

The funding will go toward green buildings, renewable energy, clean transportation and sustainability-linked bonds and loans. But the amount is well short of trillion-dollar pledges from the nation's three largest banks.

By Robin Bradley • Aug. 19, 2021

Goldman Sachs to acquire Dutch insurer's asset-management arm in $1.9B deal

The deal would roughly double — to more than $600 billion — the bank's assets in Europe and expand its ESG footprint.

By Dan Ennis • Aug. 19, 2021

How Square's Afterpay deal plays into its SMB, consumer banking goals

The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.

By Anna Hrushka • Aug. 18, 2021