JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release

During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.

By Anna Hrushka • April 14, 2021

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.

By Suman Bhattacharyya • April 14, 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

BancorpSouth to buy Cadence Bank in $2.8B all-stock deal

The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.

By Anna Hrushka • April 12, 2021

BlackRock bets its interest rate on ESG progress

The company agreed to pay lenders on a $4.4 billion credit facility more — or less — depending on the strides it makes to hire more Black and Latinx people, put more women in leadership roles and boost its sustainable investments.

By Dan Ennis • April 7, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021

H&R Block eyes digital banking market

The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.

By Anna Hrushka • March 29, 2021

Senate passes bill extending PPP deadline to May 31

The bill, which advanced on a 92-7 vote, also gives the SBA until June 30 to close pending PPP applications.

By Anna Hrushka • Updated March 31, 2021

Federal Reserve forms 2nd climate change risk panel

Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.

By Anna Hrushka • March 24, 2021

Novo expands products, welcomes surge in users from Azlo

Novo said it gained 20,000 former Azlo customers in the 2½ months since Spanish lender BBVA said it planned to shutter the entrepreneur-focused startup.

By Anna Hrushka • March 23, 2021

Revolut applies for California charter, launches Revolut Business

The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

By Anna Hrushka • March 22, 2021

Stripe faces building pressure for a go-public strategy

Stripe's Irish co-founder brothers will be balancing the views of management, investors and bankers in deciding the best path to fund the company's future.

By Lynne Marek • March 22, 2021

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

By Anna Hrushka • March 19, 2021

Crypto, ESG and office returns: Banks show when they would — and would not — rather be first

As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.

By Dan Ennis • March 18, 2021

Bank branches will be extinct by 2034, fintech study finds

Figures released by Self Financial hinge on the acceleration of closures from 2012 to 2018. Particularly, the rate of closure doubled from 0.81% per year between 2012 and 2015 to 1.6% between 2015 and 2018.

By Dan Ennis • March 17, 2021

Brian Brooks, former OCC acting chief, joins blockchain startup

The new role places Brooks in a position where he can continue his push for the inclusion of blockchain and cryptocurrency in the financial sector, actions he took during his tenure at the helm of the bank regulator.

By Anna Hrushka • March 15, 2021

How Citi can vanquish Revlon's ghost

The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.

By Dan Ennis • March 12, 2021

Lawmakers introduce plan to extend PPP deadline to May 31

The bill, which also gives the Small Business Administration until June 30 to process PPP applications, passed the House by a 415-3 vote.

By Anna Hrushka • Updated March 17, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

By Anna Hrushka • Updated June 23, 2021

SBA's delay in onboarding new PPP guidance squeezes applicants, lenders

Banks have exacerbated the crunch with early cutoffs. Bank of America has stopped taking new loan paperwork. JPMorgan and Citi's cutoffs are next week. The Fed extended the PPP facility, but only Congress can push the deadline.

By Dan Ennis • March 10, 2021

Biden's SBA nominee gives fintechs hope for inclusion beyond PPP

Funding Circle executive Ryan Metcalf said he was "heartened" by what he heard from a candidate to lead the agency that oversees the 7(a) program, for which the company applied to be a lender in 2019.

By Anna Hrushka • March 9, 2021

SoFi to buy community bank in $22.3M deal to speed charter

Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.

By Dan Ennis • March 9, 2021

In serving the Amish, Lancaster County bankers find 'make-a-difference' work

Banking some of Pennsylvania's most conservative people means forging creative solutions around mobile banking, photo IDs, flood insurance and even picnic-table business deals.

By Anna Hrushka • March 4, 2021

Citi marks a quiet transition as Fraser takes the reins

The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.

By Dan Ennis • March 2, 2021

PPP changes get mixed reactions from banking industry

"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.

By Anna Hrushka • Feb. 24, 2021

Wells Fargo sells its asset-management unit for $2.1B

The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.

By Dan Ennis • Feb. 23, 2021