Commercial: Page 52
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JPMorgan's Q2 profit more than doubles amid slight drop in revenue
The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.
By Anna Hrushka • July 13, 2021 -
Mark Wilson via Getty Images
Deep Dive // Overdraft alternativesRethinking overdraft
While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.
By Anna Hrushka • July 12, 2021 -
Explore the Trendline➔
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TrendlineM&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 -
Permission granted by U.S. Bank
U.S. Bank boosts unit to advise local governments on asset management
The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.
By Dan Ennis • July 12, 2021 -
Retrieved from The White House/YouTube on January 29, 2021
Biden executive orders target bank mergers, financial data sharing
One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.
By Anna Hrushka • July 9, 2021 -
Szekely, Pedro. (2017). "Chicago Skyline" [Photograph]. Retrieved from Flickr.
Billie Jean King-backed de novo to open this fall
Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.
By Anna Hrushka • July 8, 2021 -
Mark Wilson via Getty Images
Fintech Karat aims to become influencers' bank, raises $26M
The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.
By Anna Hrushka • July 2, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the office
Banks prepare for 2021's second act with office-return, banker-pay pledges
Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.
By Dan Ennis • July 2, 2021 -
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Wealth management fintech gets boost from Florida community bank
A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.
By Anna Hrushka • June 30, 2021 -
Courtesy of Fifth Third
Fifth Third to acquire healthcare fintech Provide
The Cincinnati bank follows another Ohio-based lender in tailoring its financial services to the healthcare industry. Cleveland-based KeyBank launched Laurel Road for Doctors in March.
By Anna Hrushka • June 23, 2021 -
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Goldman Sachs expands transaction banking services to UK
The bank said last year it wants to move more money around the world for large companies — a more stable revenue stream than trading. Goldman says its technology platform can open accounts in minutes instead of months.
By Dan Ennis • June 22, 2021 -
California businessman gets 2½ years for bank fraud in $150M pot processing scheme
The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.
By Anna Hrushka • June 21, 2021 -
Justin Sullivan via Getty Images
American Express launches business checking accounts
The card network's subsidiary, Kabbage, rolled out a soft launch of the checking account product last summer, before AmEx acquired it.
By Anna Hrushka • June 15, 2021 -
David Ramos via Getty Images
Sunwest Bank launches new account opening portal to boost geographic reach
The portal allows the bank to expand its services to commercial clients outside of the four states where it has a physical presence, said Dwight Flenniken, Sunwest's chief marketing officer.
By Anna Hrushka • June 10, 2021 -
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Why some lenders are going all-in on video banking
OceanFirst Financial plans to extend its video banking services to mobile devices, while U.S. Bank recently added video to its co-browsing service.
By Anna Hrushka • June 8, 2021 -
Permission granted by Huntington Bank
Overdraft alternativesAlly, Huntington launch efforts to curb overdraft fees
Huntington's new $1,000 line of credit may cost the bank $1 million a month but earn customers' loyalty. Ally, meanwhile, eliminated overdraft fees altogether.
By Anna Hrushka • June 2, 2021 -
TD Bank pledges $100M to minority-owned small-business lending
Michael Innis-Thompson, TD's head of community lending and development, told American Banker the bank aims to become "the bank of choice for Black and Latin borrowers."
By Anna Hrushka • June 1, 2021 -
Black-owned businesses leaned harder into fintechs on PPP, Fed data shows
The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.
By Anna Hrushka • May 28, 2021 -
Senators, bank CEOs spar on Capitol Hill over compensation, voting rights
Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.
By Anna Hrushka • May 27, 2021 -
Chip Somodevilla via Getty Images
Toomey questions regional Fed banks' race-related work
The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.
By Anna Hrushka • May 24, 2021 -
Banks' succession strategies include 'testing ground' for CEO candidates
JPMorgan Chase and Morgan Stanley's moves show leaders would rather see contenders vie for the top spot than groom a particular candidate, one headhunter says.
By Anna Hrushka • May 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC reconsiders controversial revamp to anti-redlining law
Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.
By Anna Hrushka • May 19, 2021 -
David McNew via Getty Images
Bank of America to increase minimum hourly wage to $25 by 2025
CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."
By Anna Hrushka • May 18, 2021 -
Climate First Bank finds fintech partner with a similarly green mission
Atmos launched in January with a savings product, and allows customers to donate to 41 climate, clean energy and sustainability nonprofits directly from their accounts.
By Anna Hrushka • May 12, 2021 -
DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans
Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.
By Anna Hrushka • May 10, 2021 -
Permission granted by Eastern Bank
Inside Boston’s turn as ground zero for M&A in 2021
Geographic expansion and desire for scale have spurred four deal announcements in as many months around New England's hub.
By Anna Hrushka • May 5, 2021
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