Commercial: Page 60
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Goldman Sachs to begin US office return June 22
The incremental rollout begins in the bank's New York, Jersey City, Dallas and Salt Lake City offices. "Rest assured, returning is entirely voluntary," CEO David Solomon and other execs wrote in a memo posted online Wednesday.
By Dan Ennis • June 11, 2020 -
Permission granted by Truist
Truist's BB&T app tops J.D. Power mobile banking satisfaction study
The award comes as the company builds an app that combines the best features from BB&T and SunTrust's legacy products, Truist's chief digital and client experience officer told Banking Dive.
By Anna Hrushka • June 10, 2020 -
Explore the Trendline➔
Natalie Meepian via Getty Images
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 -
Drew Angerer/Getty Images via Getty Images
PNC eyes deal to boost asset size past $700B, CEO says
Bank chief William Demchak said he would hedge toward buying a bank with higher concentrations of commercial and industrial lending and real estate rather than consumer loans that risk being lost in an economic downturn.
By Dan Ennis • June 10, 2020 -
3 in 4 bankers think AI will separate 'winners from losers,' survey finds
Nearly 60% of respondents in a Temenos survey agreed branch banking would be dead by 2025, as AI enables banks to experience customer service, safety and security benefits.
By Anna Hrushka • June 9, 2020 -
Bank of America, U.S. Bank, PNC and others pledge millions toward racial equality
The nation's second-largest bank added $250 million — and another year — to its previous commitment, fueled by a focus to counteract anti-Asian hatred.
By Anna Hrushka • Updated March 31, 2021 -
Varo secures $241M in funding as it prepares to become a bank
The challenger is undergoing a pre-opening examination with the OCC, which means the bank could launch in 60 days or less.
By Suman Bhattacharyya • June 3, 2020 -
Permission granted by Office of the Comptroller of the Currency
COVID-19 lockdowns threaten banking system's stability, OCC says
"Requiring businesses to remain closed decreases businesses' ability to service their debt, thus increasing default risk in the banking system," the regulator's acting chief said.
By Anna Hrushka • June 2, 2020 -
Brex lays off 62 employees amid 'restructuring'
"Three months in, it's clear that the impact of COVID-19 won't be short-lived," Brex's co-founders wrote in a blog post. "We know that the pace of growth won't be what we expected for the foreseeable future."
By Anna Hrushka • June 1, 2020 -
U.S. Bank branch closures could accelerate amid pandemic
A 17% to 35% jump in digital activity would have occurred in branch before the coronavirus outbreak took hold, CEO Andy Cecere said.
By Anna Hrushka • May 29, 2020 -
Citi aims to bring 5% of US employees back to offices July 1
The bank plans to maintain that level of staffing through Labor Day, assess the results, then increase capacity toward 30%, a person with knowledge of the plan told Bloomberg.
By Dan Ennis • Updated June 11, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
House passes bill to ease PPP payroll rule, triple spending period
The legislation, which also extends the time recipients have to repay the loan from two to five years, heads to the Senate, which reconvenes Monday.
By Anna Hrushka • May 28, 2020 -
Banks face logistical, security challenges with branch reopenings
The right date to allow lobby foot traffic — and the proliferation of face masks — present just two tests in post-pandemic banking.
By Anna Hrushka • May 28, 2020 -
Permission granted by Provident Bank
Pandemic not discouraging Provident Bank's acquisition plan
"When we announced the deal, the market was getting hammered," Provident Bank CEO Chris Martin told Banking Dive. "We're going to be better together than separate, so why not continue?"
By Anna Hrushka • May 27, 2020 -
Survey: 3 in 4 PPP borrowers confused by loan's terms
The uncertainty leaves some recipients reluctant to use the funds, even though new guidance doesn't expand the eight-week window. Waning interest in the program is spurring some banks to stop taking new applications.
By Dan Ennis • May 26, 2020 -
How Starling is seizing momentum during the pandemic
The U.K. challenger is seeing a sharp uptick in small-business loan traffic, launched a card that lets self-isolating customers farm out payment, and reversed planned furloughs.
By Suman Bhattacharyya • May 22, 2020 -
Shopify to launch banking services this year for merchants
The Canadian e-commerce company is also rolling out Shop Pay Installments, a buy-now, pay-later option at checkout that will let customers split purchases into four equal payments over time.
By Tatiana Walk-Morris • May 22, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC defends timing, lack of regulatory support for CRA revamp
The absence of lock-step with the Federal Reserve and the FDIC — and the rule's quick turnaround — led one advocate to call it an "administrative fiasco."
By Anna Hrushka • May 21, 2020 -
Column
How Citi earned its day off
The nation's third-largest bank this week said it would buy $50 million in PPP loans from nonwhite-owned depository institutions. It's shopping for suburban, post-COVID office space. And it stood up an environmental sustainability unit.
By Dan Ennis • May 21, 2020 -
Expect more PPP fraud cases as DOJ moves past 'low-hanging fruit'
The speed with which the SBA and Treasury Department set up the program, and the volume of loans funneled through it, means more cases are likely to emerge, an attorney says.
By Anna Hrushka • May 20, 2020 -
Truist spent $125M on rebrand, court document shows
The disclosure came amid a copyright infringement lawsuit Truliant Federal Credit Union filed against the bank. Truist said it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
By Dan Ennis • May 19, 2020 -
75% of small businesses sought PPP aid, Census Bureau finds
About 38% of the survey's 22,000 respondents said they've received loan money — and the coronavirus's impact appeared disproportionately felt in the Northeast and Great Lakes.
By Dan Ennis • May 15, 2020 -
JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says
While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.
By Anna Hrushka • May 15, 2020 -
SBA sued for PPP transparency as agency boosts another loan's limit
The New York Times and other publications filed requests for the names of PPP recipients, the amount of each loan, and the banks that processed them — even though the SBA has given that information in the past.
By Dan Ennis • May 13, 2020 -
Jeff Swensen via Getty Images
PNC’s BlackRock sell-off could position bank for future acquisition
The sale will at least boost the bank's capital levels and its capacity for credit losses. But the Pittsburgh-based lender also has a history of making aggressive moves and playing the long game.
By Dan Ennis • May 12, 2020 -
House Democrats attach pot banking bill to $3T coronavirus relief package
The bill's inclusion in the package follows multiple calls from lawmakers and advocates who say the largely cash-based cannabis industry poses health and safety risks to business owners and consumers.
By Anna Hrushka • Updated May 12, 2020
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