Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Financial services industry stands to lose $1T in climate change-related costs

The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.

By Anna Hrushka • Feb. 25, 2020

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

LendingClub, Radius execs talk regulation, tech integration ahead of merger

In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.

By Anna Hrushka • Feb. 24, 2020

Wells Fargo to pay $3B to settle fake accounts scandal

The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.

By Anna Hrushka • Feb. 21, 2020

Morgan Stanley to buy E*Trade for $13B in largest bank takeover since financial crisis

The acquisition represents a monumental shift for the investment bank as it focuses on smaller customers, not just high net worth clients.

By Anna Hrushka • Updated Oct. 1, 2020

Lawmakers call out big banks for lack of leadership diversity

"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."

By Sheryl Estrada • Feb. 20, 2020

3 ways community banks can harness the changing definition of 'community'

Catering to a group that shares an affinity such as a local sports team can help a community bank strengthen its bond with potential customers, writes Dondi Black, a senior manager of payment services at FIS.

By Dondi Black • Feb. 19, 2020

Republican-backed bill targets banks who refuse to do business with ICE

The bill addresses a trend that has drawn fire from GOP lawmakers, as banks increasingly make business decisions related to social issues.

By Anna Hrushka • Feb. 18, 2020

JPMorgan Chase invests $75M to prepare youth for money-making careers

"[B]usinesses, government and communities must work together to prepare young people for the future of work," a company spokesperson said.

By Sheryl Estrada • Feb. 18, 2020

Keeping the banking desert at bay in rural America

As big banks concentrate their branches in cities, smaller financial institutions and digital companies find ways to irrigate in abandoned markets.

By Anna Hrushka • Feb. 18, 2020

HSBC to cut 35K jobs in major restructuring

The London-based bank said it will scale back its presence in the U.S. and mainland Europe, reduce the size of its investment bank and invest more in its Asian and Middle Eastern operations. 

By Anna Hrushka • Feb. 18, 2020

JPMorgan gives fintechs July deadline to sign new data access agreements

The move shows the nation's largest bank is following through on its plan to tighten security around customer data.

By Anna Hrushka • Feb. 14, 2020

Wells Fargo ends mandatory arbitration for workplace sexual harassment

Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.

By Anna Hrushka • Feb. 13, 2020

Wells Fargo splits wholesale, consumer banking units

The restructuring marks Wells Fargo's first overhaul under CEO Charlie Scharf, who has prioritized regaining regulatory trust and repairing the bank’s damaged image.

By Anna Hrushka • Feb. 12, 2020

Report: JPMorgan to merge blockchain unit Quorum with ConsenSys

JPMorgan Chase uses Quorum to power its blockchain-based Interbank Information Network, which aims to speed up cross-border transactions.

By Anna Hrushka • Feb. 11, 2020

Truist seeks more time to reach $1.6B post-merger net savings goal

The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.

By Anna Hrushka • Jan. 31, 2020

Deutsche takes $5.8B loss but sees hope in bond-trading jump

Germany's largest lender made several recent changes to compensation. It's delaying pay raises by three months and cutting its bonus pool. But top execs may take home at least a portion of their bonuses.

By Dan Ennis • Jan. 30, 2020

Goldman Sachs Investor Day: 'Embracing the bank model,' but which bank?

Ambitious goals. New revenue streams. Cost cutting. The bank's first-of-its-kind event delivered a little of everything — except excitement.

By Dan Ennis • Jan. 30, 2020

Otting's defense of CRA revamp ignites partisan rift at hearing

House Democrats questioned the comptroller's willingness to cooperate, while Republicans praised his efforts to modernize the low-income lending rule.

By Anna Hrushka • Jan. 30, 2020

Sallie Mae reverses course on personal loan origination

The student loan giant isn't the only company to pump the brakes on personal loans. Goldman Sachs said this month it drastically reduced its own personal loan originations during the Apple Card rollout last year.

By Dan Ennis • Jan. 28, 2020

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