Commercial: Page 67
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Courtesy of Wells Fargo multimedia resources
Wells Fargo ties diversity efforts to executive pay
Goldman Sachs and HSBC have also laid out diversity goals. However, in a sustainability report, Goldman reported Black people comprise about 3.2% of the bank's top level of management — well below its 7% representation target.
By Dan Ennis • Updated April 20, 2021 -
Former Citi executive's AI platform identifies bias in banking
Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.
By Anna Hrushka • June 18, 2020 -
Explore the Trendline➔
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TrendlineArtificial intelligence
The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.
By Banking Dive staff -
HSBC resumes 35K job-cut plan, ending COVID 'pause'
"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"
By Dan Ennis • Updated Aug. 4, 2020 -
Morgan Stanley's ex-diversity chief sues bank, claiming race discrimination
Marilyn Booker says the bank cut her budget by 71% and made little effort to retain Black managers, adding the CEO's messaging since race has taken a national focus is hypocritical.
By Dan Ennis • June 17, 2020 -
Courtesy of FDIC
Bank earnings drop 70% in Q1, FDIC report finds
Banks set aside $52.7 billion during the quarter — a 280% increase from the previous year — to prepare for potential loan losses and the implementation of CECL standards.
By Anna Hrushka • June 17, 2020 -
JPMorgan Chase, PNC join banks closing early for Juneteenth
Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.
By Dan Ennis • Updated June 18, 2020 -
JPMorgan Chase holds off on returning Ohio employees to office
The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.
By Dan Ennis • Updated July 8, 2020 -
PPP forgiveness process constrains lenders, small businesses, bankers say
In a letter Friday, 47 senators bemoaned the 11-page document as unwieldy as banks repurpose staff for the next stage of coronavirus relief.
By Anna Hrushka • June 15, 2020 -
Q&A
How Mambu plans to expand in North America's core banking market
"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.
By Anna Hrushka • June 15, 2020 -
Goldman, Amazon to launch credit line for small businesses
The deal marks the second time in a year that the investment bank has partnered with one of the big four tech giants, following the August launch of the Apple Card.
By Anna Hrushka • June 11, 2020 -
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 -
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
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