Former Wells Fargo board members defend scandal response in House hearing

Betsy Duke and James Quigley said they were shocked and troubled when they first learned of the bank’s misconduct, but both told the panel they had done all they could to steer the bank in the right direction. 

By Anna Hrushka • March 11, 2020

Wells Fargo's long, winding path to recovery

March 11, 2020

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Artificial intelligence

Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.

By Banking Dive staff

Maxine Waters calls for DOJ probe into former Wells Fargo CEO's 'false statements'

Tim Sloan, who led the scandal-plagued bank from October 2016 to March 2019, resigned shortly after testifying at a House hearing over the bank’s widespread consumer abuses.

By Anna Hrushka • March 11, 2020

Wells Fargo board members Duke, Quigley resign following House report

Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.

By Anna Hrushka • March 9, 2020

House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank

The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."

By Anna Hrushka • March 5, 2020

Fed announces rate cut as US banks respond to coronavirus threat

As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.

By Anna Hrushka • Updated March 3, 2020

FDIC, Fed, Treasury IGs and OCC probe AmEx sales tactics

Investigators are looking into whether payment network employees misled or cowed Costco small-business cardholders into signing up with AmEx when the retailer ended its partnership with the company.

By Dan Ennis • Updated Jan. 8, 2021

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

Vote on pot banking bill is months away, Sen. Gardner says

Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.

By Anna Hrushka • Feb. 27, 2020

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

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 in $13B deal

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