Retail


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    Courtesy of Wells Fargo multimedia resources

    U.S. banks close 2,927 branches in 2021, a 38% jump

    Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.

    By Jan. 24, 2022
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    H&R Block launches challenger bank Spruce

    The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.

    By Jan. 21, 2022
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    Fraud and AML in banking

    The coronavirus pandemic, the rise of cryptocurrencies and the growth of cannabis banking make it imperative for financial institutions to stay on top of the risks related to fraud and money laundering.

    By Banking Dive staff
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    U.S. Bank, Truist scale down overdraft fees

    U.S. Bank is increasing from $5 to $50 the amount by which accounts can go negative before triggering an overdraft fee and is instituting a 24-hour grace period. Truist, meanwhile, is unveiling two overdraft-free accounts this summer.

    By Jan. 20, 2022
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    Bank of America sees 28% Q4 profit jump

    The bank earned 78.8% more throughout 2021 than it did a year earlier. CFO Alastair Borthwick, meanwhile, said "stubborn COVID costs" would drop throughout 2022, in a further hint of branch de-emphasis.

    By Jan. 19, 2022
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    U.S. Bank's Q4 profit jumps 10% on reserve release

    This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.

    By Jan. 19, 2022
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    Truist Financial

    Truist sees 24% jump in Q4 profit

    CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.

    By Jan. 18, 2022
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    PNC reports 10% dip in Q4 profit

    The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.

    By Jan. 18, 2022
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    It's the new year, and banks are opening their wallets

    JPMorgan Chase is boosting first-year investment-banking analyst pay to $110,000, Bloomberg reported Wednesday. Second-year analysts, meanwhile, will make at least $125,000, and third-year compensation will start at $135,000.

    By Updated Jan. 19, 2022
  • Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit

    About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.

    By Updated Jan. 18, 2022
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    Wells Fargo's Q4 profit skyrockets 86%

    The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.

    By Jan. 14, 2022
  • JPMorgan smashes yearly profit record despite 14% Q4 dip

    The bank's M&A advisers saw an 86% fourth-quarter uptick in fees. However, fixed-income trading fell 16%. JPMorgan Chase reported an 11% jump in operating expenses, which it credited to compensation boosts.

    By Jan. 14, 2022
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    Citi to exit retail banking in Mexico

    Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.

    By Jan. 12, 2022
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    Bank of America, Wells Fargo pivot away from overdraft fees

    Wells said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.

    By Jan. 12, 2022
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    Dimon: 'We're not going to pay you not to work in the office'

    JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."

    By Jan. 11, 2022
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    Column

    Bank of America's bonus do-over

    A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.

    By Jan. 10, 2022
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    Neobank Starling halts advertising on Facebook, Instagram

    The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.

    By Jan. 7, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo's chief risk officer to retire in June

    "Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.

    By Updated Jan. 19, 2022
  • 5 banking trends to watch in 2022

    A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.

    By , , Jan. 4, 2022
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    Citi spins off its Philippine retail presence

    About 1,750 employees will transfer to Union Bank of the Philippines, which agreed Thursday to take on the American bank's footprint in a deal set to close in 2022's second quarter.

    By Dec. 23, 2021
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    Banks are 'missing the mark' on overdraft revamps, Dave CEO says

    "Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.

    By Dec. 21, 2021
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    Community banks form payments network to compete with Zelle: report

    Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.

    By Dec. 20, 2021
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    BMO to buy Bank of the West from BNP Paribas for $16.3B

    The Canadian bank would merge Bank of the West into BMO Harris to create the 13th-largest U.S. bank in a deal expected to close by the end of 2022.

    By Dec. 20, 2021
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    Banking group drops OCC suit after Figure updates charter application

    "We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.

    By Updated Jan. 14, 2022
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    Capital One tops customer satisfaction survey among national banks

    On average, the national banks included in J.D. Power's 2021 customer satisfaction survey scored five points lower than in 2020.

    By Dec. 17, 2021
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    Customers Bank plays up 'fintech-forward' focus in rebrand

    The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."

    By Dec. 16, 2021