• Varo Bank debit card
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    Permission granted by Varo Bank

    Varo slows burn rate, shifts marketing strategy

    The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

    By Jan. 31, 2023
  • marqeta bill pay fintech
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    Permission granted by MARQETA

    Marqeta names new CEO, makes $275M deal

    The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

    By Jan. 30, 2023
  • Trendline

    Customer service

    Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

    By Banking Dive staff
  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images

    Goldman Sachs cuts CEO Solomon’s pay by 28.6%

    The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

    By Jan. 27, 2023
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    Dan Kitwood / Staff via Getty Images
    Deep Dive

    The crypto world is sending mixed signals

    Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

    By Jan. 27, 2023
  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo holds CEO Scharf’s pay steady at $24.5M

    The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

    By Jan. 27, 2023
  • elizabeth warren
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    Spencer Platt via Getty Images

    Warren asks Congress to help SEC fight crypto fraud

    The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

    By Jan. 26, 2023
  • coppel access fintech app
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    Permission granted by Grupo Coppel

    Mexico’s largest department store now offers banking services to Mexican Americans

    Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

    By Jan. 25, 2023
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    Permission granted by SMBC

    Inside Jenius Bank’s plan to tap the US consumer market

    Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

    By Jan. 24, 2023
  • Wells Fargo branch exterior
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    Courtesy of Wells Fargo multimedia resources

    Big banks to launch digital wallet operated by Zelle parent: report

    The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

    By Jan. 23, 2023
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    Mario Tama via Getty Images

    Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M

    The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.

    By Jan. 23, 2023
  • An American flag flies in front of the Capital One logo at the bank's headquarters.
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    Win McNamee via Getty Images

    Capital One cuts 1,100 tech jobs

    The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.

    By Jan. 20, 2023
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    Alex Wroblewski via Getty Images

    JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M

    The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.

    By Jan. 20, 2023
  • Bank of America CEO Brian Moynihan moderates a discussion while seated onstage.
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    Drew Angerer via Getty Images

    Bank of America institutes partial hiring freeze: report

    The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.

    By Jan. 19, 2023
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.

    ‘Too-big-to-manage’ banks could be broken up, OCC says

    The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

    By Jan. 18, 2023
  • A person walks into BNY Mellon's headquarters in New York City.
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    Mario Tama / Staff via Getty Images

    BNY Mellon to lay off 1,500 employees this year

    The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

    By Jan. 13, 2023
  • Fifth Third closing 23 branches

    The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

    By Jan. 13, 2023
  • A picture of Merrick Garland standing in front of an American flag
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    Drew Angerer/Getty Images via Getty Images

    City National Bank to pay $31M redlining settlement

    The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

    By Jan. 13, 2023
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images

    Goldman details $3B in losses since 2020

    The bank's Platform Services unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

    By Jan. 13, 2023
  • Frost Bank skyscraper
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    Permission granted by Frost Bank

    Frost Bank to offer home loans after more than 20-year hiatus

    Despite market headwinds, the bank is bullish on its return to home lending, and has a long-term vision for its mortgage operation, the bank’s CIO said.

    By Jan. 12, 2023
  • raleigh, north carolina skyline
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    Getty Images/Staff via Getty Images

    Raleigh bank CEO dead in small plane crash

    The pending merger between Integrated Financial, the company Eric Bergevin led, and MVB Financial “remains on track,” Integrated said Monday.

    By Jan. 12, 2023
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
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    Atstock Productions via Getty Images

    Michigan credit union eyes bank in sector’s 1st tie-up of 2023

    Old Mission Bank’s two locations will expand 4Front Credit Union’s Upper Peninsula footprint and boost its asset total by roughly $130.2 million.

    By Jan. 11, 2023
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    Jeff Swensen via Getty Images

    PNC bolsters environmental pledge to $30B

    The Pittsburgh-based bank has completed $9 billion in environmental financing since committing to a five-year, $20 billion goal in August 2021.

    By Jan. 11, 2023
  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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    Justin Sullivan / Staff via Getty Images

    Wells Fargo trims mortgage division, exits correspondent lending

    The move marks an identity shift for the bank, which, as recently as 2019, was the nation’s top home lender with $201.8 billion in volume.

    By Jan. 11, 2023
  • Portland Oregon at night.
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    photoquest7 via Getty Images

    FDIC gives $5.2B Columbia-Umpqua deal its final sign-off

    The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.

    By Jan. 11, 2023
  • A pile of $100 bills
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    hynci via Getty Images

    SVB, EagleBank name next chief risk officers

    Jay Namputhiripad brings 23 years of experience to EagleBank. Kim Olson, a 30-year banking vet, comes to SVB from Sumitomo Mitsui Banking Corp.’s Americas operation.

    By Jan. 10, 2023