Retail


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    Neobank GloriFi shuts down following turbulent launch

    The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”  

    By Nov. 22, 2022
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    Dan Kitwood via Getty Images

    Credit Suisse cuts one-third of China-based investment-banking jobs

    The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.

    By Nov. 22, 2022
  • Trendline

    Marketing trends

    Established and up-and-coming challengers show how they embrace new business silos such as cannabis, BaaS and the metaverse — or connect “ingredients” to stimulate growth.

    By Banking Dive staff
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    Mario Tama via Getty Images

    Morgan Stanley’s generational drain continues

    Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.

    By Nov. 22, 2022
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    Chris Hondros via Getty Images

    JPMorgan maintains status as world’s most systemically important bank

    Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

    By Nov. 21, 2022
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    Courtesy of KeyBank

    KeyBank taps chief strategy officer as next CFO

    Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.

    By Nov. 18, 2022
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    jacoblund via Getty Images

    LGBTQ+-focused Daylight to offer family planning subscription service

    The service, set to launch early next year, will feature family planning concierges, a family-building marketplace with vetted attorney networks, IVF and surrogacy clinics, and loan access, the company said.

    By Nov. 18, 2022
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    Chip Somodevilla via Getty Images

    Treasury calls for more fintech oversight

    Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

    By Nov. 16, 2022
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images

    Wells Fargo launches small-dollar loan product

    Flex Loan, to be rolled out nationwide later this year, gives eligible customers $250 for a flat $12 fee, or $500 for a $20 fee — to be repaid in four equal monthly installments, the bank said Wednesday.

    By Nov. 16, 2022
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    Mario Tama via Getty Images

    NY Fed, banks launch new 12-week CBDC project

    Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

    By Nov. 16, 2022
  • The curved banner of a Walmart store, the brand name in white letters and the characteristic yellow sunburst logo to the right, against a blue sky.
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    Daphne Howland/Banking Dive
    Deep Dive

    How deep of a banking threat is Walmart’s One?

    The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

    By Nov. 16, 2022
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    Zhanna Hapanovich via Getty Images

    OceanFirst, Partners call off $186M merger

    OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

    By Nov. 14, 2022
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    DianeBentleyRaymond via Getty Images

    WaFd to buy Luther Burbank in $654M deal to enter California

    The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.

    By Nov. 14, 2022
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    Maja Hitij via Getty Images

    Elon Musk wants to turn Twitter into ‘the people’s financial institution’

    During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

    By Nov. 11, 2022
  • Puerto Rico’s FV Bank launches digital asset custody

    The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.

    By Nov. 10, 2022
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images

    Goldman touts diversity of biggest Solomon-era partner class

    Women account for 29% of the class — a recent high — and traders and investment bankers comprise 60%, a recent low.

    By Nov. 10, 2022
  • Renaud Laplanche, CEO and co-founder of Upgrade
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    Permission granted by Upgrade

    How Upgrade became a ‘marketing engine’ for deposit-hungry banks

    The neobank is leveraging its network of more than 200 community banks and credit unions to offer users one of the industry’s highest savings rates.

    By Nov. 9, 2022
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    Oli Scarff via Getty Images

    Citi, Barclays launch investment-banking cuts

    The headcount reductions — numbering in the dozens for Citi and 200 for Barclays — come as the banks report double-digit percentage-point year-over-year declines in fees in the sector.

    By Nov. 9, 2022
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    Courtesy of U.S. Bank

    U.S. Bank wants employees back in the office 3 days a week

    CEO Andy Cecere said he wants the change to be a choice, not a mandate. "The transition doesn't have to happen overnight, but it should be something you commit to like any new habit," he wrote.

    By Nov. 7, 2022
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images

    Wells Fargo faces $1B CFPB settlement over consumer abuses: report

    The reported record-settlement falls in line with CFPB Director Rohit Chopra’s mission to impose stricter penalties on banks that repeatedly violate consumer protection laws.

    By Nov. 7, 2022
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    WhataWin via Getty Images

    Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

    It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

    By Nov. 3, 2022
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    ipopba via Getty Images

    Indiana-based First Financial to cut 10% of its branch footprint

    The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.

    By Nov. 3, 2022
  • Digital bank Chime cuts 12% of workforce

    Chime co-founder and CEO Chris Britt said the move would allow the company to flourish “regardless of market conditions," according to an internal memo.

    By Nov. 2, 2022
  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images

    JPMorgan launches life sciences private equity team

    The new practice will leverage the bank’s resources and expertise to support early and growth-stage healthcare companies working on novel therapeutics and technologies, the bank said.

    By Nov. 2, 2022
  • Small business owner talks on phone while standing at register
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    gorodenkoff via Getty Images

    Small business owners want more advice from banks, study finds

    A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.

    By Nov. 1, 2022
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    U.S. Bank data breach impacts 11K customers

    A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

    By Oct. 31, 2022