Retail
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PNC reports $1.8B Q1 profit, forges ahead with BBVA deal
PNC CEO Bill Demchak said the bank is on track to complete its acquisition of the Spanish lender's U.S. arm by midyear, adding he thinks the current economic environment will give rise to more acquisition opportunities.
By Anna Hrushka • April 16, 2021 -
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Barclays's semantics on prison deal puts it under scrutiny
Activists said the bank's role as lead underwriter on two new facilities in Alabama goes against its 2019 vow to stop financing private-prison companies. The bonds are being issued for an LLC that's 100%-owned by CoreCivic.
By Dan Ennis • April 16, 2021 -
Trendline
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 -
Streeter Lecka via Getty Images
Truist sees Q1 boost over insurance acquisitions, investment-banking boon
Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.
By Anna Hrushka • April 15, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America's Q1 profits double as it reinstates pre-COVID credit standards
The bank released $2.7 billion in loan loss reserves, but saw a 15% jump in noninterest expenses, driven by COVID-19-related costs, including incentive changes, real estate charges and compensation boosts for associates.
By Suman Bhattacharyya • April 15, 2021 -
Justin Sullivan via Getty Images
Citi's net income triples as the bank prepares to exit 13 retail markets
SPAC underwriting pushed investment-banking revenue at the nation's third-largest bank up 46%, but Citi saw a 14% lull in consumer banking.
By Dan Ennis • April 15, 2021 -
Chris Hondros via Getty Images
Another Marcus exec flees — this time, to JPMorgan Chase
The departure of the digital bank's head of product is being followed closely by that of Goldman's communications chief, who is expected to announce Friday he's leaving after nine years.
By Dan Ennis • UPDATED: April 16, 2021 at 11:24 a.m. -
Chris Hondros via Getty Images
JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release
During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.
By Anna Hrushka • April 14, 2021 -
Wells Fargo profits jump nearly sevenfold amid signs of economic recovery
The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.
By Suman Bhattacharyya • April 14, 2021 -
PNC's 'low cash mode' gives users 24-hour overdraft buffer
The feature lets customers choose which payments will be processed if an overdraft is imminent. Tests of the product have helped users reduce insufficient-funds fees by more than 60%, the bank said.
By Anna Hrushka • April 13, 2021 -
Fotolia
With neobank purchase, Avant mirrors SoFi's path
Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.
By Dan Ennis • April 13, 2021 -
Permission granted by BancorpSouth
BancorpSouth to buy Cadence Bank in $2.8B all-stock deal
The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.
By Anna Hrushka • April 12, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Niche banking could safeguard challengers, incumbents from big tech, retail threat
In his annual shareholder letter, JPMorgan CEO Jamie Dimon said the strengths of Amazon, Apple, Facebook, Google and Walmart are "extraordinary, with ubiquitous platforms and endless data."
By Anna Hrushka • April 11, 2021 -
Permission granted by Revolut
ColumnBanks decide their place on the Citi-Goldman spectrum
While Bank of America is offering compensation boosts of $10,000 to $25,000 to entice employees to stay, challenger Revolut is letting its workers log on from abroad for up to two months a year.
By Dan Ennis • April 09, 2021 -
Permission granted by Fair
Membership-based neobank Fair would target immigrants, unbanked
Houston entrepreneur Khalid Parekh, who founded the tech firm Amsys Group, said the platform's portfolio of services will help differentiate it from neobanks already serving the space.
By Anna Hrushka • April 08, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart's trademark filing may offer clues to fintech startup
The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.
By Dan Ennis • April 08, 2021 -
Eastern cements Boston footprint with $642M Century Bank acquisition
Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.
By Dan Ennis • April 08, 2021 -
California bill would create free banking services for state's residents
The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.
By Anna Hrushka • April 07, 2021 -
Anna Hrushka/Banking Dive
Chance for early feedback spurs banks to join FedNow pilot program
More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.
By Anna Hrushka • April 06, 2021 -
Permission granted by SoFi
SoFi to offer auto loan refinancing through MotoRefi partnership
The deal with the Arlington, Virginia-based startup represents the latest product expansion by SoFi as it continues its push to become more than a student loan fintech.
By Anna Hrushka • April 05, 2021 -
Permission granted by Spiral
New challenger bank Spiral aims to make charitable giving easier
"Just like what Amazon did to consumption with the click of a button, that's what we're trying to do to charitable giving," said Spiral's CEO and co-founder, Shawn Melamed.
By Anna Hrushka • April 01, 2021 -
Courtesy of Business Wire
Walgreens to launch digital bank accounts this year
The accounts will be available to customers online and at 9,000 Walgreens locations in the second half of 2021. The pharmacy chain is the second nonbank in a week to announce a digital banking partnership with MetaBank.
By Anna Hrushka • March 31, 2021 -
Brian Tucker / BioPharma Dive
FTC bans mobile banking app Beam, its founder
The company, which promised interest rates as high as 7%, must pay back an estimated $2.6 million in account holders' funds as part of a settlement announced Monday, in which Beam did not admit wrongdoing.
By Dan Ennis • March 30, 2021 -
Courtesy of KeyBank
KeyBank's digital bank for doctors gets national launch
The bank expects to add checking and retail investments to the platform this year, and to expand digital banking services to a market that includes pharmacists, physician assistants, nurses and therapists.
By Anna Hrushka • March 30, 2021 -
Permission granted by H&R Block
H&R Block eyes digital banking market
The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.
By Anna Hrushka • March 29, 2021 -
Permission granted by Greenwood Financial
Greenwood raises $40M in funding with investments from 6 major banks
Led by Truist Ventures, the digital bank's funding round includes investments from JPMorgan Chase, Bank of America, Wells Fargo and PNC, in addition to payments giants Mastercard and Visa.
By Anna Hrushka • March 25, 2021
