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Permission granted by SoFi
Personal finance startup SoFi to acquire payments platform Galileo for $1.2B
Because many of Galileo's clients are SoFi competitors, the deal could raise conflict-of-interest questions, one expert says.
By Anna Hrushka • April 08, 2020 -
Fifth Third hiring 950 employees amid higher loan, mortgage demand
The Cincinnati-based bank joins Bank of America in boosting its headcount during the coronavirus outbreak.
By Dan Ennis • April 07, 2020 -
Chime delivers some customers their stimulus checks early
The San Francisco-based digital bank is providing the cash to 1,000 randomly selected users through its no-fee SpotMe feature, which allows users to overdraft on their accounts.
By Anna Hrushka • April 03, 2020 -
Monzo, Starling furlough employees, lean on UK job retention plan
The challenger banks are taking advantage of the British government's coronavirus job retention scheme, which allows employers to claim 80% of a furloughed employee's monthly wage, up to £2,500 a month.
By Anna Hrushka • April 01, 2020 -
North Carolina de novo organizers buy bank in Tennessee
Community Bank of the Carolinas failed to raise enough money to open, but its investors found a path forward in Brighton Bank.
By Dan Ennis • March 31, 2020 -
National Institute of Allergy and Infectious Diseases. (2020). "Novel Coronavirus SARS-CoV-2" [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49565662436/in/album-72157713108522106/.
Standard Chartered pledges $1B toward pandemic relief, freezes hiring
The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.
By Dan Ennis • March 31, 2020 -
BofA CEO: Capital levels allow us to focus on operations amid crisis
"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"
By Anna Hrushka • March 30, 2020 -
Robinhood accused of using $75 credits to hush class-action suit
A federal judge won't block Robinhood from reaching out to users because the plaintiff "failed to establish a clear record of abusive communications by Defendants," according to court documents released Tuesday.
By Dan Ennis • UPDATED: April 1, 2020 at 10:14 a.m. -
Morgan Stanley pledges no job cuts in 2020 — and several banks follow
Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.
By Dan Ennis • March 27, 2020 -
Fotolia
Regulators urge banks to offer responsible small-dollar loans
Five agencies promise future guidance on the lending vehicle, which some trade groups advocated long before the coronavirus pandemic sent the economy into a spiral.
By Anna Hrushka • March 27, 2020 -
DC's first de novo in more than a decade set to open April 13
Founders Bank raised $30 million to receive final approval from federal and district regulators, but Washington has proved a tough market for new banks over the past year.
By Dan Ennis • March 26, 2020 -
Green Dot
Green Dot hires former Netspend chief as CEO
The prepaid card provider renewed its most valuable partnership last year but lost hundreds of thousands of customers — and about 60% of its stock price.
By Dan Ennis • March 26, 2020 -
Permission granted by Revolut
British challenger bank Revolut launches in US
The fintech, launched in 2015, could face unique challenges as it expands to a new market at a time of economic uncertainty amid the coronavirus pandemic.
By Anna Hrushka • March 25, 2020 -
National Institute of Allergy and Infectious Diseases. (2020). "Novel Coronavirus SARS-CoV-2" [Image]. Retrieved from https://www.flickr.com/photos/nihgov/49565892277/in/album-72157713108522106/.
Santander chair, CEO give half of their pay to bank's virus-related medical fund
The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.
By Dan Ennis • UPDATED: April 3, 2020 at 8:47 a.m. -
JPMorgan freezes hiring as coronavirus impact felt industrywide
Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.
By Dan Ennis • March 24, 2020 -
Citi, Wells, U.S. Bank boost compensation for front-line employees
Both Capital One and U.S. Bank have opted for pay raises, with the former offering an additional $10 an hour to branch workers. U.S. Bank, meanwhile, is giving an extra 20% to branch, call center and field office staff.
By Dan Ennis • UPDATED: March 27, 2020 at 2:33 p.m. -
Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman Sachs gives CEO a nearly 20% pay raise
The $4.5 million jump makes David Solomon the second-highest-paid CEO among Wall Street's big banks.
By Dan Ennis • March 23, 2020 -
Regulators ease loan modification rules amid coronavirus pandemic
Examiners will exercise judgment in reviewing loan modifications, including troubled debt restructurings, according to a joint statement by five agencies and an organization of state regulators.
By Anna Hrushka • March 23, 2020 -
Wells Fargo asks Fed to lift asset cap
Adding deposits or loans may be one way the nation's fourth-largest bank could help businesses and customers hit hard by the coronavirus outbreak.
By Dan Ennis • March 23, 2020 -
Bank of America hires 2,000 amid outbreak, keeps all branches open
The nation's second-largest bank is offering eligible branch workers an extra $200 per biweekly pay period, but the company's lack of restrictions on branch access counters moves announced by JPMorgan Chase and others.
By Dan Ennis • March 20, 2020 -
Truist, PNC, Fifth Third, KeyBank lay out virus-influenced branch restrictions
Meanwhile, Citi and Wells Fargo suggest staggered log-in and meeting times so workers don't overtax remote access or teleconferencing systems.
By Dan Ennis • March 20, 2020 -
Fotolia
Coronavirus may force HSBC to delay restructuring
The bank remains confident, however, that it can triple its billionaire client base in Greater China over the next three years, an HSBC executive told Bloomberg.
By Dan Ennis • March 19, 2020 -
JPMorgan Chase temporarily closing 20% of US branches
The nation's largest bank is also offering a one-time, $1,000 bonus to tellers and other "front line employees" who can't work from home, the company announced Friday.
By Dan Ennis • UPDATED: March 20, 2020 at 11:07 a.m. -
Courtesy of Wells Fargo multimedia resources
Wells Fargo cancels ex-CEO Sloan's $15M bonus
The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.
By Dan Ennis • March 18, 2020 -
Banks need to push digital offerings during COVID-19 pandemic, experts say
"As we saw in the last recession, if you take the pedal off, you can wake up in a couple of years and have a lot of fintechs nibbling away at your business," said John Stockamp, director in West Monroe's financial services practice.
By Anna Hrushka • March 18, 2020
