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 Anna Hrushka • Nov. 22, 2022 -
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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 Gabrielle Saulsbery • 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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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 Dan Ennis • Nov. 22, 2022 -
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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 Rajashree Chakravarty • Nov. 21, 2022 -
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 Rajashree Chakravarty • Nov. 18, 2022 -
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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 Anna Hrushka • Nov. 18, 2022 -
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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 Anna Hrushka • Nov. 16, 2022 -
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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 Dan Ennis • Nov. 16, 2022 -
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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 Rajashree Chakravarty • Nov. 16, 2022 -
Daphne Howland/Banking Dive
Deep DiveHow 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 Anna Hrushka • Nov. 16, 2022 -
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 Rajashree Chakravarty • Nov. 14, 2022 -
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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 Dan Ennis • Nov. 14, 2022 -
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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 Anna Hrushka • 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 Rajashree Chakravarty • Nov. 10, 2022 -
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 Dan Ennis • Nov. 10, 2022 -
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 Anna Hrushka • Nov. 9, 2022 -
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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 Rajashree Chakravarty • Nov. 9, 2022 -
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 Gabrielle Saulsbery • Nov. 7, 2022 -
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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 Anna Hrushka • Nov. 7, 2022 -
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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 Rajashree Chakravarty • Nov. 3, 2022 -
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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 Rajashree Chakravarty • 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 Gabrielle Saulsbery • Nov. 2, 2022 -
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 Rajashree Chakravarty • Nov. 2, 2022 -
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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 Rajashree Chakravarty • Nov. 1, 2022 -
Permission granted by U.S. Bank
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 Gabrielle Saulsbery • Oct. 31, 2022
