Retail
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Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman leadership shuffle puts woman atop consumer division
Stephanie Cohen will co-lead a combined consumer and wealth management silo, the bank said Tuesday, following a restructuring CEO David Solomon set up in January. Leadership also changed at the bank's Marcus brand.
By Dan Ennis • UPDATED: Sept. 30, 2020 at 5:57 a.m. -
Permission granted by Citi
Citi taps Morgan Stanley exec as new controller, accounting chief
The bank's latest executive hire comes as it tries to improve its risk management and controls, and follows reports that regulators have been pushing the bank for years to make such improvements.
By Anna Hrushka • Sept. 28, 2020 -
Commerzbank names next CEO, months after investor unrest
Germany's second-largest lender poached an executive from rival Deutsche with a reputation as a shrewd cost cutter, in an attempt to right a bank whose shares have lost half their value in the past 18 months.
By Dan Ennis • Sept. 28, 2020 -
Permission granted by Citi
How Citi's innovation lab is tackling COVID-19 challenges
The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.
By Anna Hrushka • Sept. 23, 2020 -
Pittsburgh becomes a battleground for national banking powerhouses
While JPMorgan and Bank of America expand their footprint into PNC's backyard, smaller banks say they maintain a customer relationship advantage. Though, with technology, that may wane, an analyst says.
By Ken McCarthy • Sept. 21, 2020 -
At $14.5B, Chime surpasses Robinhood as top-valued fintech
The challenger bank has more than tripled its transaction volume and revenue this year and is adding hundreds of thousands of accounts each month, CEO Chris Britt told CNBC.
By Dan Ennis • Sept. 21, 2020 -
Biden tax plan could cost top 10 banks $7B per year, report finds
The plan would raise the corporate tax rate from 21% to 28%, partially rolling back changes enacted under the 2017 Tax Cuts and Jobs Act.
By Anna Hrushka • Sept. 17, 2020 -
Deutsche extends remote option until July 2021 for NY-area employees
The timeline coincides with the planned opening of the German lender's new U.S. headquarters. It also stands in stark contrast to JPMorgan Chase, which mandates that its sales and trading staff return next week.
By Dan Ennis • Sept. 17, 2020 -
Fotolia
PNC looks to shutter 280 branches by the end of next year
The bank is on track to double the number of closures it expected this year, thanks to the pandemic. But the Pittsburgh-based lender has been in the "consolidation business" for some time, executives have said.
By Dan Ennis • Sept. 16, 2020 -
Neobank Unifimoney partners with DriveWealth to offer investing services
The San Francisco-based startup, which describes itself as a neobank for affluent millennials, is the latest fintech to use automation to help customers save and invest money.
By Anna Hrushka • Sept. 16, 2020 -
Citi's Fraser paves the way, but more needs to be done, experts say
Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.
By Anna Hrushka • Sept. 14, 2020 -
Permission granted by Citigroup
Citi taps Jane Fraser to be CEO when Corbat retires in February
The transition means Fraser will become the first woman to lead a major U.S. bank.
By Anna Hrushka • Sept. 10, 2020 -
Fintech Jiko gains national charter by buying Minnesota community bank
"Without a license, we would be just another fintech amongst many others," founder and former Goldman Sachs trader Stephane Lintner said. "We decided to buy a bank because it felt better for us, given what we wanted to do."
By Anna Hrushka • Sept. 04, 2020 -
Fotolia
Stash sees sign-ups, deposits swell as customers shift into 'save' mode
The personal-finance fintech looks to build a digital community around its investing roots, arranging weekly fractional-share giveaways.
By Suman Bhattacharyya • Sept. 04, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fast-tracks launch of no-overdraft-fee bank account
The account could be an attempt to show the public the bank is implementing positive change in a practice often criticized by lawmakers and consumer groups.
By Anna Hrushka • Sept. 02, 2020 -
Becky Phan
Inside Northern Trust's $2.5B tech investment
"We see a huge amount of fairly inefficient [processes], especially when you compare it to our personal lives where we are logging into apps and moving money instantaneously," said one exec. "We get about 20,000 faxes a month on trade instructions."
By Suman Bhattacharyya • Sept. 02, 2020 -
Permission granted by MoCaFi
How MoCaFi brings banking to Black and Brown communities
"I had my 'George Floyd' moment," CEO Wole Coaxum said of Michael Brown's death in 2014. "I was one of the most senior African Americans at JPMorgan and felt that I wanted to be a part of a national conversation to address the lack of access to financial services products."
By Anna Hrushka • Sept. 01, 2020 -
JPMorgan Chase to launch first Mastercard-branded card in 5 years
Chase's new card, launching Sept. 15, comes as 60% of banks have tightened credit limits during the pandemic, according to the Federal Reserve's most recent Senior Loan Officer Survey.
By Anna Hrushka • Aug. 31, 2020 -
Capital One cuts borrowing limits amid unemployment aid reduction
The credit card issuer's decision comes as the $600 in additional weekly unemployment benefits under the CARES Act, which were keeping some Americans afloat amid the pandemic, expired at the end of July.
By Anna Hrushka • Aug. 28, 2020 -
City First-Broadway merger would create largest US Black-led bank
The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.
By Anna Hrushka • Aug. 27, 2020 -
Rakuten to continue ILC charter pursuit, subsidiary CEO says
"We intend to follow the process until we've exhausted our process with the FDIC," Rakuten Bank America CEO Lee Carter said. The company has twice submitted and withdrawn applications with the regulator.
By Anna Hrushka • Aug. 26, 2020 -
ICBA calls for investigation into JPMorgan Chase-USPS talks
"Equitable access to basic banking services must be discussed and addressed by policymakers and the entire financial services industry," the head of the ICBA wrote to the Postal Regulatory Commission.
By Anna Hrushka • Aug. 25, 2020 -
JPMorgan Chase reportedly eyes 2021 launch for UK digital bank
The launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.
By Anna Hrushka • Aug. 24, 2020 -
Wells Fargo resumes much-anticipated job cuts
Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."
By Dan Ennis • Aug. 21, 2020 -
Scotiabank fined $127M over price manipulation scheme
For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.
By Anna Hrushka • Aug. 20, 2020
