Retail
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Varo slows burn rate, shifts marketing strategy
The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.
By Anna Hrushka • Jan. 31, 2023 -
Marqeta names new CEO, makes $275M deal
The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.
By Gabrielle Saulsbery • Jan. 30, 2023 -
Explore the Trendline➔
FotoliaTrendlineCustomer service
Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.
By Banking Dive staff -
Goldman Sachs cuts CEO Solomon’s pay by 28.6%
The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.
By Dan Ennis • Jan. 27, 2023 -
Deep Dive
The crypto world is sending mixed signals
Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.
By Gabrielle Saulsbery • Jan. 27, 2023 -
Wells Fargo holds CEO Scharf’s pay steady at $24.5M
The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.
By Dan Ennis • Jan. 27, 2023 -
Warren asks Congress to help SEC fight crypto fraud
The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.
By Anna Hrushka • Jan. 26, 2023 -
Mexico’s largest department store now offers banking services to Mexican Americans
Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.
By Gabrielle Saulsbery • Jan. 25, 2023 -
Inside Jenius Bank’s plan to tap the US consumer market
Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.
By Anna Hrushka • Jan. 24, 2023 -
Big banks to launch digital wallet operated by Zelle parent: report
The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.
By Anna Hrushka • Jan. 23, 2023 -
Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M
The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.
By Dan Ennis • Jan. 23, 2023 -
Capital One cuts 1,100 tech jobs
The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.
By Anna Hrushka • Jan. 20, 2023 -
JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M
The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.
By Dan Ennis • Jan. 20, 2023 -
Bank of America institutes partial hiring freeze: report
The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.
By Anna Hrushka • Jan. 19, 2023 -
Retrieved from Senate Banking Committee.
‘Too-big-to-manage’ banks could be broken up, OCC says
The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.
By Anna Hrushka • Jan. 18, 2023 -
BNY Mellon to lay off 1,500 employees this year
The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.
By Dan Ennis • Jan. 13, 2023 -
Fifth Third closing 23 branches
The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.
By Rajashree Chakravarty • Jan. 13, 2023 -
City National Bank to pay $31M redlining settlement
The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.
By Anna Hrushka • Jan. 13, 2023 -
Goldman details $3B in losses since 2020
The bank's Platform Services unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.
By Dan Ennis • Jan. 13, 2023 -
Frost Bank to offer home loans after more than 20-year hiatus
Despite market headwinds, the bank is bullish on its return to home lending, and has a long-term vision for its mortgage operation, the bank’s CIO said.
By Anna Hrushka • Jan. 12, 2023 -
Raleigh bank CEO dead in small plane crash
The pending merger between Integrated Financial, the company Eric Bergevin led, and MVB Financial “remains on track,” Integrated said Monday.
By Gabrielle Saulsbery • Jan. 12, 2023 -
Michigan credit union eyes bank in sector’s 1st tie-up of 2023
Old Mission Bank’s two locations will expand 4Front Credit Union’s Upper Peninsula footprint and boost its asset total by roughly $130.2 million.
By Rajashree Chakravarty • Jan. 11, 2023 -
PNC bolsters environmental pledge to $30B
The Pittsburgh-based bank has completed $9 billion in environmental financing since committing to a five-year, $20 billion goal in August 2021.
By Gabrielle Saulsbery • Jan. 11, 2023 -
Wells Fargo trims mortgage division, exits correspondent lending
The move marks an identity shift for the bank, which, as recently as 2019, was the nation’s top home lender with $201.8 billion in volume.
By Anna Hrushka • Jan. 11, 2023 -
FDIC gives $5.2B Columbia-Umpqua deal its final sign-off
The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.
By Dan Ennis • Jan. 11, 2023 -
SVB, EagleBank name next chief risk officers
Jay Namputhiripad brings 23 years of experience to EagleBank. Kim Olson, a 30-year banking vet, comes to SVB from Sumitomo Mitsui Banking Corp.’s Americas operation.
By Rajashree Chakravarty • Jan. 10, 2023