Retail


  • A young woman customer placing her order at a fast food convenience restaurant.
    Image attribution tooltip
    YinYang via Getty Images

    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By Aug. 12, 2022
  • Image attribution tooltip
    Jeff Swensen via Getty Images

    PNC eliminates NSF fees

    The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

    By Aug. 12, 2022
  • Trendline

    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
  • The exterior of the Consumer Financial Protection Bureau building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

    In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

    By Aug. 11, 2022
  • A north-facing view of Miami Beach's Ocean Drive with the ocean and condominiums.
    Image attribution tooltip
    felixmizioznikov via Getty Images

    Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank

    The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.

    By Aug. 9, 2022
  • TD Bank
    Image attribution tooltip
    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0

    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By Aug. 2, 2022
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
    Image attribution tooltip
    Atstock Productions via Getty Images

    Heritage Southeast finds another buyer, a month after the VyStar deal crumbled

    Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.

    By July 29, 2022
  • U.S. Bank
    Image attribution tooltip
    Permission granted by U.S. Bank

    CFPB fines U.S. Bank $37.5M over customer data misuse

    The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

    By July 28, 2022
  • department of justice building
    Image attribution tooltip
    bpperry via Getty Images

    Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations

    A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.

    By July 28, 2022
  • The Credit Suisse logo on a building front
    Image attribution tooltip
    Dan Kitwood via Getty Images

    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By July 27, 2022
  • Truist Innovation Technology Center
    Image attribution tooltip
    Permission granted by Truist

    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By July 26, 2022
  • Citizens Financial Group branch
    Image attribution tooltip
    Permission granted by Citizens Financial Group

    2021's M&A winners BMO, Citizens strike again for smaller deals

    Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.

    By July 25, 2022
  • Varo Bank
    Image attribution tooltip
    Courtesy of https://www.varomoney.com/press/

    Varo Bank lays off 75, launches tech-focused unit

    The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.

    By July 22, 2022
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
    Image attribution tooltip
    Zhanna Hapanovich via Getty Images

    Patriot, neobank American Challenger terminate merger

    Unlike other recent scrapped deals, regulator approval appeared not to play a part. American Challenger cited “the parties’ expected inability to satisfy certain ... closing conditions to the merger and recapitalization.”

    By July 22, 2022
  • KeyBank branch
    Image attribution tooltip
    Courtesy of KeyBank

    KeyBank, Truist execs share their approaches to fintech partnerships

    Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.

    By July 21, 2022
  • A purple and white sign featuring the Truist logo.
    Image attribution tooltip
    Truist Financial

    Truist eyes M&A growth amid rising expenses

    The initiative comes as the bank said investments in wages, hiring and technology are expected to contribute to a 2% to 3% rise in noninterest expenses this year.

    By July 20, 2022
  • CEO of Starling Bank Anne Boden answers questions during an onstage interview at TechCrunch Disrupt Berlin.
    Image attribution tooltip
    Noam Galai via Getty Images

    UK fintech Starling pulls Irish banking license application

    "Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.

    By July 19, 2022
  • The skyline of downtown Charlotte is seen from a park
    Image attribution tooltip
    Streeter Lecka via Getty Images

    Truist launches accounts with no overdraft fees

    The new accounts, along with several other fee-related changes Truist instituted this year, will eliminate $300 million in service charges per year by 2024, the bank said.

    By July 18, 2022
  • The photo shows cannabis plants growing in a greenhouse.
    Image attribution tooltip
    Drew Angerer via Getty Images

    House-passed NDAA includes banking provisions for cannabis

    SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.

    By July 18, 2022
  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

    “It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

    By July 15, 2022
  • BMO, community groups square off at merger hearing

    Advocates assailed the bank's home-lending record toward nonwhite borrowers and expressed skepticism over its promise not to close any Bank of the West branches.

    By July 15, 2022
  • Lawmakers air CRA concerns over race, data collection

    The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.

    By July 14, 2022
  • Lawmakers stand behind a lectern in front of the U.S. Capital.
    Image attribution tooltip
    Kevin Dietsch via Getty Images

    Lawmakers renew push for overdraft legislation

    Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.

    By July 13, 2022
  • Gohenry card
    Image attribution tooltip
    Permission granted by Gohenry

    Gen Z banking app GoHenry expands to Europe through Pixpay acquisition

    As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.

    By July 12, 2022
  • Image attribution tooltip
    Justin Sullivan via Getty Images

    Wells Fargo names Kleber Santos head of consumer lending

    Santos, Wells Fargo’s diversity and inclusion chief, will continue in that role while the bank finds a replacement. In the consumer-lending position, Santos replaces Mike Weinbach, who is leaving the bank in mid-September.

    By July 12, 2022
  • BMO Harris boosts minimum wage to $20

    The move marks the second pay bump within a year for the lowest-paid workers of the Chicago-based U.S. arm of the Bank of Montreal. The bank also gave most employees a 3% raise in June, it said.

    By July 12, 2022