Retail
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Deep DiveKeeping the banking desert at bay in rural America
As big banks concentrate their branches in cities, smaller financial institutions and digital companies find ways to irrigate in abandoned markets.
By Anna Hrushka • Feb. 18, 2020 -
HSBC to cut 35K jobs in major restructuring
The London-based bank said it will scale back its presence in the U.S. and mainland Europe, reduce the size of its investment bank and invest more in its Asian and Middle Eastern operations.
By Anna Hrushka • Feb. 18, 2020 -
Banks squeezed as unemployment in their ranks effectively reaches 0%
Executives try to find the right balance between cutting costs and attracting and retaining talent while low interest rates keep income down.
By Robert Freedman • Feb. 18, 2020 -
Royal Bank of Scotland dumps its name in rebrand, deepens climate pledge
In changing its name to NatWest Group, the bank is looking to distance itself from a near-collapse in 2008 that has left it 62% government-owned to this day.
By Dan Ennis • Feb. 14, 2020 -
JPMorgan gives fintechs July deadline to sign new data access agreements
The move shows the nation's largest bank is following through on its plan to tighten security around customer data.
By Anna Hrushka • Feb. 14, 2020 -
Wells Fargo ends mandatory arbitration for workplace sexual harassment
Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.
By Anna Hrushka • Feb. 13, 2020 -
Wells Fargo splits wholesale, consumer banking units
The restructuring marks Wells Fargo's first overhaul under CEO Charlie Scharf, who has prioritized regaining regulatory trust and repairing the bank’s damaged image.
By Anna Hrushka • Feb. 12, 2020 -
'Stickiness' of Bask Bank's airline perk may help it spread, analyst says
Customers were finding interest rates uninteresting. So the Dallas bank sought a way to help them save for tomorrow, yet live for today.
By Anna Hrushka • Feb. 07, 2020 -
Citi edges Bank of America to top J.D. Power financial advice survey
The nation's five largest banks took all but one of the six highest rankings, thanks to improvements in their digital tools, research firm J.D. Power said.
By Dan Ennis • Feb. 07, 2020 -
Wells Fargo, Upstart criticized after study finds loan disparities
Five senators are asking Upstart's CEO to show how the company tests its credit model for fair lending after a nonprofit claimed black borrowers were charged more than other people with identical credit profiles.
By Dan Ennis • UPDATED: Feb. 14, 2020 at 10:59 p.m. -
CFPB seeks $39M restitution, $7 fine from payday lender Think Finance
The enforcement action comes amid a flurry of activity for the bureau, which sued Citizens Bank last week. Oral arguments in the Supreme Court case regarding the agency's structure are set for March 3.
By Anna Hrushka • Feb. 06, 2020 -
Miami drops reverse redlining claims against top 4 banks
The city claimed it lost tax revenue and was forced to pay to maintain foreclosed properties after Wells Fargo, Bank of America, Citi and JPMorgan allegedly targeted nonwhite homeowners for mortgages they couldn't afford.
By Dan Ennis • Feb. 04, 2020 -
Competition intensifies in immigrant banking market
As the digital bank Majority expands nationwide, the remittance company Remitly launches Passbook, a bank aimed at first-generation Americans.
By Anna Hrushka • Feb. 04, 2020 -
Goldman Sachs, Amazon reportedly explore small-business loan deal
The bank aims to expand its set of loan products beyond those offered by the Apple Card and digital bank Marcus, it said during last week's investor day.
By Dan Ennis • Feb. 03, 2020 -
Texas Capital Bank launches digital bank with American Airlines perks
In the current low-rate environment, the Dallas-based bank says it aims to attract customers that want more than a traditional savings account that only returns "pennies on the dollar."
By Anna Hrushka • Feb. 03, 2020 -
Truist seeks more time to reach $1.6B post-merger net savings goal
The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.
By Anna Hrushka • Jan. 31, 2020 -
Deutsche takes $5.8B loss but sees hope in bond-trading jump
Germany's largest lender made several recent changes to compensation. It's delaying pay raises by three months and cutting its bonus pool. But top execs may take home at least a portion of their bonuses.
By Dan Ennis • Jan. 30, 2020 -
Goldman Sachs Investor Day: 'Embracing the bank model,' but which bank?
Ambitious goals. New revenue streams. Cost cutting. The bank's first-of-its-kind event delivered a little of everything — except excitement.
By Dan Ennis • Jan. 30, 2020 -
Otting's defense of CRA revamp ignites partisan rift at hearing
House Democrats questioned the comptroller's willingness to cooperate, while Republicans praised his efforts to modernize the low-income lending rule.
By Anna Hrushka • Jan. 30, 2020 -
JPMorgan Chase plans to cut hundreds of jobs in consumer division
Reductions at the nation's largest bank could indicate last year's trend is spilling over into 2020, as financial institutions pare their workforce to adapt to digital banking and global uncertainty.
By Anna Hrushka • Jan. 29, 2020 -
Zelle reports adding 100 financial institutions last quarter
Year-over-year payment values on the P2P platform increased by 57%, while transaction volume jumped 72%, network operator Early Warning Systems reported Tuesday.
By Anna Hrushka • Jan. 28, 2020 -
New credit loss accounting standard expected to pummel retail income
FASB's CECL standard took effect for public banks at the beginning of this year. Analysts at Morgan Stanley say it's going to hit some retailers hard.
By Robert Freedman • Jan. 27, 2020 -
Q&AN26 gains 250K US customers in 5 months
The Berlin-based startup also reported it surpassed 5 million customers globally, a 43% jump from the 3.5 million users it reported last summer.
By Anna Hrushka • Jan. 27, 2020 -
OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal
Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.
By Anna Hrushka • Jan. 23, 2020 -
Regulator prepping civil charges against ex-Wells Fargo managers
The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.
By Anna Hrushka • Jan. 23, 2020
