Retail


  • Green Dot GO2bank
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    Courtesy of Green Dot
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    Green Dot faces Fed’s proposed consent order

    The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.

    By Feb. 28, 2024
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    Scott Olson via Getty Images
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    Fed denies TNB master account after 6 years

    Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.

    By Feb. 27, 2024
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 5 stories from Banking Dive

    Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.

    By Banking Dive staff
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    DustyPixel via Getty Images
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    California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

    Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

    By Ken McCarthy • Feb. 26, 2024
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    milehightraveler/iStock/Getty Images Plus via Getty Images
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    HTLF CEO to retire at year-end

    Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.

    By Feb. 26, 2024
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    Denis Tangney Jr. via Getty Images
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    Zions Bank CEO to retire April 1

    The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

    By Feb. 26, 2024
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    Barclays rolls out reorganization, eyes £10B in shareholder returns

    The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.

    By Ken McCarthy • Feb. 20, 2024
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist sells rest of insurance arm valued at $15.5B to private-equity firms

    Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.

    By Feb. 20, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One to acquire Discover in $35.3B deal

    The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

    By Feb. 20, 2024
  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Fed unveils 2024 stress test scenarios

    The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said. 

    By Ken McCarthy • Feb. 16, 2024
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    Justin Sullivan via Getty Images
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    Wells Fargo fake-accounts consent order lifted by OCC

    The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.

    By Feb. 16, 2024
  • Two wooden blocks on a computer keyboard that spell out "M&A"
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    Maks_Lab via Getty Images
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    HTLF sheds its Montana footprint

    The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.

    By Ken McCarthy • Feb. 15, 2024
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    Photo by Matt Cardy/Getty Images via Getty Images
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    RBC’s City National cuts about 100 employees

    The job reductions come in addition to a 5% headcount trim the Los Angeles-based bank’s parent company put in place during the quarter that ended Oct. 31.

    By Feb. 15, 2024
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    Mario Tama via Getty Images
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    Morgan Stanley to cut several hundred wealth management jobs: reports

    Affected employees — mostly non-customer-facing employees and a number of roles made redundant by the E*Trade deal — could be notified this week, sources told The Wall Street Journal.

    By Feb. 15, 2024
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    Jeff Swensen via Getty Images
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    PNC wants to open 100 new branches by 2028

    The bank pledged to invest roughly $1 billion to open locations in cities such as Dallas, Denver and Houston, and to renovate existing branches.

    By Feb. 14, 2024
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    Permission granted by Citizens Financial Group
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    Citizens taps JPMorgan vets to lead private bank

    The Rhode Island-based lender opened its first private banking office in Boston and said it plans to open offices in Palm Beach, Florida, and Mill Valley, California, this year.

    By Feb. 9, 2024
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    Fed ends enforcement action against Farmington State Bank

    The small Washington state-based bank was heavily tied to FTX before the crypto exchange's implosion.

    By Feb. 7, 2024
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    JPMorgan wants to open 500 branches in next 3 years

    The bank is looking to expand in areas such as Boston, Charlotte, Minneapolis, Philadelphia and Washington D.C. — but aims to close another 30 First Republic locations.

    By Feb. 6, 2024
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    Getty Images/Staff via Getty Images
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    Truist sells asset-management arm in $70M deal

    Toronto-based Guardian Capital has agreed to buy Sterling Capital Management, which has roughly $76 billion in assets under management and advisement.

    By Feb. 5, 2024
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    Tanaonte via Getty Images
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    Column

    Dive Deposits: Inside the ‘takeover attempt’ at a long-standing Black bank

    An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon.

    By Feb. 2, 2024
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    Thomas Lohnes via Getty Images
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    Deutsche Bank to cut 3,500 jobs by 2025

    The bank also announced it would return €1.6 billion to investors in the first half of 2024. That includes a €675 million share buyback.

    By Feb. 1, 2024
  • Silicon Valley Bank logo
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    Justin Sullivan via Getty Images
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    Could the factors that took down SVB combine for a rerun in 2024?

    NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.

    By Jan. 31, 2024
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    Art Wager via Getty Images
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    California banks merge in $233.6M deal

    The tie-up between Southern California Bancorp and California BanCorp, set to close in the third quarter, will create a $4.6 billion-asset company in some of the state’s strongest areas for mid-market business banking.

    By Ken McCarthy • Jan. 30, 2024
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    ‘Troubled’ Blue Ridge Bank enters consent order with OCC

    The OCC alleged that Blue Ridge’s BSA/AML program experienced ‘systemic internal controls breakdowns’, among other issues, in its second regulatory action against the bank in 18 months.

    By Jan. 29, 2024
  • A sign reading Goldman Sachs is seen on a wood-grained wall.
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    Michael M. Santiago via Getty Images
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    Goldman’s global banking and markets co-chief to leave bank

    Jim Esposito — a 28-year veteran who had sought to become the bank's CEO or president, The Wall Street Journal noted — co-led a unit that brought in two-thirds of Goldman's revenue last year.

    By Jan. 29, 2024
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    Alex Wroblewski via Getty Images
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    JPMorgan Chase shuffles C-suite execs

    The nation's largest bank is giving a handful of top executives “broader experience” by reassigning them to roles in new businesses ahead of CEO Jamie Dimon’s eventual retirement, an analyst said.

    By Jan. 26, 2024