Retail


  • Two businesspeople shaking hands
    Image attribution tooltip
    metamorworks via Getty Images

    New platform aims to bridge ‘translation layer’ between banks, fintechs

    Former NYDIG and Quontic Bank CIO Patrick Sells wants to speed up the length of time it takes for banks to find a fintech whose services match their needs.

    By Feb. 8, 2023
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
    Image attribution tooltip
    Justin Sullivan via Getty Images

    Wells Fargo to pay $300M to settle auto-loan class action

    The bank was aware in 2016 that it charged customers for unnecessary insurance but kept investors in the dark, shareholders claimed, in a case that was set for trial Feb. 27.

    By Feb. 8, 2023
  • Trendline

    The Banking Dive Outlook on 2023

    Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

    By Banking Dive staff
  • Michael Barr
    Image attribution tooltip
    Tasos Katopodis via Getty Images

    Fed’s Barr urges banks to ‘eradicate’ discrimination

    Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

    By Feb. 8, 2023
  • U.S. President Joe Biden delivers his State of the Union address during a joint meeting of Congress in the House Chamber of the U.S. Capitol on February 07, 2023 in Washington, DC.
    Image attribution tooltip
    Win McNamee via Getty Images

    Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

    “Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

    By Feb. 8, 2023
  • Truist building
    Image attribution tooltip
    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0

    Truist cuts dozens in investment banking: report

    The layoffs, encompassing 5% of the division, came in late January, Bloomberg reported. Affected employees will get priority consideration for other roles within the company, a bank spokesperson said.

    By Feb. 8, 2023
  • gavel and money
    Image attribution tooltip
    Avosb via Getty Images

    Florida woman sues MidFlorida Credit Union over alleged race discrimination

    A 70-year-old retired teacher was arrested after an issue stemming from a $600 ATM deposit. However, the lawsuit and police report paint vastly different portraits of the incident.

    By Feb. 7, 2023
  • Huntington Bank
    Image attribution tooltip
    Permission granted by Huntington Bank

    Huntington aims new mortgage product at underserved borrowers

    The new product aligns with the bank’s five-year Strategic Community Plan, a more than $40 billion effort to address social, racial, environmental and economic inequities in the regions where it operates.

    By Feb. 6, 2023
  • Bank of America CEO Brian Moynihan moderates a discussion while seated onstage.
    Image attribution tooltip
    Drew Angerer via Getty Images

    Bank of America trims CEO Moynihan’s pay to $30M for 2022

    The CEO’s 6.3% pay cut comes as the bank’s profit fell 14% last year and its stock price tumbled 26%. No top-six U.S. bank has yet given its chief executive a pay boost for last year.

    By Feb. 6, 2023
  • A sunny San Antonio, Texas skyline with several very tall buildings in frame.
    Image attribution tooltip
    Hal Bergman via Getty Images

    USAA slashes 130 jobs in mortgage unit

    The move marks at least the second round of cuts in the home-lending unit in the past year, and the third at the company. The cuts come as the firm’s real estate loan portfolio has shrunk by half over the past three years.

    By Feb. 3, 2023
  • Shot of two businessmen shaking hands in an office
    Image attribution tooltip
    gradyreese via Getty Images

    Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank

    Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.

    By Feb. 2, 2023
  • Citi sign outside of skyscraper
    Image attribution tooltip
    Mario Tama via Getty Images

    A front-runner emerges in the race for Citi’s Mexico retail unit

    Grupo Mexico, best known for its mining and railway operations, has secured a $5 billion debt package tied to a proposed acquisition that would value Banamex at $7 billion to $8 billion, Reuters reported.

    By Feb. 2, 2023
  • APIs
    Image attribution tooltip
    Permission granted by Pixabay

    Small banks, fintechs ask CFPB for more time to phase out screen scraping

    A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

    By Feb. 1, 2023
  • Aerial view with Lower Manhattan skyline at sunset
    Image attribution tooltip
    Ultima_Gaina via Getty Images

    NYCB to close 69% of Flagstar’s mortgage offices

    The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

    By Feb. 1, 2023
  • JP Morgan Chase Props Up Ailing Bear Stearns
    Image attribution tooltip
    Michael Nagle / Stringer via Getty Images

    JPMorgan plans to launch digital bank in Germany by 2025: report

    The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

    By Feb. 1, 2023
  • Varo Bank debit card
    Image attribution tooltip
    Permission granted by Varo Bank

    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 Jan. 31, 2023
  • marqeta bill pay fintech
    Image attribution tooltip
    Permission granted by MARQETA

    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 Jan. 30, 2023
  • Goldman Sachs CEO David Solomon appears onstage.
    Image attribution tooltip
    Paul Morigi via Getty Images

    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 Jan. 27, 2023
  • Image attribution tooltip
    Dan Kitwood / Staff via Getty Images
    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 Jan. 27, 2023
  • Headshot of Wells Fargo CEO and President Charlie Scharf
    Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    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 Jan. 27, 2023
  • elizabeth warren
    Image attribution tooltip
    Spencer Platt via Getty Images

    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 Jan. 26, 2023
  • coppel access fintech app
    Image attribution tooltip
    Permission granted by Grupo Coppel

    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 Jan. 25, 2023
  • A vertical SMBC sign stands outside a glass office building.
    Image attribution tooltip
    Permission granted by SMBC

    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 Jan. 24, 2023
  • Wells Fargo branch exterior
    Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    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 Jan. 23, 2023
  • Image attribution tooltip
    Mario Tama via Getty Images

    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 Jan. 23, 2023
  • An American flag flies in front of the Capital One logo at the bank's headquarters.
    Image attribution tooltip
    Win McNamee via Getty Images

    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 Jan. 20, 2023