Retail: Page 13
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Courtesy of Klarna
Klarna jumps into banking business
The Swedish buy now, pay later company will let consumers use savings accounts to make payments, receive refunds and earn cash rewards from some retailers.
By Lynne Marek • Aug. 15, 2024 -
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Washington state credit union to buy Oregon bank
Of the 16 credit union-bank deals announced this year, five have involved financial institutions based in the Evergreen State.
By Gabrielle Saulsbery • Aug. 14, 2024 -
Explore the Trendlineâž”
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TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
Courtesy of KeyBank
Scotiabank to take nearly 15% stake in KeyBank for $2.8B
The Canadian lender will purchase roughly 163 million shares of KeyCorp’s common stock in two tranches, with the final purchase to be completed in the first quarter of 2025 after the Federal Reserve’s approval.
By Rajashree Chakravarty • Aug. 12, 2024 -
Mario Tama via Getty Images
Citi wealth exec Don Plaus exits after 4 months: reports
The departure — for personal reasons, according to AdvisorHub — may raise questions about the bank’s effort to double down on wealth, which CEO Jane Fraser has said is “starting to improve.”
By Caitlin Mullen • Aug. 6, 2024 -
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Indiana’s German American Bank to acquire Ohio’s Heartland
The $330.2 million deal, set to close in the first quarter of 2025, would give German American entry to Ohio for the first time.
By Caitlin Mullen • July 31, 2024 -
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Mississippi banks merge in $1.2B deal
Renasant will enter Louisiana and strengthen its presence in Florida by acquiring its smaller rival, The First Bank.
By Caitlin Mullen • July 30, 2024 -
Mark Makela via Getty Images
Republic First acquirer Fulton hires Valley Bank alum as next CFO
The move caps a five-month search since Fulton’s previous CFO resigned unexpectedly. Betsy Chivinski, a 30-year veteran of the bank who was named interim CFO, is retiring.
By Dan Ennis • July 29, 2024 -
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WesBanco to buy Ohio’s Premier Financial in $959M deal
The West Virginia acquirer is raising $200 million for the transaction, set to close in the first quarter of 2025. The deal would give WesBanco 73 added branches and create a $26.9 billion-asset bank.
By Dan Ennis • July 26, 2024 -
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Customers Bancorp sues ex-exec, alleges he sold confidential info
Christopher Smalley, the Pennsylvania company’s former chief digital officer, shared information on the implementation and development of Customers’ instant payments platform, the bank alleges.
By Gabrielle Saulsbery • July 26, 2024 -
Spencer Platt / Staff via Getty Images
NYCB offloads mortgage servicing to Mr. Cooper for $1.4B
The move reflects the lender’s efforts to become a “relationship-focused regional bank,” CEO Joseph Otting said Thursday as the bank reported earnings. He suggested more divestitures could follow.
By Caitlin Mullen • July 25, 2024 -
Joe Raedle / Staff via Getty Images
Capital One racks up Walmart, Discover charges
The card company set aside more than $800 million for credit losses post-Walmart breakup, a day after a class-action lawsuit sought to block Capital One's deal for Discover.
By Caitlin Mullen • July 24, 2024 -
Joe Raedle / Staff via Getty Images
Capital One-Discover deal critics, supporters sound off
Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.
By Caitlin Mullen • July 19, 2024 -
Courtesy HSBC
HSBC names CFO Elhedery as its next CEO
The Lebanon-born banker was seen as an early front-runner to succeed Noel Quinn. Elhedery took a sabbatical in 2022, reportedly learning Mandarin, and was named CFO when he returned.
By Dan Ennis • July 17, 2024 -
Webster Bank taps ex-First Republic CFO as new finance chief
Neal Holland served as CFO of First Republic for roughly seven months before JPMorgan acquired it. He also was MUFG Union’s CFO just ahead of its purchase by U.S. Bank.
By Rajashree Chakravarty • July 17, 2024 -
Alex Wong / Staff via Getty Images
Truist to cut tech jobs amid restructuring
The bank will make an undisclosed number of cuts over the next three to four months and help affected employees in finding other opportunities.
By Gabrielle Saulsbery • July 16, 2024 -
Win McNamee / Staff via Getty Images
BofA projects net interest income improvement later this year
Second-quarter results for the Charlotte, North Carolina-based lender are yet another sign banks are getting bit by higher-for-longer interest rates.
By Caitlin Mullen • July 16, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo cites customer movement as net interest income drops
The bank looked for a boost from higher fees in investment banking as it aims to reduce its reliance on net interest income.
By Caitlin Mullen • July 12, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC shakes up C-suite, splits personal and commercial banking
A spate of moves appears to elevate Neil McLaughlin as a contender to succeed Dave McKay as CEO, but that transition may not be soon. The bank did not disclose the future of its still-interim CFO.
By Dan Ennis • July 11, 2024 -
Anna Hrushka/Banking Dive
FDIC downgrades Forbright Bank’s CRA score
The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.
By Gabrielle Saulsbery • July 9, 2024 -
Permission granted by SMBC
Q&AJenius Bank’s ‘special sauce’: Keeping it simple, with a little parent company help
In just a year, the digitally native bank has surpassed $1 billion in deposits and $900 million in personal loans.
By Gabrielle Saulsbery • July 3, 2024 -
Chip Somodevilla via Getty Images
Indiana’s United Fidelity Bank hit with Fed order
The move follows an enforcement action the Office of the Comptroller of the Currency issued in October to address capital planning, risk management and contingency funding, among other issues.
By Gabrielle Saulsbery • June 26, 2024 -
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Riverview Bank taps M&A expert as next CEO
Nicole Sherman has led 10 mergers in her career. She will replace acting head Dan Cox, who took over in September, when former CEO Kevin Lycklama was fired.
By Rajashree Chakravarty • June 24, 2024 -
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Thrivent receives ILC charter
Following its approval for deposit insurance, the financial services company plans to convert Thrivent Federal Credit Union into online-only Thrivent Bank.
By Gabrielle Saulsbery • June 24, 2024 -
Denis Tangney Jr. via Getty Images
Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024
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