Retail: Page 14
-
Chris Hondros via Getty Images
JPMorgan Securities to pay SEC $18M
A Securities and Exchange Commission investigation found that the firm kept clients from reaching out to the SEC to report potential violations.
By Gabrielle Saulsbery • Jan. 16, 2024 -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
Explore the Trendline➔
wildpixel via Getty Images
TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Drew Angerer via Getty Images
Citi to cut 20K jobs in ‘medium term’
The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.
By Anna Hrushka • Jan. 12, 2024 -
Justin Sullivan via Getty Images
Citi flags $3.8B hit on charges, reserves
In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.
By Anna Hrushka • Jan. 11, 2024 -
Permission granted by TD Bank
TD execs knew in November 2022 about DOJ’s probe into AML: report
Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.
By Dan Ennis • Jan. 11, 2024 -
Win McNamee via Getty Images
Deep DiveBarr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
Zephyr18 via Getty Images
Ex-Wells, JPMorgan exec tapped to lead mortgage firm Mr. Cooper
Michael Weinbach, a 25-year veteran of the financial services industry, will be responsible for leading Mr. Cooper’s operations, including originations, servicing and technology, the firm said.
By Anna Hrushka • Jan. 10, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Barclays slashes 5,000 jobs in cost-cutting effort
The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”
By Anna Hrushka • Jan. 9, 2024 -
Truist to close 72 locations by March
Truist CEO Bill Rogers announced plans to consolidate the bank’s branch network in September, part of a $750 million cost-cutting effort. The 72 branches make up about 3.5% of the bank's footprint.
By Anna Hrushka • Jan. 4, 2024 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
Bank groups flag concerns with CFPB’s open banking proposal
The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.
By Anna Hrushka • Jan. 3, 2024 -
Pascal Le Segretain via Getty Images
ColumnIt may be loose-end season at BNP Paribas
France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.
By Dan Ennis • Jan. 3, 2024 -
Michael M. Santiago via Getty Images
Big banks cut 62K positions in 2023: report
UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.
By Dan Ennis • Jan. 2, 2024 -
Nuthawut Somsuk via Getty Images
Provident, Lakeland extend merger agreement
The deal, originally projected to close earlier this year, has been extended through March.
By Gabrielle Saulsbery • Dec. 22, 2023 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada approves RBC’s $10B deal for HSBC unit
The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.
By Dan Ennis • Dec. 22, 2023 -
Drew Angerer via Getty Images
Citi to shutter distressed-debt business: reports
Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.
By Anna Hrushka • Dec. 21, 2023 -
Courtesy of https://press.bunq.com/media_kits/228411/
Neobank Bunq rolls out customer-facing gen AI tool
The new tool, called Finn, replaces the search function on Bunq’s app, allowing consumers to plan their finances, budget, navigate the platform and find transactions.
By Anna Hrushka • Dec. 20, 2023 -
Anna Moneymaker / Staff via Getty Images
Many Americans surprised by overdraft fees, CFPB says
Only 22% of households that were charged an overdraft fee or nonsufficient fund fee within the past year expected their most recent overdraft, the consumer watchdog said in a report Tuesday.
By Anna Hrushka • Dec. 20, 2023 -
Courtesy of Fifth Third
Fifth Third shakes up executive suite
The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.
By Gabrielle Saulsbery • Dec. 20, 2023 -
Urbanscape via Getty Images
Don’t know what a digital wallet is? We’ve got you covered.
This primer fills in the gaps on how digital wallets work, what companies compete to provide such payment tools and what to expect from them in the future.
By James Pothen • Dec. 20, 2023 -
Scott Olson via Getty Images
Citi to exit municipal business
The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.
By Anna Hrushka • Dec. 15, 2023 -
Permission granted by Truist
Truist names Ally exec as chief legal officer
Scott Stengel will join the lender on Dec. 26 to oversee the bank’s legal and government relations. He will succeed Ellen Fitzsimmons, who will retire at year's end.
By Rajashree Chakravarty • Dec. 14, 2023 -
Supatman via Getty Images
Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says
The neobank and personal finance app this month launched DaveGPT, a gen AI-driven chatbot that can respond to customer inquiries in real-time.
By Anna Hrushka • Dec. 13, 2023 -
Retrieved from Discover Financial Services on December 11, 2023
TD exec tapped as Discover’s next CEO
Michael G. Rhodes, previously the group head for Canadian personal banking at TD, will take the helm at Discover in March.
By Caitlin Mullen • Dec. 12, 2023 -
Mario Tama via Getty Images
Citi cuts group CFO roles as part of broad restructuring
Before the shake-up, CFO Mark Mason had regional CFOs under him and CFOs for institutional clients, personal banking and wealth management. “Those businesses are now sitting at my table," he said.
By Suman Bhattacharyya • Dec. 7, 2023 -
Win McNamee via Getty Images
Bank CEOs outline perceived dire consequences of Basel III
The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.
By Anna Hrushka • Dec. 7, 2023
Previous
