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

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

Explore the Trendline➔

The 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

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

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

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

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

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

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

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

Cross River bolsters Best Egg relationship with $150M credit facility

The funds will support Best Egg's Flexible Rent product, which allows renters to break up their rent into smaller chunks aligned with their cashflow.

By Gabrielle Saulsbery • Dec. 6, 2023

CFPB’s MoneyLion suit paused for Supreme Court funding ruling

MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

By Anna Hrushka • Dec. 6, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

WaFd, Luther Burbank extend merger deadline to February

Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

By Gabrielle Saulsbery • Dec. 5, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

How empathetic debt collections can boost revenue and enhance consumer loyalty

See how leading financial institutions are combining digital solutions with empathy to create a customer-centric collections experience.

By Mamta Rodrigues, Global President of Banking, Financial Services and Insurance at Teleperformance • Dec. 4, 2023

BNY Mellon to boost minimum hourly wage to $22.50 in March

The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.

By Dan Ennis • Dec. 1, 2023

TD to cut more than 3,000 jobs

The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.

By Gabrielle Saulsbery • Dec. 1, 2023

3 motivations behind a ‘bloodless coup’ scenario at UBS

In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.

By Dan Ennis • Dec. 1, 2023

Metro Bank to cut 800 jobs

The reduction accounts for 20% of employees at the U.K. lender, which is also questioning its seven-days-a-week branch hours.

By Gabrielle Saulsbery • Nov. 30, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

Ally’s consumer-banking chief to leave July 1

Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.

By Rajashree Chakravarty • Nov. 30, 2023

Greenwood adds retail investing, eyes profitable 2024

The Atlanta-based neobank on Thursday launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.

By Anna Hrushka • Nov. 30, 2023

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023