Retail: Page 16
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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 Rajashree Chakravarty • Feb. 14, 2024 -
Permission granted by Citizens Financial Group
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 Rajashree Chakravarty • Feb. 9, 2024 -
Explore the Trendline➔
Permission granted by Frost Bank
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 -
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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 Gabrielle Saulsbery • Feb. 7, 2024 -
Chris Hondros via Getty Images
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 Rajashree Chakravarty • Feb. 6, 2024 -
Getty Images/Staff via Getty Images
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 Gabrielle Saulsbery • Feb. 5, 2024 -
Tanaonte via Getty Images
ColumnDive 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 Dan Ennis • Feb. 2, 2024 -
Thomas Lohnes via Getty Images
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 Dan Ennis • Feb. 1, 2024 -
Justin Sullivan via Getty Images
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 Dan Ennis • Jan. 31, 2024 -
Art Wager via Getty Images
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 -
Retrieved from OCC.
‘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 Gabrielle Saulsbery • Jan. 29, 2024 -
Michael M. Santiago via Getty Images
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 Dan Ennis • Jan. 29, 2024 -
Alex Wroblewski via Getty Images
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 Gabrielle Saulsbery • Jan. 26, 2024 -
Permission granted by Novo
Novo rolls out an embedded payroll tool for small businesses
Powered by Check, the new tool, Novo Payroll, aims to help small businesses manage their finances from a single platform.
By Rajashree Chakravarty • Jan. 24, 2024 -
Courtesy of Comerica
Comerica lays off 250, closes 26 branches
Dubbing the cuts “expense re-calibration efforts,” CFO Jim Herzog said the bank is now better positioned to enhance its funding base, revenue mix, capital efficiency and risk management framework.
By Gabrielle Saulsbery • Jan. 24, 2024 -
ultramarine5 via Getty Images
NBT CEO John Watt to step down in May
Scott Kingsley, the Norwich, New York-based bank's CFO, will assume the top role upon Watt’s retirement.
By Rajashree Chakravarty • Jan. 23, 2024 -
Courtesy of Fifth Third
Fifth Third aims to open 31 branches this year in a bet on Southeast
The bank wants to establish about a 50/50 balance between Southeast and Midwest markets, CEO Tim Spence said. Fifth Third plans to boost its Southeast headcount in commercial banking by up to 15%, Bloomberg reported.
By Gabrielle Saulsbery • Jan. 22, 2024 -
Alex Wroblewski via Getty Images
JPMorgan’s Dimon, after 4% raise, got $36M in 2023
A breakdown of the CEO’s salary shows $1.5 million in base salary and $34.5 million in performance-based variable incentive compensation — $5 million of which will be in cash and the rest in stock.
By Rajashree Chakravarty • Jan. 19, 2024 -
Justin Sullivan via Getty Images
First Republic ‘fraudulently’ recruited brokers before collapse, plaintiffs say
Alexander Kadish and Nicholas Davey had profitable careers at Morgan Stanley before First Republic execs lured them to work for the bank with omissions and false representations, they allege.
By Gabrielle Saulsbery • Jan. 19, 2024 -
Kate Tornone/Banking Dive
Citizens trimmed 650 jobs in Q4
Among bright spots in the quarter, the lender launched its private bank, which it expects to break even in the second half of this year.
By Dan Ennis • Jan. 18, 2024 -
Photo illustration: Varo Bank; Getty Images
Varo rolls out free tax prep and filing tool with Column Tax
All Varo Bank customers can access the tax filing service, which uses pre-filled data based on user information and helps to file taxes in less than 15 minutes, the lender said.
By Rajashree Chakravarty • Jan. 17, 2024 -
Nuthawut Somsuk via Getty Images
FirstSun, HomeStreet to merge
FirstSun will function as the acquirer in the all-stock deal, which upon completion, will create a $17 billion-asset bank.
By Gabrielle Saulsbery • Jan. 17, 2024 -
Courtesy of The Consumer Financial Protection Board.
CFPB proposal would cut overdraft fees as low as $3
Overdraft fees would be reclassified as extensions of credit, forcing banks to disclose an APR. Banks would also choose whether to charge customers a "break-even" fee or an amount set by the CFPB.
By Dan Ennis • Jan. 17, 2024 -
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 -
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
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