Citi considers 10% job reduction in major units: report

Chiefs of staff and chief administrative officers across the bank will be cut this month, sources told CNBC. The firm has reportedly hired Boston Consulting Group to help it carry out the plan.

By Anna Hrushka • Nov. 6, 2023

Goldman promotes 608 execs to managing director

Around 47% of the class hails from Goldman’s investment banking and trading arm, a figure that reflects the firm’s efforts to refocus on core competencies, following a retreat from retail banking.

By Anna Hrushka • Nov. 3, 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

Breaking down buy now, pay later

After its pandemic-era growth spurt, buy now, pay later has gone mainstream in consumer payments. But changing economic conditions are forcing the installment trend to evolve.

By Caitlin Mullen • Nov. 3, 2023

Trust in banks remains steady, while fintechs have ground to cover: survey

The percentage of U.S. adults who say they trust banks and credit unions has held steady even in the wake of the collapse of Silicon Valley Bank and other regional lenders.

By Anna Hrushka • Nov. 2, 2023

SEC investigates Wells Fargo’s cash sweep feature

The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. 

By Anna Hrushka • Nov. 1, 2023

BMO to lay off 228 in California

The Canadian lender continues to shed positions following its acquisition of San Francisco-based Bank of the West in February.

By Anna Hrushka • Nov. 1, 2023

Charlie, a neobank for retirees, raises fresh capital to fight fraud

After closing a $23 million Series A round, the fintech plans to launch a set of anti-fraud tools designed specifically for the 62+ population.

By Anna Hrushka • Oct. 31, 2023

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

JPMorgan CEO Jamie Dimon to reduce stake in bank

Dimon and his family plan to sell $141 million worth of shares in the New York City-based firm, marking the CEO’s first such stock sale since taking the helm of the bank almost two decades ago.

By Anna Hrushka • Oct. 27, 2023

Old National to buy CapStar in $344M deal

The deal would boost the Evansville, Indiana-based lender’s assets by $3.3 billion and help it expand in Nashville, Tennessee, and three other high-growth metro areas, the companies said.

By Rajashree Chakravarty • Oct. 27, 2023

Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023

17 AGs push back on language in JPMorgan’s Epstein settlement

Language in the settlement limits governments from seeking damages from sex trafficking, New Mexico Attorney General Raul Torrez wrote. Similar language is not included in Deutsche Bank's agreement.

By Dan Ennis • Oct. 24, 2023

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

Fed approves Banc of California’s PacWest acquisition

The deal, now set to close by the end of the year, would nearly quadruple the Santa Ana-based lender's asset total and create the third-largest California-based commercial bank.

By Dan Ennis • Oct. 23, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

CFPB unveils open banking proposal

The rule will make it easier for consumers to share deposit account and credit card data with fintechs, the CFPB said. Future rulemaking may also include mortgage, auto loan and student loan data, the bureau said.

By Anna Hrushka • Oct. 19, 2023

Santander to infuse $250M into investment bank

The Spanish lender will use the money to expand its corporate and investment bank in the next two years, the Financial Times reported. Several other banks have pulled back on investment banking this year.

By Gabrielle Saulsbery • Oct. 16, 2023

Citi shed 2,000 positions in Q3, but tech hires offset them

The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.

By Dan Ennis • Oct. 16, 2023

LendingClub to cut 172 jobs

The round of cuts, LendingClub’s second this year, is expected to save the firm as much as $35 million in compensation and benefits annually as it navigates macroeconomic headwinds, the company said.

By Anna Hrushka • Oct. 13, 2023

PNC could cut more than 2,400 employees: report

The bank began a 4% headcount trim last week, Bloomberg reported. PNC will take a $150 million charge in the fourth quarter, but it expects personnel expenses to drop $325 million in 2024.

By Dan Ennis • Oct. 13, 2023

Goldman to sell GreenSky to Sixth Street-led group

The deal, which marks the latest step in Goldman’s retreat from the mass market, will result in a hit of 19 cents per share to the firm’s third-quarter earnings.

By Anna Hrushka • Oct. 12, 2023

Ally CEO to step down

Jeffrey Brown will leave in January, after nine years at the helm, to become president of the nation's largest privately held auto retailer.

By Gabrielle Saulsbery • Oct. 12, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

SpringFour helps banks link customers to financial aid

The social impact fintech points customers in need of financial assistance to nonprofit and government resources to help them get back on their feet.

By Rajashree Chakravarty • Oct. 11, 2023

Fed’s Waller pushes back on criticism of FedNow’s adoption rate

“We have got more in the pipeline and there are various estimates that could range from 250 to 350 by the end of the year, and they just continue to grow as banks do it,” the central bank governor said.

By Rajashree Chakravarty • Oct. 10, 2023