Apple seeks to end Goldman Sachs credit-card partnership: reports

The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 29, 2023

SoFi exits crypto business

SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.

By Gabrielle Saulsbery • Nov. 29, 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

JPMorgan pushes up UK digital bank’s break-even timeline

The bank now expects its U.K. operation Chase to cross into the black in 12 to 18 months, at least two years ahead of a previous estimate, JPMorgan President Daniel Pinto said Tuesday.

By Dan Ennis • Nov. 29, 2023

Bank of America to pay $12M over lax mortgage data reporting

Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.

By Dan Ennis • Nov. 29, 2023

Did British banks just clinch the award for worst week?

Barclays is reportedly considering cutting 2,000 positions. Lloyds may slash up to 2,500. And some HSBC users couldn't access the bank's online and mobile services over Black Friday.

By Dan Ennis • Nov. 27, 2023

Want to avoid an HMBradley scenario? Diversify your bank network, Treasury Prime CEO says

A recent pivot by neobank HMBradley is a prime example of what can happen when a fintech relies on just one firm to handle its financial plumbing, Treasury Prime’s Chris Dean said.

By Anna Hrushka • Nov. 22, 2023

OneMain buys auto lender Foursight from Jefferies for $115M

Jefferies joins Citizens Bank and BMO among lenders backing off the auto business. The transaction is expected to close in the first quarter of 2024.

By Gabrielle Saulsbery • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Binance names new CEO after taking $4.3B in penalties

“I made mistakes, and I must take responsibility," the crypto exchange's founder Changpeng Zhao tweeted. "This is best for our community, for Binance, and for myself."

By Gabrielle Saulsbery • Nov. 22, 2023

Binance CEO to step down: reports

Changpeng Zhao, the founder and CEO of the world's largest crypto exchange, will step down and plead guilty to AML charges, Forbes and WSJ reported.

By Gabrielle Saulsbery • Nov. 21, 2023

SEC sues Kraken for commingling funds, failing to register

The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.

By Gabrielle Saulsbery • Nov. 21, 2023

Morgan Stanley names next wealth management chief

Jed Finn, a 12-year veteran of the bank, most recently served as chief operating officer of wealth management. The appointment came one day before Finn’s boss announced he was diagnosed with cancer.

By Dan Ennis • Nov. 21, 2023

Citi names new co-CIO

The bank elevated Jonathan Lofthouse, a 26-year Citi veteran, after Stuart Riley, co-CIO since September, left. Riley's departure was not related to Citi's reorganization, a source told Bloomberg.

By Matt Ashare • Nov. 21, 2023

Citi cuts more than 300 senior manager roles: report

The cuts affect employees two levels below CEO Jane Fraser’s executive management team, a source told Bloomberg.

By Anna Hrushka • Nov. 20, 2023

Wise CFO credits customer growth for 280% profit jump

The fintech’s nearly quadruple jump in profits comes as its CFO is preparing to depart after an eight-year tenure.  

By Grace Noto • Nov. 17, 2023

Neobank HMBradley to wind down retail operations in B2B pivot

After failing to hit growth targets, the fintech is shutting down its consumer operations and looking to sell its technology to banks.

By Anna Hrushka • Nov. 16, 2023

First Financial buys SimplyBank to expand in Southeast

The purchase grows the Indiana bank's Tennessee footprint and offers it entry into Georgia. Several banks, such as TD, Fifth Third and Bank of America, have targeted the Southeast as a growth region this year.

By Gabrielle Saulsbery • Nov. 16, 2023

Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

First Citizens unveils updated $6.5B community benefits plan

The commitment, recognizing Silicon Valley Bank’s pre-existing relationships, extends the bank's community support to Northern California and Massachusetts, First Citizens said.

By Anna Hrushka • Nov. 15, 2023

The ax falls at Citi and Wells

Citi was set to begin informing employees Wednesday about job cuts, CNBC reported. Meanwhile, Wells Fargo is cutting 40 to 50 corporate and investment banking jobs.

By Dan Ennis • Nov. 15, 2023

Truist names COO, hires away Wells Fargo exec

Vice Chair Beau Cummins will become chief operating officer immediately, Truist said. Meanwhile, Kristin Lesher will join the bank as chief wholesale banking officer in February from Wells Fargo.

By Dan Ennis • Nov. 15, 2023

Another Fifth Third alum joins City National as next CFO

Chris Doll, Fifth Third's head of investor relations, joins the Royal Bank of Canada subsidiary Nov. 27, after Greg Carmichael and Howard Hammond.

By Dan Ennis • Nov. 14, 2023

GOP senators blast capital-requirements proposal ahead of hearing

Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

By Dan Ennis • Nov. 14, 2023

FTX sues Bybit for $953M

The bankrupt crypto exchange accused Bybit of holding hundreds of millions of dollars in assets “hostage” after they were transferred off FTX by Bybit affiliate Mirana shortly before FTX’s collapse.

By Gabrielle Saulsbery • Nov. 14, 2023

Associated Bank lays off 3%: report

The layoffs, which amount to around 120 of its 4,000 employees, are to cut costs while the bank furthers the strategic initiative it announced in 2021.

By Gabrielle Saulsbery • Nov. 13, 2023