BNPL companies face grim outlook, Moody’s says

Fierce competition, persistent losses and regulatory constraints are likely to push some players out of the buy now, pay later market, Moody’s predicted.

By Lynne Marek • Nov. 13, 2023

City National names Fifth Third exec as its next CEO

Outgoing CEO Kelly Coffey will remain with the Royal Bank of Canada subsidiary as CEO of City National Entertainment, the Los Angeles-based lender said Friday.

By Dan Ennis • Nov. 13, 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

Revolut appoints interim CFO as it races to meet filing deadline

Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

By Grace Noto • Nov. 10, 2023

Wells Fargo execs expect asset cap to extend into 2025: report

The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

By Anna Hrushka • Nov. 9, 2023

Citi fined $25.9M over alleged discrimination

The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

By Anna Hrushka • Nov. 8, 2023

CFPB proposes new oversight for payment tech firms

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

By Lynne Marek , James Pothen • Nov. 7, 2023

Iowa community bank becomes 5th to fail this year

The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

By Gabrielle Saulsbery • Nov. 7, 2023

Regions Bank partners with credit-building fintech

Through a new partnership with Self Financial, Regions customers can have their rent, cell phone and utility payments reported to the three major credit bureaus.

By Anna Hrushka • Nov. 7, 2023

Truist CFO: Structure reorg is key to $750M cost-cutting plan

CFO Mike Maguire says the bank is making good progress, as it grapples with a string of high-profile executive departures.

By Suman Bhattacharyya • Nov. 7, 2023

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

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