Retail: Page 2


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    Bank of America boosts minimum wage to $22 per hour

    The pay raise, coming seven months after a previous $1-per-hour boost, is the latest step in the bank's target to pay employees at least $25 per hour by 2025.

    By May 23, 2022
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    Permission granted by Stretch

    Neobank Stretch wants to bank individuals with a conviction history

    Stretch is zeroing in on the struggles the formerly incarcerated face, pain points that are not adequately addressed in the mainstream banking system, Founder Yasaman Hadjibashi said.

    By May 19, 2022
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    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo taps former JPMorgan exec to head financial advisory unit

    The firm selected Sol Gindi, a former C-suite executive for JPMorgan's wealth management and consumer banking businesses, to replace Jim Hays as the head of Wells Fargo Advisors.

    By May 17, 2022
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    FG Trade via Getty Images

    AmEx, Discover get top marks in direct banks survey

    The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.

    By Caitlin Mullen • May 16, 2022
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    Delmaine Donson via Getty Images

    Regions names new chief transformation officer, head of consumer banking

    The Birmingham, Alabama-based regional bank is shuffling its executive leadership team before revamping its core operating systems. 

    By May 16, 2022
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    H. Armstrong Roberts via Getty Images

    Michigan credit union to buy Florida bank in 7th such deal of 2022

    DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.

    By May 13, 2022
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    Permission granted by HMBradley

    Neobank HMBradley launches search for 'honorary founder'

    CEO Zach Bruhnke said the contest, which comes with a $25,000 prize, is a tongue-in-cheek nod to firms like JPMorgan or Goldman Sachs' Marcus, which derive their names from their founders.

    By May 12, 2022
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    Current wades into embedded banking with launch of API platform

    The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.

    By May 11, 2022
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    Permission granted by U.S. Bank

    U.S. Bank lays out $100B community benefits plan tied to merger

    U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.

    By May 10, 2022
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    Courtesy of KeyBank

    KeyBank buys student loan forgiveness fintech

    Financial terms of the GradFin purchase were not disclosed, but the business dovetails with the bank's previous acquisition and tailoring of Laurel Road.

    By May 10, 2022
  • Wall Street bonuses could crater up to 40% this year

    Investment banking underwriters' bonuses could fall up to 40% from 2021, according to pay consultancy Johnson Associates. Fixed-income traders, however, could see bonuses jump 20%, the company said.

    By May 6, 2022
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    Drew Angerer via Getty Images

    Bank of America, JPMorgan, Goldman consider abortion travel policies

    "With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.

    By May 6, 2022
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    OlyaSolodenko/iStock via Getty Images

    Democratic senators zero in on overdraft fees at hearing

    Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.

    By May 5, 2022
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    Fotolia

    Banking trade group CBA names next CEO

    Lindsey Johnson will become the first woman to lead the group upon the retirement of longtime chief Richard Hunt this summer.

    By May 4, 2022
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    David McNew via Getty Images

    CFPB fines Bank of America $10M over illegal garnishments

    The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.

    By May 4, 2022
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    Permission granted by Truist

    Truist buys gamified finance app Long Game

    Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.

    By May 3, 2022
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    Permission granted by U.S. Bank

    U.S. Bank rolls out Spanish-language voice assistant for mobile app

    The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.

    By May 2, 2022
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    Permission granted by First Internet Bank

    First Century Bank scraps First Internet deal

    The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.

    By May 2, 2022
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    Courtesy of KeyBank

    KeyBank to cut overdraft charge to $20, eliminate NSF fees

    The bank also will cut — from five to three — the maximum number of times per day a customer can be charged an overdraft fee. It is also instituting a $20 negative account balance threshold.

    By April 29, 2022
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    Permission granted by Frost Bank

    Frost Bank: 'Build over buy' expansion plan is paying off

    The San Antonio-based bank opened 25 branches in Houston over the past four years, and is in the midst of a similar expansion in Dallas, where next quarter it plans to open its third of 28 new locations.

    By April 29, 2022
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    Delmaine Donson via Getty Images

    Wisconsin credit union targets Illinois bank in 6th such tie-up of 2022

    Financial terms of CoVantage Credit Union's proposed acquisition of LincolnWay Community Bank were not disclosed. The deal is expected to close in the fourth quarter.

    By April 28, 2022
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    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0

    TD Bank targets South Florida tech talent pool

    The Toronto-based lender on Tuesday announced the launch of a hub in Fort Lauderdale, adding it intends to hire 200 tech workers in the area over the next two years.

    By April 26, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo starts layoffs in home lending unit

    The bank did not put a number to the job cuts. Wells Fargo saw a 33% year-over-year decrease in mortgage origination volume. Interest rates accompanying 30-year fixed mortgages have climbed to a 12-year high.

    By April 25, 2022
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    Chris Hondros via Getty Images

    Goldman Sachs expands Marcus checking account beta tests to all US-based employees

    The bank is expected to release the product to the public this year. The fee-free accounts will include a physical debit card and offer a competitive interest rate, but a Goldman spokesperson did not detail the specific rate.

    By April 22, 2022
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    David McNew via Getty Images

    Bank of America wants its cards made of 80% recycled plastic by 2023

    The bank estimates it will produce 235 fewer tons of single-use plastics with the transition.

    By April 21, 2022