Retail: Page 2


  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Goldman Sachs sells financial planning arm

    Independent wealth manager Creative Planning purchased Personal Financial Management for an undisclosed sum, the firms announced Monday.

    By Aug. 29, 2023
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    Burke & Herbert to buy West Virginia bank for $371M

    The deal would create a bank with $8.1 billion in assets — tripling Burke & Herbert’s brick-and-mortar footprint and giving it a presence in Kentucky, West Virginia and Maryland’s Eastern Shore for the first time.

    By Aug. 28, 2023
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    Trendline

    Bank and fintech partnerships

    A partnership can be a broad hand-up from a giant bank, a targeted effort to fix a societal issue, or a strategic miscalculation.

    By Banking Dive staff
  • TD Bank at One Vanderbilt
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    TD discloses DOJ probe of bank’s AML compliance

    The Canadian lender laid out losses Thursday from its failed First Horizon deal, adding — without detail — that it expects further penalties.

    By Aug. 25, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo to pay $35M for overcharging on advisory fees

    The bank negotiated reduced advisory fees with thousands of account holders but sometimes forgot to enter the lower rate, the SEC said.

    By Aug. 25, 2023
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    Citi gives accounts relationship tiers in retail-banking revamp

    Beginning next year, the bank aims to convert customers into a structure that gives them added perks, such as waived fees and access to financial planning, as their balance increases.

    By Aug. 24, 2023
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    RBC could cut 1,800 jobs next quarter

    The bank has slowed hiring and, so far, credited attrition for its lower headcount. But expenses — particularly, a 17% year-over-year jump in salaries — are outpacing revenue growth.

    By Aug. 24, 2023
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    Savi Financial gets FDIC approval for Washington state de novo charter

    Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

    By Aug. 23, 2023
  • People pass the JPMorgan Chase headquarters building on May 26, 2023 in New York City.
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    Michael M. Santiago via Getty Images
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    JPMorgan’s lawsuit against Frank execs on ice through criminal trial

    Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.

    By Aug. 21, 2023
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi may break up commercial unit into 3 pieces

    The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

    By Aug. 21, 2023
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    Fed orders wind-down of FTX-associated Farmington State Bank

    The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

    By Aug. 18, 2023
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    Digital-only Ivy beats deposit expectations, Cambridge Savings says

    Ivy Bank’s deposit numbers exceeded the bank’s annual goal for 2022 by 64%, according to Cambridge Savings Bank, which launched the digital-only platform in 2021.

    By Aug. 17, 2023
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    Citizens Bank of Edmond launches digital bank for military recruits

    The new platform, called Roger, aims to reach entry-level recruits, many of whom enter basic training without bank accounts, CEO Jill Castilla said.

    By Aug. 15, 2023
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    PayPal names Intuit exec as CEO

    The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.

    By Lynne Marek • Aug. 14, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Wells Fargo launches down-payment grants for underserved homebuyers

    The $10,000 grants are available to homebuyers who earn a combined 120% or less of the area median income in the county where the property is located.

    By Aug. 11, 2023
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    Senators urge Fed to overhaul big-bank merger policy

    A revamp is critical given the spate of regional bank failures this year, said Sen. Sherrod Brown, D-OH, and three others, who accused the central bank of approving mergers under an “old rubric.”

    By Aug. 10, 2023
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    MoneyLion faces suit over stock, earn-out payments

    The founders of Malka Media Group, a creator network MoneyLion acquired in 2021, claim the neobank is withholding millions of dollars and using “delay tactics to drag out the resolution process.”

    By Aug. 9, 2023
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    Courtesy of KeyBank
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    KeyBank misled investors on liquidity, lawsuit claims

    The bank blamed marginal funding costs for its downward revision of net interest income, a shareholder said. But that adjustment came less than a week before confidence in regional lenders spiraled.

    By Aug. 8, 2023
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    Column

    Banks’ 10-Q filings become unexpected must-reads

    Apart from disclosing their estimated share of the FDIC's special assessment fee, some financial institutions revealed deepening relationships and even a compensation package.

    By Aug. 7, 2023
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    RBC hiring climate transition chief amid fossil-fuel criticism

    The job opening seeks an executive to “orchestrate, unify and advance” a federated set of climate-related activities.

    By Aug. 4, 2023
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    Revolut halts US crypto trading

    U.S. customers will no longer be able to buy tokens on the neobank’s platform as of Sept. 2, and crypto access for those users will be disabled a month later, the neobank said.

    By Aug. 4, 2023
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    Drazen Zigic via Getty Images
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    Banks look beyond mobile-platform adoption, aim to boost UX

    Curbing dropoff rates and optimizing user experience flow is a higher priority than incorporating as many bells and whistles as possible, executives said.

    By Aug. 4, 2023
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    TU IS
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    Figure withdraws bank charter application

    The blockchain startup applied for a charter in 2020, then included plans to seek deposit insurance after the Conference of State Bank Supervisors sued.

    By Aug. 2, 2023
  • Bunq CEO Ali Niknam stands in front of Bunq's logo.
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    Courtesy of https://press.bunq.com/media_kits/228411/
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    Bunq CEO: US regulators ‘tough but fair’ amid license wait

    “At Bunq we’d rather do things right than rush things,” said Ali Niknam, who founded the Dutch fintech in 2012. “And the only way for us to be able to do that is by having our own bank.”

    By Aug. 2, 2023
  • Laurentian Bank seems to have missed first deadline to find buyer

    Both TD and Scotiabank last week backed out as potential buyers of Canada's ninth-largest bank, according to The Globe and Mail.

    By Aug. 1, 2023
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    Dream First acquires Heartland Tri-State in Kansas bank failure

    Heartland "became insolvent due to an isolated event," the state regulator said. Dream First adds four branches, around $139 million in assets and $130 million in deposits.

    By July 31, 2023