Retail: Page 2


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    Partners Bank finds a new buyer in Linkbancorp

    The transaction, expected to close in the third quarter, positions Linkbancorp to extend into Delaware, Maryland, New Jersey and Virginia, and gives Partners a boost after a tie-up with OceanFirst fell apart.

    By Feb. 27, 2023
  • Remitly's digital bank Passbook targets immigrants.
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    Remitly to shutter digital banking platform Passbook

    The Seattle-based remittance fintech launched Passbook in 2020. The product, however, hasn’t garnered significant overlap with existing customers, Remitly CEO Matt Oppenheimer said.

    By Feb. 27, 2023
  • Trendline

    The Banking Dive Outlook on 2023

    Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

    By Banking Dive staff
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images
    Column

    At Goldman, Fridays are for radical honesty

    Looking ahead to its investor day Tuesday, the bank detailed a shortfall in set-asides and an expansion into a probe of credit-card practices.

    By Feb. 24, 2023
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    Citizens customers see repeat withdrawals from technical glitch

    Some of the bank's account holders said they woke up Wednesday to negative balances and overdraft fees after Feb. 1 transactions were duplicated Feb. 22. The issue is resolved, the bank said.

    By Feb. 23, 2023
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    Justin Sullivan via Getty Images

    Wells Fargo cuts 500 more jobs in home lending

    Cuts include a few top producers who attended a company-sponsored sales conference this month, as well as bankers who operated in areas outside of the bank’s branch footprint, according to CNBC.

    By Feb. 23, 2023
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    Citi boosts Fraser’s pay 8.9% to $24.5M

    Fraser stands as the only CEO at a top-six U.S. bank to see a hike in compensation for 2022. She is tied with Wells Fargo’s Charlie Scharf for the lowest-paid among them.

    By Feb. 22, 2023
  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images
    Column

    Is HSBC’s earnings report meant for an audience of one?

    Its CEO cites a re-globalization that de-emphasizes Asia but still floats areas of growth on the continent and dangles an extra dividend perhaps aimed at quelling a breakup push from investor Ping An.

    By Feb. 21, 2023
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    Huntington CEO details reorganization plan

    The bank is consolidating three business arms to help it derive more revenue from wealth management, which CEO Steve Steinour calls a “big growth area.”

    By Feb. 17, 2023
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    Davis Turner/Stringer via Getty Images

    Bank of America plans 200 investment-banking job cuts: report

    A bank spokesperson last month said the Charlotte, North Carolina-based lender was not expecting "widespread" cuts.

    By Feb. 16, 2023
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    TD lays out 5-year, $50B community benefits plan tied to merger

    The bank pledged to open at least 25 new branches and 25 ATMs in low- to moderate-income or majority-nonwhite markets, and to boost residential mortgage loans by 65% for LMI and nonwhite borrowers.

    By Feb. 16, 2023
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0

    Truist to sell 20% of insurance brokerage unit for $1.95B

    The deal paves the way for future growth and enhances the competitiveness of the bank’s insurance business amid a rapidly consolidating industry, CEO Bill Rogers said.

    By Feb. 16, 2023
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    FTX-exposed Signature Bank’s CEO moves to advisory role

    The bank's COO will first take the role of president March 1, and eventually relieve Joseph DePaolo of his CEO title.

    By Feb. 16, 2023
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    Latino-first neobank Comun raises $4.5M in seed funding

    The challenger bank offers traditional financial services, including access to a checking account connected to a physical and virtual debit card, direct deposits for payroll and 24/7 support.

    By Feb. 15, 2023
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    Natalie Meepian via Getty Images

    First Miami Bank to be acquired for roughly $116M

    This would mark United Community Banks’ second acquisition of 2023. Its purchase of Huntsville, Alabama-based Progress Financial closed in January.

    By Feb. 15, 2023
  • A group of six Federal Reserve Board members stand shoulder to shoulder with U.S. and state flags behind them.
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    Delays in merger review should not become the norm: Fed’s Bowman

    The 11 merger applications that received adverse public comments in the first half of 2022 were approved in 197 days, on average, compared with 65 days for those with no public comments, Bowman said.

    By Feb. 14, 2023
  • Woman stands under TD Bank sign.
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    Drew Angerer via Getty Images

    TD launches credit program for Black entrepreneurs

    The Canadian bank’s latest effort to expand credit access to an underserved group will likely be touted to regulators and community groups as it looks to gain support ahead of its planned acquisition of First Horizon.

    By Feb. 14, 2023
  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images

    Goldman’s Solomon says he should have started cuts earlier

    The admission came at a meeting of the bank's partners last week, where an undercurrent of concern has reportedly led some to consider taking their complaints straight to the board.

    By Feb. 13, 2023
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    TD, First Horizon delay merger completion timeline to May

    The banks “are fully committed to the merger and continue to make significant progress,” they said, citing ongoing work toward a community benefits plan.

    By Feb. 10, 2023
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    Fed unveils 2023 stress test scenarios

    The severely adverse scenario boosts the unemployment rate to 10% by the third quarter of 2024, alongside a 38% and 40% plunge in house and commercial real estate prices, respectively.

    By Feb. 10, 2023
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images

    Goldman’s consumer-business chief is leaving

    The bank hired Peeyush Nahar from Uber in 2021 to lead Marcus after two of the consumer bank's top executives left Goldman for Walmart's fintech startup.

    By Feb. 10, 2023
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    54 nonprofits oppose WaFd, Luther Burbank merger

    A group led by the California Reinvestment Coalition wrote the FDIC with concerns that the deal poses fair-housing and systemic-risk concerns.

    By Feb. 9, 2023
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    metamorworks via Getty Images

    New platform aims to bridge ‘translation layer’ between banks, fintechs

    Former NYDIG and Quontic Bank CIO Patrick Sells wants to speed up the length of time it takes for banks to find a fintech whose services match their needs.

    By Feb. 8, 2023
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images

    Wells Fargo to pay $300M to settle auto-loan class action

    The bank was aware in 2016 that it charged customers for unnecessary insurance but kept investors in the dark, shareholders claimed, in a case that was set for trial Feb. 27.

    By Feb. 8, 2023
  • Michael Barr
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    Fed’s Barr urges banks to ‘eradicate’ discrimination

    Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

    By Feb. 8, 2023
  • U.S. President Joe Biden delivers his State of the Union address during a joint meeting of Congress in the House Chamber of the U.S. Capitol on February 07, 2023 in Washington, DC.
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    Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

    “Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

    By Feb. 8, 2023