Retail: Page 2
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Pablo Blazquez Dominguez via Getty Images
Santander hires ex-Marcus chief to lead US digital transformation
Swati Bhatia becomes the second Goldman consumer-banking vet to find a landing spot in just over a week.
By Dan Ennis • March 28, 2024 -
Courtesy of Ally Financial
Ally names Discover CEO to its top post
A little over a month after starting as Discover's CEO, Michael G. Rhodes is leaving to take the same position at Ally.
By Caitlin Mullen • March 27, 2024 -
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Courtesy of The Howard Hughes Corp.
TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
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Walmart can break off Capital One card partnership early, judge says
It won’t be easy for Walmart to find a new partner to replace Capital One, though, said Brian Riley, co-head of payments at Javelin Strategy & Research.
By Caitlin Mullen • March 27, 2024 -
Drew Angerer via Getty Images
Citi wraps up reorg’s ‘major actions’
The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."
By Dan Ennis • March 27, 2024 -
Getty Images/Staff via Getty Images
A New Jersey ‘super-community bank’ is just one approval away
The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.
By Gabrielle Saulsbery • March 26, 2024 -
Win McNamee via Getty Images
Capital One pledges to give Discover’s network a boost
Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.
By Caitlin Mullen • March 26, 2024 -
Permission granted by Robinhood
Robinhood goes live in the UK
The company indefinitely postponed its U.K. launch in 2020 over technical issues but rolled out a waitlist in November. It did, however, pause margin investing for U.K. users.
By Gabrielle Saulsbery • March 20, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC leans on ‘boring’ label in new marketing campaign
While PNC’s CEO said his industry “sometimes chases shiny objects,” a J.D. Power analyst asserted the bank’s ads may challenge customers to see the meaning of “boring” differently.
By Caitlin Mullen • March 19, 2024 -
Pablo Blazquez Dominguez via Getty Images
Column
Dive Deposits: Santander pay frustration should be aimed at the US
A proxy adviser urged shareholders to reject a €12.2 million pay package for Chair Ana Botín. She earns less than half what CEOs at similarly sized U.S. banks make, but the gripe is over fixed salary.
By Dan Ennis • March 18, 2024 -
Michael M. Santiago via Getty Images
Goldman’s Cohen heads for exit as GreenSky deal closes
GreenSky is now owned by an investor group led by Sixth Street. Stephanie Cohen, Goldman’s global head of platform solutions, is leaving the bank for IT firm Cloudflare.
By Gabrielle Saulsbery • March 18, 2024 -
Permission granted by Huntington Bank
Huntington hires JPMorgan vet as next HR chief
Sarah Pohmer, who’s spent nearly 25 years at JPMorgan, has been named the next human resources chief at the Columbus, Ohio-based bank.
By Caitlin Mullen • March 18, 2024 -
Leon Neal via Getty Images
UK’s Metro Bank eyes £30M more in cost savings by year’s end
The bank expects to lay off additional employees — it has cut 1,000 since October — and it will abandon its seven-day-a-week branch model.
By Dan Ennis • March 14, 2024 -
Permission granted by Starling Bank
Starling taps HSBC alum as next CEO
The digital bank's founder, Anne Boden, said she believes Raman Bhatia can move Starling “into its next phase of growth while cherishing the culture and values” her team had worked hard to create.
By Gabrielle Saulsbery • March 13, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman aims to grow its private credit portfolio to $300B: report
The bank’s footprint there already far exceeds its rivals. Goldman, in a year, also nearly cut in half a $30 billion cache of legacy investments.
By Dan Ennis • March 12, 2024 -
Courtesy of U.S. Bank
U.S. Bank mandates 3 days a week in the office
This marks a shift in policy from optional, a year and a half after CEO Andy Cecere told employees their presence was preferred.
By Gabrielle Saulsbery • March 6, 2024 -
Permission granted by TD Bank
ColumnDive Deposits: TD gives its AML woes long-haul messaging
The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.
By Dan Ennis • March 6, 2024 -
Sean Pavone via Getty Images
Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
Pablo Blazquez Dominguez via Getty Images
Santander cuts roughly 320 US jobs: reports
Many of the layoffs are centered on the bank’s retail operations, ahead of the expected launch of a fully digital platform in the U.S. this summer.
By Dan Ennis • March 4, 2024 -
Mark Makela via Getty Images
Investors back out of $35M deal with Republic First
The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.
By Gabrielle Saulsbery • March 1, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo faces new class-action suit over fake-accounts response
A complaint filed Thursday seeks $5 million for customers who received letters from the bank asking them to contact Wells Fargo about being enrolled in unwanted products.
By Rajashree Chakravarty • March 1, 2024 -
Mario Tama via Getty Images
Citi laying off 286 New York-based employees
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.
By Dan Ennis • Feb. 29, 2024 -
Courtesy of State Street
State Street to invest $100M in MDIs, CDFIs
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Scott Olson via Getty Images
Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
DustyPixel via Getty Images
California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees
Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.
By Ken McCarthy • Feb. 26, 2024
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