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 Suman Bhattacharyya • Aug. 24, 2023

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 Dan Ennis • Aug. 24, 2023

Explore the 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

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 Rajashree Chakravarty • Aug. 23, 2023

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 Gabrielle Saulsbery • Aug. 21, 2023

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 Dan Ennis • Aug. 21, 2023

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 Gabrielle Saulsbery • Aug. 18, 2023

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 Anna Hrushka • Aug. 17, 2023

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 Anna Hrushka • Aug. 15, 2023

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

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 Anna Hrushka • Aug. 11, 2023

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 Anna Hrushka • Aug. 10, 2023

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 Anna Hrushka • Aug. 9, 2023

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 Dan Ennis • Aug. 8, 2023

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 Dan Ennis • Aug. 7, 2023

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 Rajashree Chakravarty • Aug. 4, 2023

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 Anna Hrushka • Aug. 4, 2023

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 Suman Bhattacharyya • Aug. 4, 2023

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 Gabrielle Saulsbery • Aug. 2, 2023

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 Anna Hrushka • 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 Gabrielle Saulsbery • Aug. 1, 2023

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 Rajashree Chakravarty • July 31, 2023

How banks could fit into Elon Musk’s plans for an ‘everything app’

The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.

By Anna Hrushka • July 31, 2023

[Podcast] Igniting organic growth and driving customer value in banking

This podcast explains how leading banks utilize data to enhance customer understanding and drive organic growth. Discover valuable insights from EY Global's research on consumer preferences and learn from the strategies of Bank of America and Citizens Financial Group.

By Banking Dive's studioID • July 31, 2023

Citi says its predecessors likely benefited from slavery

The conclusion came in an independent review the bank agreed to as part of its 2020 racial equity pledge.

By Rajashree Chakravarty • July 28, 2023

Upgrade acquires BNPL firm Uplift for $100M

The deal, Upgrade’s first acquisition, more than doubles the neobank’s customer base by adding 3.3 million users to its existing 2.5 million, CEO Renaud Laplanche said.

By Anna Hrushka • July 27, 2023