Banc of California agrees to buy PacWest

The deal includes a $400 million investment from Warburg Pincus and Centerbridge Partners, and gives the private-equity firms a 19% stake in the combined company.

By Dan Ennis • July 26, 2023

Citi acquires Deutsche Bank’s Mexico license

The deal will help Citi separate its institutional and private business in Mexico from its consumer, small-business and middle-market operations ahead of a planned IPO for Banamex in 2025.

By Rajashree Chakravarty • July 25, 2023

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Gathering Spot founders sue neobank Greenwood

T’Keel Petersen and Ryan Wilson, who co-founded the club for Black professionals in 2016, claim the neobank owes them and other TGS shareholders roughly $5 million in earn-out payments.

By Anna Hrushka • July 24, 2023

FTX sues Bankman-Fried, former execs for more than $1B

The company accused its former CEO and three ex-executives of misappropriating funds to buy luxury condominiums and make speculative investments and political contributions.

By Gabrielle Saulsbery • July 21, 2023

Capital One bets on tech engine for card, retail banking growth

“Our modern technology capabilities are generating an expanding set of opportunities across our business,” CEO Richard Fairbank said Thursday.

By Matt Ashare • July 21, 2023

Blue Ridge Bank holding company’s CEO resigns

The president of the bank’s fintech division, Kirsten Muetzel, also is leaving the bank this month, according to her LinkedIn profile.

By Anna Hrushka • July 20, 2023

Goldman takes nearly $1B in impairments as profit falls 60%

The bank took losses tied to commercial real estate and GreenSky, reporting its lowest three-month net income in three years.

By Gabrielle Saulsbery • July 19, 2023

Apple debuts recurring payments

The tech giant, now valued at $3 trillion, is continuing to expand its financial offerings after debuting a buy now, pay later feature and a savings account earlier this year.

By James Pothen • July 14, 2023

Jenius Bank debuts personal loan product

The launch of a consumer loan product is “phase 1” of Jenius’ strategy to grab a chunk of the U.S. digital banking market, CEO John Rosenfeld said.

By Anna Hrushka • July 13, 2023

UK neobank Monzo eyeing Lunar acquisition: reports

The reported merger talks come as rising interest rates and a drop in venture funding have created a difficult environment for fintechs and neobanks.

By Anna Hrushka • July 12, 2023

Fintechs, digital banks make gains in battle for checking accounts

Digital banks and fintechs made up nearly half (47%) of all new checking accounts opened so far in 2023, up from 36% in 2020, according to a survey by Cornerstone Advisors. 

By Anna Hrushka • July 12, 2023

Twitter snags money transfer license in Arizona

That’s the fourth state in which the social media company has received a license, inching it closer to creating the payments tool and super-app envisioned by owner Elon Musk.

By James Pothen • July 12, 2023

Bank of America fined $250M over fake accounts, junk fees

In charges that echo Wells Fargo’s 2016 fake-accounts scandal, regulators accused Bank of America employees of opening credit card accounts without customers’ consent to reach sales goals.

By Anna Hrushka • July 11, 2023

Frost Bank aims to double its Austin presence by 2026

The San Antonio-based bank, which counts an 8.2% share of the market's deposits, wants to open 17 financial centers and create 170 jobs over the next three years.

By Rajashree Chakravarty • July 7, 2023

SoLo Funds to bring peer-to-peer lending platform to Nigeria

Nigeria’s growing fintech sector made the region an attractive entry point to the continent, SoLo Funds founder Rodney Williams said.

By Anna Hrushka • July 5, 2023

BNP Paribas deal signals end to Orange’s challenger bank status

The telecom company has taken more than €800 million in losses on its banking efforts since 2017, Bloomberg reported. Its CEO floated a strategy to invest more in cybersecurity and grow its core business in Africa.

By Dan Ennis • June 29, 2023

Remittance fintech launches neobank

Piermont Bank will provide the underlying banking services for Sendwave Pay, which offers users a debit card and reimbursements for international transaction fees when the card is used outside of the U.S.

By Anna Hrushka • June 28, 2023

UBS could cut 35K jobs by October: reports

Employees can expect three rounds of layoffs, including one by July, according to Bloomberg. Credit Suisse's investment bank, back office and Swiss retail bank could see deep cuts, Reuters reported.

By Dan Ennis • June 28, 2023

Robinhood cuts around 150 jobs

The cuts amount to 7% of the brokerage's workforce and follow two rounds of layoffs in 2022.

By Gabrielle Saulsbery • June 27, 2023

BofA eyes 9 new markets by 2026 amid net branch reduction

The bank will enter Nebraska, Wisconsin, Alabama and Louisiana, to expand its footprint to 39 states. Meanwhile, it will continue a consolidation strategy aimed at closing two branches for each one it opens.

By Anna Hrushka • June 27, 2023

At JPMorgan, Goldman and Cowen, layoffs mount

Goldman reportedly cut 125 managing directors, lending credence to earlier rumors of a third round of right-sizing at the bank.

By Gabrielle Saulsbery • June 26, 2023

Goldman underwhelmed by GreenSky bids: report

Apollo, Sixth Street and Synchrony are among bidders for all or part of the installment-lending platform, sources told CNBC. Goldman may take a writedown on the sale.

By Dan Ennis • June 23, 2023

JPMorgan names head to new data and analytics business

Company vet Teresa Heitsenrether will lead the charge in implementing artificial intelligence, something CEO Jamie Dimon recently called “critical to our company’s future success.”

By Gabrielle Saulsbery • June 22, 2023

Citizens partners with Wisetack on BNPL loans for SMBs

Citizens will focus on home improvement projects through Wisetack’s platform that connects in-person providers with buy now, pay later lenders.

By Rajashree Chakravarty • June 21, 2023

Deutsche Bank applies for crypto custody license

BlackRock and a Charles Schwab-backed platform have entered or clearly made plans to broach the cryptosphere in the past week, which could bode well for crypto-native companies.

By Gabrielle Saulsbery • June 21, 2023