Wells Fargo exec Mary Mack to retire this summer

Mack helped navigate the firm through its 2016 fake-accounts scandal and held leadership roles in consumer banking, brokerage, commercial banking and corporate and investment banking over 40 years at Wells.

By Anna Hrushka • April 14, 2023

U.S. Bank names new CFO in C-suite shuffle

The bank's current CFO, Terry Dolan, will become vice chair and chief administrative officer. Gunjan Kedia, the bank's wealth-management chief, will oversee corporate and commercial banking.

By Rajashree Chakravarty • April 13, 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

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

6 dead, several injured in Louisville bank building shooting

Connor Sturgeon, 25, opened fire inside a conference room during a staff meeting, a witness told CNN. He had been notified that he would be fired, a second source told the network.

By Dan Ennis • April 10, 2023

Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Current’s ex-head of talent sues neobank in alleged discrimination

Isabelle Mitura, a tech recruiter, alleges Current’s head of people demeaned her in front of colleagues on multiple occasions, referring to her as "an old Asian woman with no kids.”

By Anna Hrushka • April 7, 2023

TD launches web accessibility tool

Key features include adjustable font size, dyslexia-friendly fonts, dark mode, monochrome mode and bionic reading, where the first few letters of the word are made bold.

By Rajashree Chakravarty • April 7, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

Neobank Aspiration to cut more than 180 jobs

The layoffs, part of a companywide restructuring, span multiple departments at the climate-conscious neobank and include the firm’s chief of staff and chief administrative officer.

By Anna Hrushka • April 6, 2023

Acorns targets next generation of customers in GoHenry deal

A longer-term investing horizon, coupled with calls for increasing financial literacy among teens, make the youth market an attractive target for the investing fintech.

By Anna Hrushka • April 5, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

Dutch neobank Bunq applies for US bank license

Bunq CEO Ali Niknam said the neobank is expanding to the U.S. to serve European expatriates “with strong ties to both sides of the Atlantic.”

By Anna Hrushka • April 4, 2023

Republic First Bank CEO to customers, investors: We are not First Republic

What's in a name? Confusion, apparently.

By Gabrielle Saulsbery • April 3, 2023

Swiss prosecutor opens probe into UBS-Credit Suisse deal

The investigation comes amid reports that the tie-up could spur a cull of 11,000 jobs in Switzerland alone and another 25,000 globally.

By Rajashree Chakravarty • April 3, 2023

EWS readies Paze to help banks take on digital wallet market

Even with the backing of the nation’s largest banks, the platform, set for a June launch, will face adoption and security hurdles, industry experts say.

By Anna Hrushka • April 3, 2023

Citi poaches BofA’s Sieg as next global wealth chief

The Merrill president will join Citi in September after a required six-month leave, in a move CEO Jane Fraser said "sends a strong signal about the potential of our wealth proposition."

By Dan Ennis • March 31, 2023

Wall Street securities bonuses plunged 26% in 2022: DiNapoli

Wall Street securities employee bonuses dropped to $176,700, a sharp decline from $240,400 in 2021, the New York comptroller said in his report.

By Rajashree Chakravarty • March 30, 2023

Massachusetts regulators probe Citizens Financial unit

The Secretary of the Commonwealth’s office is investigating the sale of annuities controlled by indicted financier Greg Lindberg. A total of $2.2 billion in customer funds has been frozen since 2019, The Wall Street Journal reported.

By Anna Hrushka • March 30, 2023

UBS rehires Ermotti as CEO to guide Credit Suisse tie-up

UBS CEO Ralph Hamers has agreed to step down effective April 5, the bank said. Ermotti will likely be asked to make deep investment-banking cuts — a feat he executed in his previous UBS stint.

By Dan Ennis • March 29, 2023

Greenlight’s new B2B offering brings kid-focused banking to traditional firms

Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers.

By Anna Hrushka • March 29, 2023

JPMorgan CEO Jamie Dimon to be deposed in Epstein case

The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

By Dan Ennis • March 29, 2023

First Citizens Bank to buy SVB’s loans, deposits

About $90 billion in securities and other assets will remain in FDIC receivership, the regulator said.

By Dan Ennis • March 27, 2023