USAA slashes 130 jobs in mortgage unit

The move marks at least the second round of cuts in the home-lending unit in the past year, and the third at the company. The cuts come as the firm’s real estate loan portfolio has shrunk by half over the past three years.

By Anna Hrushka • Feb. 3, 2023

Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank

Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.

By Rajashree Chakravarty • Feb. 2, 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

A front-runner emerges in the race for Citi’s Mexico retail unit

Grupo Mexico, best known for its mining and railway operations, has secured a $5 billion debt package tied to a proposed acquisition that would value Banamex at $7 billion to $8 billion, Reuters reported.

By Dan Ennis • Feb. 2, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

JPMorgan plans to launch digital bank in Germany by 2025: report

The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

By Dan Ennis • Feb. 1, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Marqeta names new CEO, makes $275M deal

The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

By Gabrielle Saulsbery • Jan. 30, 2023

Goldman Sachs cuts CEO Solomon’s pay by 28.6%

The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

By Dan Ennis • Jan. 27, 2023

The crypto world is sending mixed signals

Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

By Gabrielle Saulsbery • Jan. 27, 2023

Wells Fargo holds CEO Scharf’s pay steady at $24.5M

The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

By Dan Ennis • Jan. 27, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

Mexico’s largest department store now offers banking services to Mexican Americans

Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

By Gabrielle Saulsbery • Jan. 25, 2023

Inside Jenius Bank’s plan to tap the US consumer market

Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

By Anna Hrushka • Jan. 24, 2023

Big banks to launch digital wallet operated by Zelle parent: report

The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

By Anna Hrushka • Jan. 23, 2023

Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M

The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.

By Dan Ennis • Jan. 23, 2023

Capital One cuts 1,100 tech jobs

The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.

By Anna Hrushka • Jan. 20, 2023

JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M

The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.

By Dan Ennis • Jan. 20, 2023

Bank of America institutes partial hiring freeze: report

The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.

By Anna Hrushka • Jan. 19, 2023

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

BNY Mellon to lay off 1,500 employees this year

The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

By Dan Ennis • Jan. 13, 2023

Fifth Third aims to close 23 branches in 2023

The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

By Rajashree Chakravarty • Jan. 13, 2023

City National Bank to pay $31M redlining settlement

The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

By Anna Hrushka • Jan. 13, 2023

Goldman details $3B in losses since 2020

The bank's Platform Solutions unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

By Dan Ennis • Jan. 13, 2023

Frost Bank to offer home loans after more than 20-year hiatus

Despite market headwinds, the bank is bullish on its return to home lending, and has a long-term vision for its mortgage operation, the bank’s CIO said.

By Anna Hrushka • Jan. 12, 2023