Fed’s Barr calls for stricter capital requirements

The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

By Rajashree Chakravarty • Dec. 5, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

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

Wells Fargo adds hundreds to mortgage-lending cull

The bank's CFO has said the segment, which has seen dips of more than 50% in revenue and origination amid elevated interest rates, would "remain challenging in the near term."

By Dan Ennis • Dec. 2, 2022

TD, BMO adjust their timelines for First Horizon, Bank of the West deals

TD now aims to wrap its transaction by April and give First Horizon stockholders an extra $0.65 per share. BMO said its deal is “rounding third base,” on track for a first-quarter close.

By Dan Ennis • Dec. 2, 2022

UBS chair rules out M&A for its US growth strategy

“The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.

By Dan Ennis • Nov. 30, 2022

RBC to buy HSBC’s Canada unit for $10B

The transaction, expected to close in late 2023, would bolster Canada’s largest lender with a further $99.6 billion in assets and 130 branches. It may also ease investor pressure on HSBC to divest its foreign footprints.

By Dan Ennis • Nov. 29, 2022

BMO unveils $40B community benefits plan

The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.

By Rajashree Chakravarty • Nov. 29, 2022

Banks discuss refund rule for Zelle customer fraud: report

Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 28, 2022

PayPal counts on its digital app for gains

The digital payments pioneer is scouting for new ways to increase customer use of its digital wallet, including plans to add a new Venmo teen account.

By Lynne Marek • Nov. 28, 2022

Barclays CEO Venkat diagnosed with cancer

Doctors called Venkat’s prognosis “excellent,” the CEO wrote in a letter. Treatment will last 12 to 16 weeks, during which the CEO will work from home and not be able to travel. Barclays has not appointed an interim chief.

By Dan Ennis • Nov. 28, 2022

Neobank GloriFi shuts down following turbulent launch

The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”  

By Anna Hrushka • Nov. 22, 2022

Credit Suisse cuts one-third of China-based investment-banking jobs

The bank also laid off research staffers headquartered in the country as part of a wider effort to trim 9,000 jobs over three years. Some 2,700 cuts are expected to come this quarter.

By Gabrielle Saulsbery • Nov. 22, 2022

Morgan Stanley’s generational drain continues

Franck Petitgas, a 29-year veteran of the bank who has run its capital-markets business and served as global co-head of investment banking, is stepping down Jan. 1 but intends to stay on as a senior adviser.

By Dan Ennis • Nov. 22, 2022

JPMorgan maintains status as world’s most systemically important bank

Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

By Rajashree Chakravarty • Nov. 21, 2022

KeyBank taps chief strategy officer as next CFO

Clark H.I. Khayat has guided the Cleveland-based lender through several niche acquisitions. He succeeds Don Kimble, who is set to retire May 1.

By Rajashree Chakravarty • Nov. 18, 2022

LGBTQ+-focused Daylight to offer family planning subscription service

The service, set to launch early next year, will feature family planning concierges, a family-building marketplace with vetted attorney networks, IVF and surrogacy clinics, and loan access, the company said.

By Anna Hrushka • Nov. 18, 2022

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

Wells Fargo launches small-dollar loan product

Flex Loan, to be rolled out nationwide later this year, gives eligible customers $250 for a flat $12 fee, or $500 for a $20 fee — to be repaid in four equal monthly installments, the bank said Wednesday.

By Dan Ennis • Nov. 16, 2022

NY Fed, banks launch new 12-week CBDC project

Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

By Rajashree Chakravarty • Nov. 16, 2022

How deep of a banking threat is Walmart’s One?

The retailer has scale, brand recognition and a pedigree in an ex-Marcus CEO. The proof may come when the company turns its beta test loose on customers.

By Anna Hrushka • Nov. 16, 2022

OceanFirst, Partners call off $186M merger

OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

By Rajashree Chakravarty • Nov. 14, 2022

WaFd to buy Luther Burbank in $654M deal to enter California

The all-stock transaction, set to close in the second quarter of 2023, gives WaFd a deeper home-lending focus and will create a bank with $29 billion in assets, $23 billion in loans and $22 billion in deposits.

By Dan Ennis • Nov. 14, 2022

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

By Anna Hrushka • Nov. 11, 2022

Puerto Rico’s FV Bank launches digital asset custody

The bank joins exclusive company in allowing clients to hold, transfer and settle crypto and fiat currencies in one account. But the move comes as confidence in crypto appears shaken.

By Rajashree Chakravarty • Nov. 10, 2022

Goldman touts diversity of biggest Solomon-era partner class

Women account for 29% of the class — a recent high — and traders and investment bankers comprise 60%, a recent low.

By Dan Ennis • Nov. 10, 2022