Retail: Page 3


  • wells fargo
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    Wells Fargo to pay $3.7B in record CFPB settlement

    The bank agreed to pay more than $2 billion in consumer redress and a $1.7 billion fine for violations across several product lines. Wells expects to take a $3.5 billion operating loss for 2022’s fourth quarter.

    By Dec. 20, 2022
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    Kamil Krzaczynski via Getty Images

    BMO program helps women get back to work after career gap

    The Chicago-based effort, in collaboration with The Mom Project, aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship.

    By Dec. 19, 2022
  • Trendline

    The Banking Dive Outlook on 2023

    Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

    By Banking Dive staff
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    Justin Sullivan via Getty Images

    Citi to wind down China retail presence

    The move will affect 1,200 employees, but the cost is not expected to be material, the bank said. Citi now has an exit strategy in place for all but one of the markets mentioned in its April 2021 strategy refresh.

    By Dec. 19, 2022
  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images

    Goldman layoffs could stretch to 4,000

    Managers have been asked to identify low performers for a cull that could cut 8% of the bank’s staff. Marcus employees, the target of many of the 400 cuts estimated earlier, are also at high risk.

    By Dec. 16, 2022
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    Chris McGrath via Getty Images

    NYDFS lays out crypto guidance for banks

    State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

    By Dec. 16, 2022
  • Chime made two offers up to $2B to buy DailyPay: report

    DailyPay, which was founded in 2015 by Jason Lee, may be content to wait for a better offer, or perhaps lean on its track record of successful fundraising going forward.

    By Dec. 16, 2022
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    Permission granted by Citigroup

    Citi employees can work remotely for the balance of 2022

    Their only restriction? That they stay in their country of employment. Hello, Hawaii.

    By Dec. 15, 2022
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    Denis Tangney Jr. via Getty Images

    M&T hires ex-Truist CFO Bible

    Bible’s leadership through the BB&T-SunTrust merger may come in handy as M&T sorts out its tie-up with People’s United. M&T’s current CFO, Darren King, will take a role overseeing several business silos.

    By Dec. 15, 2022
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    seb_ra via Getty Images

    Apex, Unifimoney partner on digital investment solutions for banks

    Oklahoma-based First Fidelity Bank is the first customer to go live with the services offered by the partnership.

    By Dec. 14, 2022
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    How Current pivoted to free

    "We had a lever that other people didn't have, which was we can actually cut costs sufficiently that we don't need to fill that hole with a subscription fee,” said Trevor Marshall, the company's CTO.

    By Dec. 14, 2022
  • A person walks into BNY Mellon's headquarters in New York City.
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    Mario Tama / Staff via Getty Images

    BNY Mellon gives stock bonuses to its rank and file

    TD and Bank of America offered similar stock awards last year. BNY’s move is notable for its timing — as banks consider trimming bonuses. BNY Mellon also bumped up its parental leave policy Wednesday.

    By Dec. 14, 2022
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images

    Goldman to cut 400 jobs, end Marcus consumer loans: reports

    The staff cuts would come amid a reorganization that would split Marcus. It also follows reports that the bank is reinstating annual performance reviews, which may guide headcount-reduction decisions.

    By Dec. 13, 2022
  • Federal Reserve building at night
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    Alex Wong via Getty Images

    Warren, Toomey unite on bill to make Fed more transparent

    The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

    By Dec. 12, 2022
  • Wells Fargo branch exterior
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    Courtesy of Wells Fargo multimedia resources

    OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

    The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

    By Dec. 8, 2022
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    Mario Tama via Getty Images

    Morgan Stanley slashes 1,600 jobs

    The move comes on a day when Goldman Sachs CEO David Solomon warned of "bumpy times ahead" and Bank of America chief Brian Moynihan said his firm would slow hiring.

    By Dec. 7, 2022
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    Zhanna Hapanovich via Getty Images

    Newtek gets OCC green light to acquire NBNYC

    The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.

    By Dec. 6, 2022
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    Tasos Katopodis via Getty Images

    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 Dec. 5, 2022
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    Fotolia

    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 Dec. 4, 2022
  • wells fargo
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    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 Dec. 2, 2022
  • Woman stands under TD Bank sign.
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    Drew Angerer via Getty Images

    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 Dec. 2, 2022
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    Daniel Berehulak via Getty Images

    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 Nov. 30, 2022
  • A round sign features HSBC's lettering and logo.
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    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 Nov. 29, 2022
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
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    Atstock Productions via Getty Images

    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 Nov. 29, 2022
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    Justin Sullivan / Staff via Getty Images

    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 Nov. 28, 2022
  • View of PayPal logo outside of company headquarters
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    Justin Sullivan via Getty Images

    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