Retail: Page 3
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Permission granted by Starling Bank
Starling taps HSBC alum as next CEO
The digital bank's founder, Anne Boden, said she believes Raman Bhatia can move Starling “into its next phase of growth while cherishing the culture and values” her team had worked hard to create.
By Gabrielle Saulsbery • March 13, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman aims to grow its private credit portfolio to $300B: report
The bank’s footprint there already far exceeds its rivals. Goldman, in a year, also nearly cut in half a $30 billion cache of legacy investments.
By Dan Ennis • March 12, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
Courtesy of U.S. Bank
U.S. Bank mandates 3 days a week in the office
This marks a shift in policy from optional, a year and a half after CEO Andy Cecere told employees their presence was preferred.
By Gabrielle Saulsbery • March 6, 2024 -
Permission granted by TD Bank
ColumnDive Deposits: TD gives its AML woes long-haul messaging
The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.
By Dan Ennis • March 6, 2024 -
Sean Pavone via Getty Images
Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
Pablo Blazquez Dominguez via Getty Images
Santander cuts roughly 320 US jobs: reports
Many of the layoffs are centered on the bank’s retail operations, ahead of the expected launch of a fully digital platform in the U.S. this summer.
By Dan Ennis • March 4, 2024 -
Mark Makela via Getty Images
Investors back out of $35M deal with Republic First
The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.
By Gabrielle Saulsbery • March 1, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo faces new class-action suit over fake-accounts response
A complaint filed Thursday seeks $5 million for customers who received letters from the bank asking them to contact Wells Fargo about being enrolled in unwanted products.
By Rajashree Chakravarty • March 1, 2024 -
Mario Tama via Getty Images
Citi laying off 286 New York-based employees
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.
By Dan Ennis • Feb. 29, 2024 -
Courtesy of State Street
State Street to invest $100M in MDIs, CDFIs
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Scott Olson via Getty Images
Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
DustyPixel via Getty Images
California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees
Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.
By Ken McCarthy • Feb. 26, 2024 -
milehightraveler/iStock/Getty Images Plus via Getty Images
HTLF CEO to retire at year-end
Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.
By Dan Ennis • Feb. 26, 2024 -
Denis Tangney Jr. via Getty Images
Zions Bank CEO to retire April 1
The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.
By Dan Ennis • Feb. 26, 2024 -
Oli Scarff via Getty Images
Barclays rolls out reorganization, eyes £10B in shareholder returns
The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.
By Ken McCarthy • Feb. 20, 2024 -
Truist sells rest of insurance arm valued at $15.5B to private-equity firms
Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.
By Gabrielle Saulsbery • Feb. 20, 2024 -
Win McNamee / Staff via Getty Images
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
Anna Moneymaker via Getty Images
Fed unveils 2024 stress test scenarios
The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said.
By Ken McCarthy • Feb. 16, 2024 -
Justin Sullivan via Getty Images
Wells Fargo fake-accounts consent order lifted by OCC
The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.
By Rajashree Chakravarty • Feb. 16, 2024 -
Maks_Lab via Getty Images
HTLF sheds its Montana footprint
The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.
By Ken McCarthy • Feb. 15, 2024 -
Matt Cardy via Getty Images
RBC’s City National cuts about 100 employees
The job reductions come in addition to a 5% headcount trim the Los Angeles-based bank’s parent company put in place during the quarter that ended Oct. 31.
By Dan Ennis • Feb. 15, 2024 -
Mario Tama via Getty Images
Morgan Stanley to cut several hundred wealth management jobs: reports
Affected employees — mostly non-customer-facing employees and a number of roles made redundant by the E*Trade deal — could be notified this week, sources told The Wall Street Journal.
By Dan Ennis • Feb. 15, 2024 -
Jeff Swensen via Getty Images
PNC wants to open 100 new branches by 2028
The bank pledged to invest roughly $1 billion to open locations in cities such as Dallas, Denver and Houston, and to renovate existing branches.
By Rajashree Chakravarty • Feb. 14, 2024 -
Permission granted by Citizens Financial Group
Citizens taps JPMorgan vets to lead private bank
The Rhode Island-based lender opened its first private banking office in Boston and said it plans to open offices in Palm Beach, Florida, and Mill Valley, California, this year.
By Rajashree Chakravarty • Feb. 9, 2024
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