How Upgrade became a ‘marketing engine’ for deposit-hungry banks

The neobank is leveraging its network of more than 200 community banks and credit unions to offer users one of the industry’s highest savings rates.

By Anna Hrushka • Nov. 9, 2022

Citi, Barclays launch investment-banking cuts

The headcount reductions — numbering in the dozens for Citi and 200 for Barclays — come as the banks report double-digit percentage-point year-over-year declines in fees in the sector.

By Rajashree Chakravarty • Nov. 9, 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

U.S. Bank wants employees back in the office 3 days a week

CEO Andy Cecere said he wants the change to be a choice, not a mandate. "The transition doesn't have to happen overnight, but it should be something you commit to like any new habit," he wrote.

By Gabrielle Saulsbery • Nov. 7, 2022

Wells Fargo faces $1B CFPB settlement over consumer abuses: report

The reported record-settlement falls in line with CFPB Director Rohit Chopra’s mission to impose stricter penalties on banks that repeatedly violate consumer protection laws.

By Anna Hrushka • Nov. 7, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

Indiana-based First Financial to cut 10% of its branch footprint

The bank plans to consolidate seven of its 72 locations by the first quarter of 2023, citing customers' shift to digital platforms in what may stand as a microcosm for a national trend.

By Rajashree Chakravarty • Nov. 3, 2022

Digital bank Chime cuts 12% of workforce

Chime co-founder and CEO Chris Britt said the move would allow the company to flourish “regardless of market conditions," according to an internal memo.

By Gabrielle Saulsbery • Nov. 2, 2022

JPMorgan launches life sciences private equity team

The new practice will leverage the bank’s resources and expertise to support early and growth-stage healthcare companies working on novel therapeutics and technologies, the bank said.

By Rajashree Chakravarty • Nov. 2, 2022

Small business owners want more advice from banks, study finds

A J.D. Power study found that small businesses trust banks and are seeking practical advice to pull through tough economic conditions.

By Rajashree Chakravarty • Nov. 1, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022

CFPB should update regulations in response to Zelle fraud, Warren says

Warren urged the regulator to amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection and interpret the guidelines surrounding peer-to-peer platforms.”

By Anna Hrushka • Oct. 31, 2022

Wall Street’s pre-pandemic boom has ended, NY comptroller says

An annual New York City securities industry report predicts a 22% drop from 2021’s record-high compensation packages.

By Rajashree Chakravarty • Oct. 28, 2022

Flagstar, NYCB extend looming deadline upon OCC approval

The combination will create an $88.4 billion-asset bank with a 395-branch footprint across nine states, so long as a green light from the Fed comes in time.

By Gabrielle Saulsbery • Oct. 28, 2022

Boost Mobile ventures into banking

“We've got millions of customers coming into Boost stores who are paying in cash every month,” CEO Stephen Stokols said. “We thought, ‘We give them the connectivity. Can we give them the banking services, as well?’”

By Anna Hrushka • Oct. 27, 2022

HSBC ousts CFO, appoints new one

New CFO Georges Elhedery, formerly the bank's co-CEO of global banking and markets, returned from a six-month sabbatical in September. Outgoing CFO Ewen Stevenson will step down Dec. 31.

By Rajashree Chakravarty • Oct. 25, 2022

Peoples Bank to nearly double Kentucky footprint in $208.2M acquisition

Buying Louisville-based Limestone Bank will give the Ohio lender an added $1.5 billion in assets, $1.1 billion in loans and $1.2 billion in deposits. The transaction is set to close in the second quarter of 2023.

By Dan Ennis • Oct. 25, 2022

Banking-as-a-service grows as regulators play catch-up

The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

By Anna Hrushka • Oct. 25, 2022

Credit Suisse chief compliance officer set to exit

Rafael Lopez Lorenzo's departure is not related to the bank's upcoming revamp, sources told Bloomberg. He served for more than a year in a role that once also encompassed overseeing risk at the bank.

By Rajashree Chakravarty • Oct. 24, 2022

Wells Fargo taps Google AI on virtual assistant launch

“This partnership will expand our customers’ digital financial support network by enabling meaningful money conversations,” the bank’s head of digital said.

By Gabrielle Saulsbery • Oct. 24, 2022

Capital One looks to revamp airport lounge experience

The bank partnered with Washington-area chef José Andrés to design a menu that focuses on tapas in spaces located a short distance from departure gates at two major U.S. airports.

By Rajashree Chakravarty • Oct. 21, 2022

What Q3 earnings taught us about layoffs, M&A and other costs

All but one of the nation's six largest banks reported higher headcounts despite job-cut anticipation. State Street flagged concern over its BBH deal. And Truist decried “other” expenses.

By Dan Ennis • Oct. 20, 2022

Whither the investment-banking chief?

Longtime executives at Credit Suisse and JPMorgan Chase are expected to leave their respective companies in the coming months.

By Rajashree Chakravarty • Oct. 18, 2022

Climate-conscious neobank Aspiration names new CEO

The leadership transition comes a year after the company announced plans to go public through a merger with special-purpose acquisition company InterPrivate III Financial Partners Inc.

By Anna Hrushka • Oct. 18, 2022

Green Dot fires CEO, names replacement

The company terminated Dan Henry, its CEO since 2020, on Friday, it said. George Gresham, the firm’s chief financial and operating officer, is stepping into the top role.

By Anna Hrushka • Oct. 17, 2022

Goldman Sachs overhaul splits Marcus

The platform’s consumer-focused operations will fall under a newly combined asset- and wealth-management unit. Meanwhile, a corporate-client-centric Marcus unit will become a stand-alone entity.

By Anna Hrushka • Oct. 17, 2022