Retail: Page 31
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Apple to launch high-yield savings account with Goldman Sachs
The move is the logical next step for the Apple-Goldman partnership, according to one consultant, who said the day-to-day banking product complements Apple’s Goldman-powered credit-card offering.
By Anna Hrushka • Oct. 14, 2022 -
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Jamie Dimon isn’t the only bank CEO expecting a recession: KPMG
Some 85% of bank chiefs believe the U.S. is headed for recession in the next 12 months, the accounting giant found in its annual CEO outlook. Nearly half see layoffs in the next six months.
By Gabrielle Saulsbery • Oct. 13, 2022 -
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TrendlineThe 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 -
Courtesy of U.S. Bank
U.S. Bank, MUFG Union sell 3 California branches to HomeStreet Bank
Seattle-based HomeStreet will gain roughly $490 million in deposits, $22 million in loans and 16,000 new customer relationships in the deal. The bank also pledged to retain all employees in those branches.
By Dan Ennis • Oct. 13, 2022 -
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TD’s postal partnership in Canada turns an eye toward US efforts
The bank launched a small-dollar lending product Wednesday aimed at rural, remote and Indigenous Canadians. But a U.S. Postal Service pilot last year generated just six customers.
By Rajashree Chakravarty • Oct. 13, 2022 -
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Prosperity Bank to acquire two Texas community banks for $570M
The Houston-based lender announced a plan to expand in west Texas less than a month after settling with the Justice Department in a PPP case.
By Gabrielle Saulsbery • Oct. 12, 2022 -
State Street taps Wells vet to lead compliance as BBH deal hits crunch time
The bank has floated several modifications to its pending $3.5 billion acquisition of a Brown Brothers Harriman unit in an effort to gain regulatory approval by year's end.
By Rajashree Chakravarty • Oct. 12, 2022 -
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Gen Z neobank Step launches crypto investing, rewards
The fintech, which claims to have more than 3 million customer accounts, said it is partnering with digital assets infrastructure and regulatory platform Zero Hash to offer transaction and custody services.
By Anna Hrushka • Oct. 12, 2022 -
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Goldman Sachs to pare back consumer ambitions: report
The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.
By Anna Hrushka • Oct. 10, 2022 -
Courtesy of Bank of the West
Disappearing sand billboard pushes Bank of the West’s climate message
The San Francisco-based lender partnered with a nonprofit on a kelp forest-focused campaign meant to be washed away on the day it was created.
By Rajashree Chakravarty • Oct. 10, 2022 -
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Bank of America to pay $1.84B to settle last Countrywide case
The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.
By Gabrielle Saulsbery • Oct. 7, 2022 -
Permission granted by Walden Mutual Bank
FDIC approves first new US mutual bank in 50 years
New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.
By Anna Hrushka • Oct. 6, 2022 -
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M&T pledges to rectify People’s United account access issues
The bank’s pledge, in response to letters of concern from five senators and Connecticut’s attorney general, came during a week when M&T disclosed 325 layoffs in the Nutmeg State.
By Gabrielle Saulsbery • Oct. 3, 2022 -
Banks turn to automation to realize efficiency gains
Automation will increasingly support customer experience improvements, product releases and other client-relations objectives, analysts said.
By Suman Bhattacharyya • Sept. 30, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB sues MoneyLion, alleging Military Lending Act violations
The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.
By Anna Hrushka • Sept. 30, 2022 -
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Lakeland Bank to pay $13M in DOJ redlining settlement
The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.
By Gabrielle Saulsbery • Sept. 29, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB fines Regions $191M on overdraft practices
The bureau demanded Regions pay $141 million in redress to customers and a $50 million penalty over “authorized-positive” fees the bank charged related to the order in which it posted transactions.
By Dan Ennis • Sept. 28, 2022 -
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JPMorgan’s UK retail bank hits 1M customers, aims to double staff by 2024
JPMorgan said it plans to introduce new features and enhancements to the current Chase U.K. account, including new savings options and lending products, such as a Chase credit card.
By Anna Hrushka • Sept. 28, 2022 -
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NJ’s Provident, Lakeland to merge in $1.3B deal
The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.
By Dan Ennis • Sept. 27, 2022 -
PNC buys restaurant point-of-sale firm Linga
The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.
By Anna Hrushka • Sept. 27, 2022 -
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Bank CEOs defend Zelle in Senate hearing
Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.
By Anna Hrushka • Sept. 23, 2022 -
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Citi proposes UK retail exit
The move wouldn’t materially affect the bank. Citi has one U.K. retail branch and intends to ask qualifying clients to use the bank’s private banking services.
By Gabrielle Saulsbery • Sept. 23, 2022 -
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Republicans grill bank CEOs on handling of new merchant gun code
GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.
By Anna Hrushka • Sept. 22, 2022 -
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Chicago mayoral candidate proposes public bank
The bank would start with $500 million in assets, with half coming from the city’s “cash on hand.” The rest could come from federal stimulus funds, or the Illinois General Assembly could be asked to “match funds.”
By Gabrielle Saulsbery • Sept. 21, 2022 -
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PNC gears up for Round 3 in USAA patent dispute
Lawyers for PNC asked a judge for a new trial in a $218 million case days after a jury found the bank should pay USAA another $4.3 million in a related matter.
By Dan Ennis • Sept. 21, 2022 -
Megan Quinn/Banking Dive
Diversity, inflation, payments fraud to take center stage at hearings
Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.
By Anna Hrushka • Sept. 20, 2022
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