Goldman grows where it can — but may have just started its cull

The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.

By Dan Ennis • Sept. 20, 2022

M&T-People’s United conversion issues draw AG scrutiny

Some customers have been unable to access online banking following M&T’s conversion of People’s United accounts over the Labor Day weekend, Connecticut's attorney general wrote last week in a letter.

By Anna Hrushka • Sept. 19, 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

TD to expand in Charlotte area, with 15 new branches

At least 25% will be in majority-nonwhite or LMI areas, TD said, in perhaps an olive branch to community advocates concerned over the impact of the bank’s pending acquisition of First Horizon.

By Gabrielle Saulsbery • Sept. 16, 2022

Bank of America to offer paid sabbaticals starting next year

Employees who have served 15 years at the bank can take four weeks, with an extra week for 20-year vets, and a sixth for those with 30.

By Dan Ennis • Sept. 15, 2022

Citizens to buy college planning platform College Raptor

The deal will give Citizens, which already has several student lending products, greater access to the college student market, the bank’s executive vice president and head of student lending said.

By Anna Hrushka • Sept. 15, 2022

How big of a deal is Q2’s deposit decline?

Deposits had seen an unsustainable 35% jump since 2020, and banks were pushing their capital limits. The real tell of consumer health from FDIC data may be a 25% spike in early delinquencies.

By Dan Ennis • Sept. 15, 2022

Majority raises $37M as neobank expands immigrant outreach

The neobank, which declined to share its current valuation or number of users, has raised $83.5 million to date.

By Anna Hrushka • Sept. 14, 2022

Wells Fargo agrees to third-party racial-equity audit

CEO Charlie Scharf called the move “a critical next step” toward closing the wealth gap, and added that diversity, equity and inclusion are “imperative” at the bank.

By Gabrielle Saulsbery • Sept. 14, 2022

BofA pledges $25M to support Black and Latino-led CDFIs

“This collaboration demonstrates that opportunities and impact are literally doubled when we work together,” said Marla Bilonick, chair of the National Alliance of Latino CDFI Executives.

By Gabrielle Saulsbery • Sept. 9, 2022

Truist taps insider as CFO as Bible retires

Mike Maguire, the Charlotte, North Carolina-based lender’s chief consumer finance and payments officer, will become CFO, effective Sept. 15. Current CFO Daryl Bible will stay on through a transition period.

By Gabrielle Saulsbery • Sept. 8, 2022

10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

By Dan Ennis • Sept. 8, 2022

Black woman, 71, sues Fifth Third over alleged refusal to cash check

The retiree alleges three White bank employees “insisted” the five-figure casino jackpot check was fraudulent. She later deposited it at JPMorgan Chase.

By Gabrielle Saulsbery • Sept. 7, 2022

Citi joins Wells Fargo in cutting mortgage-lending staff

Citi's layoffs will number fewer than 100, while Wells, in the past two weeks, notified 75 Iowa-based workers they would be let go.

By Dan Ennis • Sept. 6, 2022

Need to fill a C-suite void? Target banks that are being acquired

First Republic and other banks looking to fill high-ranking roles hired executives from MUFG Union Bank, People's United and other institutions at the non-surviving end of a merger.

By Dan Ennis • Sept. 1, 2022

Branch-closure freefall slows down: S&P Global

Net branch closures fell to 312 in the second quarter, compared with 950 in the first three months of 2022. If second-half closures continue at the first half’s pace, 19% fewer locations will shut down this year than in 2021.

By Anna Hrushka • Sept. 1, 2022

Average overdraft fee falls nearly $4, to lowest level since 2009

ATM fees, however, jumped to a three-year high of $4.66 per transaction, according to a Bankrate study, which also found users needed record or near-record-high balances to avoid monthly service charges.

By Gabrielle Saulsbery • Sept. 1, 2022

Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits

“We could be business as usual, and continue focusing on traditional community banking in Hawaii,” the bank’s CFO said. “We chose to participate in the disruption."

By Anna Hrushka • Aug. 31, 2022

BofA, BMO push to close racial property ownership gap

Bank of America launched a program offering a zero-down payment, zero-closing-cost mortgage solution to first-time homebuyers in nonwhite-majority areas, and another aimed at small businesses.

By Gabrielle Saulsbery • Aug. 31, 2022

U.S. Bank boosts minimum hourly wage to $20

This is the second bump for the bank’s pay floor this year. About 35,000 employees are also receiving a 3% boost in base pay — which won’t preclude them from another merit raise in 2023’s first quarter, the bank said.

By Gabrielle Saulsbery • Aug. 29, 2022

How automation can help banks tame the home-lending ‘roller coaster’

The cyclical nature of the market doesn’t mean lenders should be forced to respond with mass hiring or firing as demand for mortgages ebbs and flows, analysts say.

By Anna Hrushka • Aug. 26, 2022

Citi to wind down its Russia retail presence

The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

By Dan Ennis • Aug. 25, 2022

Japanese bank SMBC to launch US digital bank Jenius

Jenius will launch with personal loans in the coming months, and expand to savings and checking products within its first year, SMBC said.

By Anna Hrushka • Aug. 25, 2022

Truist acquires data governance platform from Zaloni

The platform’s founder and chief technology officer will be among 20 employees to transition to Truist as part of the deal, which highlights the bank’s continuing emphasis on nonbank and niche M&A.

By Anna Hrushka • Aug. 24, 2022

Bank of America, RBC aim for ‘balance,’ whether leaning on data or emotion

Two banks' messaging, on overdraft and office returns, could hardly be more different. One relies on statistics, another has no specifics. Yet they have one word in common.

By Dan Ennis • Aug. 23, 2022

FDIC orders FTX, 4 other crypto firms to halt ‘false and misleading’ claims

Brett Harrison, FTX’s president, responded on Twitter, saying the company “really didn’t mean to mislead anyone.” The FDIC cited a deleted tweet from Harrison in its letter to the company.

By Anna Hrushka • Aug. 22, 2022