Retail: Page 32
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Deep DiveBanking-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 -
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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 -
Explore the Trendline➔
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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 Wells Fargo multimedia resources
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 -
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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 -
Column
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 -
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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 -
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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 -
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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 -
Courtesy of U.S. Bank
Regulators approve U.S. Bank-MUFG Union merger
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.
By Dan Ennis • Oct. 14, 2022 -
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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 -
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 -
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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 -
Permission granted by Step
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 -
Spencer Platt via Getty Images
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 -
Drew Angerer via Getty Images
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
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