Bank of America plans 200 investment-banking job cuts: report

A bank spokesperson last month said the Charlotte, North Carolina-based lender was not expecting "widespread" cuts.

By Dan Ennis • Feb. 16, 2023

TD lays out 5-year, $50B community benefits plan tied to merger

The bank pledged to open at least 25 new branches and 25 ATMs in low- to moderate-income or majority-nonwhite markets, and to boost residential mortgage loans by 65% for LMI and nonwhite borrowers.

By Dan Ennis • Feb. 16, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Truist to sell 20% of insurance brokerage unit for $1.95B

The deal paves the way for future growth and enhances the competitiveness of the bank’s insurance business amid a rapidly consolidating industry, CEO Bill Rogers said.

By Anna Hrushka • Feb. 16, 2023

FTX-exposed Signature Bank’s CEO moves to advisory role

The bank's COO will first take the role of president March 1, and eventually relieve Joseph DePaolo of his CEO title.

By Gabrielle Saulsbery • Feb. 16, 2023

Latino-first neobank Comun raises $4.5M in seed funding

The challenger bank offers traditional financial services, including access to a checking account connected to a physical and virtual debit card, direct deposits for payroll and 24/7 support.

By Rajashree Chakravarty • Feb. 15, 2023

United Community Banks to acquire Miami lender for roughly $116M

First National Bank of South Miami would be the South Carolina bank network's second acquisition of 2023. United Community's purchase of Huntsville, Alabama-based Progress Financial closed in January.

By Gabrielle Saulsbery • Feb. 15, 2023

Delays in merger review should not become the norm: Fed’s Bowman

The 11 merger applications that received adverse public comments in the first half of 2022 were approved in 197 days, on average, compared with 65 days for those with no public comments, Bowman said.

By Rajashree Chakravarty • Feb. 14, 2023

TD launches credit program for Black entrepreneurs

The Canadian bank’s latest effort to expand credit access to an underserved group will likely be touted to regulators and community groups as it looks to gain support ahead of its planned acquisition of First Horizon.

By Anna Hrushka • Feb. 14, 2023

Goldman’s Solomon says he should have started cuts earlier

The admission came at a meeting of the bank's partners last week, where an undercurrent of concern has reportedly led some to consider taking their complaints straight to the board.

By Dan Ennis • Feb. 13, 2023

TD, First Horizon delay merger completion timeline to May

The banks “are fully committed to the merger and continue to make significant progress,” they said, citing ongoing work toward a community benefits plan.

By Dan Ennis • Feb. 10, 2023

Fed unveils 2023 stress test scenarios

The severely adverse scenario boosts the unemployment rate to 10% by the third quarter of 2024, alongside a 38% and 40% plunge in house and commercial real estate prices, respectively.

By Rajashree Chakravarty • Feb. 10, 2023

Goldman’s consumer-business chief is leaving

The bank hired Peeyush Nahar from Uber in 2021 to lead Marcus after two of the consumer bank's top executives left Goldman for Walmart's fintech startup.

By Dan Ennis • Feb. 10, 2023

54 nonprofits oppose WaFd, Luther Burbank merger

A group led by the California Reinvestment Coalition wrote the FDIC with concerns that the deal poses fair-housing and systemic-risk concerns.

By Gabrielle Saulsbery • Feb. 9, 2023

Quontic, NYDIG vet aims to bridge ‘translation layer’ between banks, fintechs

Patrick Sells, a former chief innovation officer, wants to speed up the time it takes for banks to find a fintech whose services match their needs.

By Anna Hrushka • Feb. 8, 2023

Wells Fargo to pay $300M to settle auto-loan class action

The bank was aware in 2016 that it charged customers for unnecessary insurance but kept investors in the dark, shareholders claimed, in a case that was set for trial Feb. 27.

By Dan Ennis • Feb. 8, 2023

Fed’s Barr urges banks to ‘eradicate’ discrimination

Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

By Rajashree Chakravarty • Feb. 8, 2023

Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

“Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

By Anna Hrushka • Feb. 8, 2023

Truist cuts dozens in investment banking: report

The layoffs, encompassing 5% of the division, came in late January, Bloomberg reported. Affected employees will get priority consideration for other roles within the company, a bank spokesperson said.

By Dan Ennis • Feb. 8, 2023

Florida woman sues MidFlorida Credit Union over alleged race discrimination

A 70-year-old retired teacher was arrested after an issue stemming from a $600 ATM deposit. However, the lawsuit and police report paint vastly different portraits of the incident.

By Gabrielle Saulsbery • Feb. 7, 2023

Huntington aims new mortgage product at underserved borrowers

The new product aligns with the bank’s five-year Strategic Community Plan, a more than $40 billion effort to address social, racial, environmental and economic inequities in the regions where it operates.

By Anna Hrushka • Feb. 6, 2023

Bank of America trims CEO Moynihan’s pay to $30M for 2022

The CEO’s 6.3% pay cut comes as the bank’s profit fell 14% last year and its stock price tumbled 26%. No top-six U.S. bank has yet given its chief executive a pay boost for last year.

By Dan Ennis • Feb. 6, 2023

USAA slashes 130 jobs in mortgage unit

The move marks at least the second round of cuts in the home-lending unit in the past year, and the third at the company. The cuts come as the firm’s real estate loan portfolio has shrunk by half over the past three years.

By Anna Hrushka • Feb. 3, 2023

Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank

Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.

By Rajashree Chakravarty • Feb. 2, 2023

A front-runner emerges in the race for Citi’s Mexico retail unit

Grupo Mexico, best known for its mining and railway operations, has secured a $5 billion debt package tied to a proposed acquisition that would value Banamex at $7 billion to $8 billion, Reuters reported.

By Dan Ennis • Feb. 2, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023