Retail: Page 34

  • A green Central Pacific Bank sign hangs above the bank's headquarters in downtown Honolulu.
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    Permission granted by Central Pacific Bank
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    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 • Aug. 31, 2022
  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    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 • Aug. 31, 2022
  • Long Covid syndrome and coronavirus pandemic symptoms that persist as a burden concept or being tied trapped as a hauler of a virus infection with 3D illustration elements. Explore the Trendline➔
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    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
  • Bank sign
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    Courtesy of U.S. Bank
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    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 • Aug. 29, 2022
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    Andy Fox
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    Deep Dive

    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 • Aug. 26, 2022
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images
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    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 • Aug. 25, 2022
  • A vertical SMBC sign stands outside a glass office building.
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    Permission granted by SMBC
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    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 • Aug. 25, 2022
  • A Truist sign hangs on a building.
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    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 • Aug. 24, 2022
  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images
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    Column

    Dive Deposits: BofA, RBC eye ‘balance’ in data- or emotion-based stances

    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 • Aug. 23, 2022
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    Alex Wong via Getty Images
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    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 • Aug. 22, 2022
  • A sunny San Antonio, Texas skyline with several very tall buildings in frame.
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    Hal Bergman via Getty Images
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    USAA banking division job cuts number in ‘triple digits’: report

    Layoffs appear aimed at restructuring the business. They affect IT, business continuation, client advising and human resources, the San Antonio Express-News reported.

    By • Aug. 19, 2022
  • Securities and Exchange Commission, SEC, Building in Washington DC
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    qingwa via Getty Images
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    SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending

    EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.

    By • Aug. 17, 2022
  • A young woman customer placing her order at a fast food convenience restaurant.
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    YinYang via Getty Images
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    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By • Aug. 12, 2022
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    Jeff Swensen via Getty Images
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    PNC eliminates NSF fees

    The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

    By • Aug. 12, 2022
  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

    In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

    By • Aug. 11, 2022
  • A north-facing view of Miami Beach's Ocean Drive with the ocean and condominiums.
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    Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank

    The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.

    By • Aug. 9, 2022
  • TD Bank
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    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0
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    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By • Aug. 2, 2022
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
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    Atstock Productions via Getty Images
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    Heritage Southeast finds another buyer, a month after the VyStar deal crumbled

    Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.

    By • July 29, 2022
  • U.S. Bank
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    CFPB fines U.S. Bank $37.5M over customer data misuse

    The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

    By • July 28, 2022
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    bpperry via Getty Images
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    Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations

    A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.

    By • July 28, 2022
  • The Credit Suisse logo on a building front
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    Dan Kitwood via Getty Images
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    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By • July 27, 2022
  • Truist Innovation Technology Center
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    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By • July 26, 2022
  • BMO's logo in the dark next to public transit and vehicle lights.
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    The image by Abdulkadir A is licensed under CC BY 2.0
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    2021’s M&A winners BMO, Citizens strike again for smaller deals

    Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.

    By • July 25, 2022
  • Varo Bank
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    Courtesy of https://www.varomoney.com/press/
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    Varo Bank lays off 75, launches tech-focused unit

    The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.

    By • July 22, 2022
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
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    Zhanna Hapanovich via Getty Images
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    Patriot, neobank American Challenger terminate merger

    Unlike other recent scrapped deals, regulator approval appeared not to play a part. American Challenger cited “the parties’ expected inability to satisfy certain ... closing conditions to the merger and recapitalization.”

    By • July 22, 2022
  • KeyBank branch
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    Courtesy of KeyBank
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    KeyBank, Truist execs share their approaches to fintech partnerships

    Acquiring a startup can help a bank keep up with consumer demand for new products, reach new customers and compete with nonbank entities. And, as Truist learned, banks don't always have to initiate.

    By • July 21, 2022