JPMorgan Chase sees 42% drop in Q1 profit

The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

By Dan Ennis • April 13, 2022

Fifth Third CEO Greg Carmichael to step down in July

Carmichael, who joined the bank in 2003 as executive vice president and chief information officer, will be replaced by Fifth Third President Tim Spence.

By Anna Hrushka • April 12, 2022

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Bank deposits could decrease for the first time in 80 years

Businesses and consumers alike have been depositing at a greater clip since the COVID-19 pandemic began. And, according to a Barclays analysis, the banking industry has $8.5 trillion more in deposits than loans.

By Robin Bradley • April 12, 2022

Neobank Step to launch crypto, stock investing product for users under 18

The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.

By Anna Hrushka • April 12, 2022

NYC halts new account openings with Wells Fargo, citing mortgage race gap

The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.

By Robin Bradley • April 11, 2022

AGs: Why can't you be more like Citi (on overdrafts)?

Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.

By Dan Ennis • April 7, 2022

Citi spins off Bahrain retail-banking footprint

Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.

By Dan Ennis • April 5, 2022

House panel's overdraft hearing shows partisan divide

House Financial Services Committee Chair Maxine Waters, D-CA, unveiled a draft bill Thursday requiring banks with $10 billion or more in assets to offer accounts without overdraft or declined-transaction charges.

By Robin Bradley • April 1, 2022

Jamie Dimon, U.S. Bank and BMO show value is a buyer-led construct

JPMorgan Chase reported it gave its CEO a stock award worth more than double what it estimated in 2018. But as M&A has shown, value isn't always one-for-one.

By Dan Ennis • March 31, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

Citi agrees to sell its India retail footprint to Axis Bank for $1.6B

About 3,600 Citi employees will transfer to Axis in the deal, which is expected to close in the first half of 2023.

By Dan Ennis • March 30, 2022

Serial acquirer Seacoast moves on Miami with $168.3M buy of Apollo Bank

The deal, set to close in the fourth quarter, would add five Miami-Dade County branches to Seacoast's footprint and take Apollo off the market. A credit union's bid for Apollo was terminated in the COVID-19 pandemic's early days.

By Dan Ennis • March 30, 2022

House panel wants deeper details of banks' business activities in Russia

Rep. Maxine Waters, D-CA, asked 31 trade groups to survey their members to find out what they are doing to exit or phase out business with Russia or, conversely, defend why they would continue those ties.

By Robin Bradley • March 25, 2022

Fed approves Citizens' $3.5B acquisition of Investors Bancorp

The deal, expected to give Citizens an additional 154 branches — mostly in the New York City area — marks the second big new revenue stream for the bank in a little over a month.

By Robin Bradley • March 23, 2022

The Marcus-to-JPMorgan pipeline appears to be reopened

Goldman Sachs' consumer arm lost its fourth managing director to Chase in the past year, spawning a question of whether the latest move spotlights a vulnerability in the bank's talent retention strategy.

By Dan Ennis • March 22, 2022

Goldman's general counsel gets a 75% raise over her predecessor

$7.5 million is a popular pay boost for the bank. That's the amount by which CEO David Solomon, President John Waldron and General Counsel Kathy Ruemmler saw their compensation jump last year.

By Robin Bradley • March 21, 2022

BNY Mellon expects to lose $200M in Russia pullback

The custody bank Thursday said it would halt new banking business in Russia and suspend investment management purchases of Russian securities in a move that aligns it with the likes of Citi, Goldman Sachs and JPMorgan Chase.

By Dan Ennis • March 18, 2022

Huntington poaches Truist retail banking chief

Truist, meanwhile, promoted its chief digital officer to lead the Charlotte, North Carolina-based bank's retail and community banking and marketing efforts.

By Robin Bradley • March 18, 2022

CFPB expands enforcement of unfair discrimination

The agency on Wednesday unveiled an updated exam manual for evaluating unfair practices in the world of consumer finance.

By Robin Bradley • March 17, 2022

JPMorgan Chase drops ban on unvaccinated new hires

The bank, in a memo Monday, said it will stop mandatory twice-weekly testing of unvaccinated employees April 4, and no longer require unvaccinated workers to wear face masks, effective immediately.

By Robin Bradley • March 15, 2022

Wells Fargo gives CEO Scharf a 20% pay boost to $24.5M

The compensation package makes him the fifth-best-paid chief executive among the six largest U.S. banks — trailing all but Citi's Jane Fraser.

By Dan Ennis • March 15, 2022

Arizona deal marks 5th credit union purchase of bank in 2022

At the current pace, 26 credit union-bank tie-ups could be in the works by the end of the year, far surpassing 2019's record.

By Robin Bradley • March 14, 2022

Capital One's general counsel wears 2 new hats

The McLean, Virginia-based bank has seen two other high-profile exits from its legal department in the past two weeks.

By Robin Bradley • March 11, 2022

BNY Mellon CEO Todd Gibbons to retire Aug. 31

Robin Vince, a 26-year Goldman Sachs veteran who joined BNY Mellon in 2020, will take the bank's top role.

By Robin Bradley • March 10, 2022

U.S. Bank looks to assuage community advocates at merger hearing

CEO Andy Cecere said the bank intends to invest $100 billion over five years into the communities it touches and vowed not to desert any low- to moderate-income areas in California by acquiring MUFG Union Bank.

By Dan Ennis • March 9, 2022