Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Current’s ex-head of talent sues neobank in alleged discrimination

Isabelle Mitura, a tech recruiter, alleges Current’s head of people demeaned her in front of colleagues on multiple occasions, referring to her as "an old Asian woman with no kids.”

By Anna Hrushka • April 7, 2023

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

TD launches web accessibility tool

Key features include adjustable font size, dyslexia-friendly fonts, dark mode, monochrome mode and bionic reading, where the first few letters of the word are made bold.

By Rajashree Chakravarty • April 7, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

Neobank Aspiration to cut more than 180 jobs

The layoffs, part of a companywide restructuring, span multiple departments at the climate-conscious neobank and include the firm’s chief of staff and chief administrative officer.

By Anna Hrushka • April 6, 2023

Acorns targets next generation of customers in GoHenry deal

A longer-term investing horizon, coupled with calls for increasing financial literacy among teens, make the youth market an attractive target for the investing fintech.

By Anna Hrushka • April 5, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

Dutch neobank Bunq applies for US bank license

Bunq CEO Ali Niknam said the neobank is expanding to the U.S. to serve European expatriates “with strong ties to both sides of the Atlantic.”

By Anna Hrushka • April 4, 2023

Republic First Bank CEO to customers, investors: We are not First Republic

What's in a name? Confusion, apparently.

By Gabrielle Saulsbery • April 3, 2023

Swiss prosecutor opens probe into UBS-Credit Suisse deal

The investigation comes amid reports that the tie-up could spur a cull of 11,000 jobs in Switzerland alone and another 25,000 globally.

By Rajashree Chakravarty • April 3, 2023

EWS readies Paze to help banks take on digital wallet market

Even with the backing of the nation’s largest banks, the platform, set for a June launch, will face adoption and security hurdles, industry experts say.

By Anna Hrushka • April 3, 2023

Citi poaches BofA’s Sieg as next global wealth chief

The Merrill president will join Citi in September after a required six-month leave, in a move CEO Jane Fraser said "sends a strong signal about the potential of our wealth proposition."

By Dan Ennis • March 31, 2023

Wall Street securities bonuses plunged 26% in 2022: DiNapoli

Wall Street securities employee bonuses dropped to $176,700, a sharp decline from $240,400 in 2021, the New York comptroller said in his report.

By Rajashree Chakravarty • March 30, 2023

Massachusetts regulators probe Citizens Financial unit

The Secretary of the Commonwealth’s office is investigating the sale of annuities controlled by indicted financier Greg Lindberg. A total of $2.2 billion in customer funds has been frozen since 2019, The Wall Street Journal reported.

By Anna Hrushka • March 30, 2023

UBS rehires Ermotti as CEO to guide Credit Suisse tie-up

UBS CEO Ralph Hamers has agreed to step down effective April 5, the bank said. Ermotti will likely be asked to make deep investment-banking cuts — a feat he executed in his previous UBS stint.

By Dan Ennis • March 29, 2023

Greenlight’s new B2B offering brings kid-focused banking to traditional firms

Over half a dozen firms, including Morgan Stanley, WaFd Bank and Community Financial Credit Union have partnered with the neobank to offer its services to their customers.

By Anna Hrushka • March 29, 2023

JPMorgan CEO Jamie Dimon to be deposed in Epstein case

The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

By Dan Ennis • March 29, 2023

First Citizens Bank to buy SVB’s loans, deposits

About $90 billion in securities and other assets will remain in FDIC receivership, the regulator said.

By Dan Ennis • March 27, 2023

Citizens Bank, Customers Bancorp consider bids for failed SVB: reports

While Citizens is eyeing SVB’s private-banking unit, Customers is considering buying all or part of the lender, sources told Reuters and Bloomberg, respectively.

By Rajashree Chakravarty • March 24, 2023

Citi names 32-year vet Selva as its COO

The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.

By Rajashree Chakravarty • March 23, 2023

6 strategies for smaller banks in a post-SVB world

Lenders racked by last week's crisis of confidence could choose to skirt the FDIC's deposit cap, lean into benefactors, cut costs, dismiss the problem or brace for a hit.

By Dan Ennis • March 22, 2023

Several Epstein claims dismissed against JPMorgan, Deutsche

Each bank, however, still must face four claims, a judge ruled Monday. A lawyer for an alleged Epstein victim called it a "monumental victory." 

By Dan Ennis • March 21, 2023

FDIC pushes SVB bid deadline to Friday

The regulator split the auction process, so bidders can make separate offers for Silicon Valley Private Bank, also due Friday.

By Dan Ennis • March 20, 2023

UBS to buy Credit Suisse in $3.25B government-backed deal

UBS Chair Colm Kelleher said he will trim Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

By Rajashree Chakravarty • March 20, 2023