Retail: Page 38
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Permission granted by Huntington Bank
Huntington to cut overdraft fees from $36 to $15 starting in July
The Columbus, Ohio-based bank is also launching a feature next month to give users immediate access to up to $500 from check deposits.
By Dan Ennis • March 9, 2022 -
Justin Sullivan via Getty Images
Citi names next chief compliance officer
Tom Anderson, who now serves as chief compliance officer for the bank's personal banking and wealth management division, returned to Citi last year after stints at American Express and JPMorgan Chase.
By Robin Bradley • Updated May 12, 2022 -
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TrendlineM&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 -
Stacking up bank CEO pay in Canada vs. the US
Chief executives at the top five Canadian banks saw a 28.2% raise, on average, that exceeds their U.S. counterparts. However, American CEOs average more than three times the compensation.
By Dan Ennis • March 8, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander's US consumer lending arm discloses accounting errors
The auto lender miscategorized cash flows in 2021, owing to a "material weakness" in the company’s financial reporting.
By Robin Bradley • March 7, 2022 -
As branches dwindle, larger bank offices are harder to offload
Bank branches under 4,000 square feet are selling at a higher price than 2015, whereas branches larger than 4,000 feet are selling at their 2015 level or lower, tax services provider Ryan found.
By Robin Bradley • March 4, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's brand management chief is leaving May 1
Barri Rafferty's "innovative approach to communications" helped the bank achieve "enhanced favorability, trust and ... media sentiment," Bill Daley, the bank's vice chairman of public affairs, wrote in a memo.
By Robin Bradley • March 3, 2022 -
Permission granted by Citigroup
At investor day, Citi makes a plea for time
The bank warned of $4 billion in potential losses and an uptick in expenses from tech investments and hiring. But it also adjusted expectations for a return on tangible common equity.
By Dan Ennis • March 3, 2022 -
Fox photos via Getty Images
Longtime United Bank CEO Richard Adams to leave top role
Adams, who has led the bank for nearly 47 years, will become executive chair of its board April 1, when his son succeeds him as CEO.
By Robin Bradley • March 2, 2022 -
Citi has a $9.8B Russia headache
In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.
By Dan Ennis • March 1, 2022 -
Drew Angerer / Staff via Getty Images
TD to acquire First Horizon in $13.4B deal
The transaction, expected to close in the fall, would expand the Canadian bank's Southeast footprint, adding $55 billion in loans and $75 billion in deposits to its balance sheet and making it the U.S.'s sixth-largest retail bank.
By Robin Bradley • Feb. 28, 2022 -
Citi becomes largest US bank to eliminate overdraft fees
The bank is set to supplant Capital One over the summer as the largest U.S.-based financial institution to do away with the fees.
By Robin Bradley • Feb. 25, 2022 -
Justin Sullivan via Getty Images
Citi calls vaccinated workers back to office March 21
The bank's human resources chief credited a steady decline in the COVID-19 caseload and decreased risk for vaccinated workers in the decision to place employees on site at least two days a week.
By Dan Ennis • Feb. 24, 2022 -
Ex-Goldman banker's 1MDB trial paused over late-breaking evidence
Prosecutors said they learned Tuesday night that a Justice Department unit did not share with them or Roger Ng's defense lawyers 15,500 documents belonging to the government's star witness in the case.
By Dan Ennis • Feb. 24, 2022 -
Permission granted by SoFi
SoFi to buy banking software firm Technisys for $1.1B
The deal would give the newly minted bank control of its platform's back-end technology. The transaction could generate $800 million in additional revenue by 2025, the company said.
By Robin Bradley • Feb. 22, 2022 -
Mario Tama / Staff via Getty Images
BNY Mellon poaches treasury services CEO from JPMorgan
Jennifer Barker, a 19-year JPMorgan veteran, takes on a role held until August by Paul Camp, who left BNY Mellon for Wells Fargo.
By Robin Bradley • Feb. 17, 2022 -
Paul Morigi via Getty Images
ColumnA new, understated Goldman tweaks its strategy
The bank updated its targets for return on tangible common equity, consumer banking revenue and asset management in a less splashier fashion than its 2020 investor day.
By Dan Ennis • Feb. 17, 2022 -
Permission granted by Citigroup
Citi pays Fraser $22.5M in her first year as CEO
Fraser's compensation ranks well below Morgan Stanley and Goldman Sachs' CEOs. But it is 31.2% above what she made as Citi's No. 2 executive in 2020 — on par with the raise Bank of America gave its CEO last year.
By Dan Ennis • Feb. 15, 2022 -
Minas Panagiotakis via Getty Images
TD freezes $1.1M in donations to Canada protesters
The bank idled two personal accounts after GoFundMe said it would return millions meant to cover food, fuel and expenses for activists snarling traffic in the name of cross-border truckers bemoaning COVID vaccine mandates.
By Robin Bradley • Feb. 14, 2022 -
Mark Wilson via Getty Images
Small loan offerings mark 'watershed' in pivot from overdraft: Pew
"Concerns about providing liquidity for consumers should be met with actual small credit," Pew analysts wrote. "January's developments prove that scenario is becoming an industry norm."
By Robin Bradley • Feb. 11, 2022 -
OlyaSolodenko/iStock via Getty Images
Subprime lender Elevate to pay more than $3.75M to end D.C. interest rate suit
The lender, which was flagged to the FDIC by consumer advocates last week, along with its partner banks, also agreed to waive more than $300,000 in past-due interest fees owed by D.C.-based customers.
By Dan Ennis • Feb. 9, 2022 -
Spencer Platt via Getty Images
M&T Bank to slash overdraft fee from $36 to $15
The Buffalo, New York-based bank also plans to eliminate non-sufficient fund fees and charges for overdraft protection transfers starting in this year's second quarter.
By Robin Bradley • Feb. 9, 2022 -
Anna Hrushka/Banking Dive
FDIC's acting chief lays out priorities as advocates demand action
The agency's new leader stressed an interagency CRA revamp, climate risk and attention to bank mergers as 15 groups sought to quash partnerships between fintechs and banks that skirt state-imposed interest rate caps.
By Robin Bradley • Feb. 7, 2022 -
ColumnBank of America CEO sees 30.6% pay bump to land him in the $30M club
The raise comes as profits at the Charlotte, North Carolina-based lender jumped 78% in 2021 and shareholders saw a 47% boost in the bank's stock price over the year.
By Dan Ennis • Feb. 7, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander to wind down US mortgage lending
Santander wants to focus on more profitable silos in the U.S., such as auto loans. U.S. banking accounted for 22% of the Spanish bank's profits in 2021 — more than triple the 7% it comprised in 2019.
By Dan Ennis • Feb. 4, 2022 -
TD to let customers overdraw by $50 without fee
The bank, which took 8.9% of its operating revenue from deposit service charges between July 2020 and June 2021, is also instituting a 24-hour grace period this year.
By Dan Ennis • Feb. 1, 2022
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