CFPB focuses on rural banking access

Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.

By Anna Hrushka • April 20, 2022

USAA revamps mobile app

With a new predictive search function, users can transact with fewer taps, said the company, which also reduced load times and added fingerprint, face and voice recognition log-in capabilities.

By Robin Bradley • April 19, 2022

Explore the 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

Truist posts flat Q1 profit, completes transition to 'one brand'

The bank completed its largest merger-related conversion during the quarter, transitioning nearly 7 million customers to the Truist ecosystem and rebranding more than 6,000 branches and ATMs, CEO Bill Rogers said Tuesday.

By Anna Hrushka • April 19, 2022

Bank of America sees 12% Q1 profit dip

The bank, however, saw a 9.5% surge in equity trading revenue and set aside far less than its competitors — $30 million — to cover potential Russia exposure.

By Dan Ennis • April 18, 2022

Revolut, Cross River link up to offer US consumer loans

Customers who use the personal loan offering, which will be available in the coming months, won't be subject to late fees, origination fees or prepayment penalties, the neobank said.

By Anna Hrushka • April 18, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

Wells Fargo sees 21% Q1 profit drop amid weaker home lending

The home lending results came a day after the bank pledged $210 million in two programs aimed at narrowing a much-publicized mortgage refinancing gap along racial lines.

By Anna Hrushka • April 14, 2022

U.S. Bank profit dips 31% on buildup for credit losses

At the same time, the bank reported a 2.3% jump in revenue year over year, and 6.5% growth in loans and average total deposits.

By Robin Bradley • April 14, 2022

BBVA addition gives PNC earnings a dual picture

Profit either dropped 21% or jumped 9%, depending on the vantage point. The deal, as inflation swells and interest rates rise, came at the right time for the bank — at least for year-over-year optics.

By Dan Ennis • April 14, 2022

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

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 Apollo buy

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