Retail: Page 39
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Fees make customers twice as likely to switch banks, study finds
Moving "from a punitive, carrot-and-stick approach suggests that retail banks are recognizing [they must] evolve beyond service provider [to] more of a hub of financial advice and guidance," J.D. Power researchers wrote.
By Robin Bradley • Feb. 1, 2022 -
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ColumnGoldman hikes Solomon's pay to keep up with the Morgans
The bank also gave restricted-stock packages to roughly three dozen senior executives after shareholders asked why the CEO and COO were singled out for awards in October.
By Dan Ennis • Jan. 31, 2022 -
Explore the Trendline➔
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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 -
Permission granted by Citigroup
Citi sells Taiwan retail presence to Singapore giant DBS
DBS will pay a premium of roughly $704.2 million on the assets, which the bank said will accelerate its growth strategy in the market by at least 10 years.
By Dan Ennis • Jan. 28, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB blasts 'junk fees' in new salvo against overdraft, other charges
The bureau is seeking comments from the public through March 31 concerning fees on bank accounts, credit cards and other financial products that may be seen as excessive or unexpected.
By Robin Bradley • Jan. 27, 2022 -
Drew Angerer via Getty Images
Bank of America to give restricted-stock bonuses to rank and file
Full-time U.S. employees making less than $500,000 a year will get 65 to 600 restricted stock units, which will vest over four years. The bank also bumped salaries by $100,000 for directors and managing directors in some silos.
By Robin Bradley • Updated Jan. 27, 2022 -
Overdraft stalwart First National Bank Texas launches fee alternative
A bank that relies on consumer service charges for 35.4% of its annual revenue gives customers a grace period to get their account balance less than $12 in the red.
By Dan Ennis • Jan. 26, 2022 -
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Big banks gear up to return to office despite omicron variant
Citi, Goldman Sachs and others have set hard dates for when workers are expected to return, while Wells Fargo and Capital One are taking a wait-and-see approach.
By Robin Bradley • Jan. 25, 2022 -
Courtesy of Wells Fargo multimedia resources
US banks close 2,927 branches in 2021, a 38% jump
Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.
By Robin Bradley • Jan. 24, 2022 -
Permission granted by H&R Block
H&R Block launches challenger bank Spruce
The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.
By Robin Bradley • Jan. 21, 2022 -
U.S. Bank, Truist scale down overdraft fees
U.S. Bank is increasing from $5 to $50 the amount by which accounts can go negative before triggering an overdraft fee and is instituting a 24-hour grace period. Truist, meanwhile, is unveiling two overdraft-free accounts this summer.
By Robin Bradley • Jan. 20, 2022 -
Drew Angerer via Getty Images
Bank of America sees 28% Q4 profit jump
The bank earned 78.8% more throughout 2021 than it did a year earlier. CFO Alastair Borthwick, meanwhile, said "stubborn COVID costs" would drop throughout 2022, in a further hint of branch de-emphasis.
By Dan Ennis • Jan. 19, 2022 -
Permission granted by U.S. Bank
U.S. Bank's Q4 profit jumps 10% on reserve release
This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.
By Robin Bradley • Jan. 19, 2022 -
Permission granted by Truist
Truist sees 24% jump in Q4 profit
CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.
By Dan Ennis • Jan. 18, 2022 -
Jeff Swensen via Getty Images
PNC reports 10% dip in Q4 profit
The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.
By Robin Bradley • Jan. 18, 2022 -
Neilson Barnard/Getty via WireImages
It's the new year, and banks are opening their wallets
JPMorgan Chase is boosting first-year investment-banking analyst pay to $110,000, Bloomberg reported Wednesday. Second-year analysts, meanwhile, will make at least $125,000, and third-year compensation will start at $135,000.
By Dan Ennis • Updated Jan. 19, 2022 -
Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit
About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.
By Dan Ennis • Updated Jan. 18, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's Q4 profit skyrockets 86%
The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.
By Robin Bradley • Jan. 14, 2022 -
JPMorgan smashes yearly profit record despite 14% Q4 dip
The bank's M&A advisers saw an 86% fourth-quarter uptick in fees. However, fixed-income trading fell 16%. JPMorgan Chase reported an 11% jump in operating expenses, which it credited to compensation boosts.
By Dan Ennis • Jan. 14, 2022 -
Permission granted by Citigroup
Citi to exit retail banking in Mexico
Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.
By Dan Ennis • Jan. 12, 2022 -
David McNew via Getty Images
Bank of America, Wells Fargo pivot away from overdraft fees
Wells said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.
By Robin Bradley • Jan. 12, 2022 -
Alex Wroblewski via Getty Images
Dimon: 'We're not going to pay you not to work in the office'
JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."
By Robin Bradley • Jan. 11, 2022 -
Drew Angerer via Getty Images
Column
Bank of America's bonus do-over
A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.
By Dan Ennis • Jan. 10, 2022 -
Courtesy of Starling Bank
Neobank Starling halts advertising on Facebook, Instagram
The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.
By Robin Bradley • Jan. 7, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief risk officer to retire in June
"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.
By Robin Bradley • Updated Jan. 19, 2022 -
5 banking trends to watch in 2022
A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.
By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022
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