Retail: Page 4


  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    JPMorgan Securities to pay SEC $18M

    A Securities and Exchange Commission investigation found that the firm kept clients from reaching out to the SEC to report potential violations.

    By Jan. 16, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Top 6 banks dole out $9.4B toward FDIC special fee in Q4

    JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.

    By Jan. 16, 2024
  • The Manhattan skyline in New York City. Explore the Trendline
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 5 stories from Banking Dive

    Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.

    By Banking Dive staff
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    Drew Angerer via Getty Images
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    Citi to cut 20K jobs in ‘medium term’

    The bank said it expects to incur as much as $1 billion in severance and restructuring costs this year as part of the cuts.

    By Jan. 12, 2024
  • Citibank logo
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    Justin Sullivan via Getty Images
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    Citi flags $3.8B hit on charges, reserves

    In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.

    By Jan. 11, 2024
  • TD Bank at One Vanderbilt
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    Permission granted by TD Bank
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    TD execs knew in November 2022 about DOJ’s probe into AML: report

    Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.

    By Jan. 11, 2024
  • Federal Reserve Board Vice Chair for Supervision Michael S. Barr with hand to ear as if trying to listen.
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    Win McNamee via Getty Images
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    Deep Dive

    Barr hints at looming changes for emergency fund, capital requirements

    A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.

    By Jan. 10, 2024
  • Coin stack on international banknotes with house model on table.
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    Zephyr18 via Getty Images
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    Ex-Wells, JPMorgan exec tapped to lead mortgage firm Mr. Cooper

    Michael Weinbach, a 25-year veteran of the financial services industry, will be responsible for leading Mr. Cooper’s operations, including originations, servicing and technology, the firm said.

    By Jan. 10, 2024
  • Front of building with a sign that says "Barclays."
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    The image by Gareth Milner is licensed under CC BY-SA 2.0
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    Barclays slashes 5,000 jobs in cost-cutting effort

    The London-based bank said it cut 5,000 roles from its global workforce of 84,000 last year in a bid to "simplify and reshape the business.”

    By Jan. 9, 2024
  • Truist building
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist to close 72 locations by March

    Truist CEO Bill Rogers announced plans to consolidate the bank’s branch network in September, part of a $750 million cost-cutting effort. The 72 branches make up about 3.5% of the bank's footprint.

    By Jan. 4, 2024
  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Bank groups flag concerns with CFPB’s open banking proposal

    The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.

    By Jan. 3, 2024
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    Pascal Le Segretain via Getty Images
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    Column

    It may be loose-end season at BNP Paribas

    France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.

    By Jan. 3, 2024
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Big banks cut 62K positions in 2023: report

    UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.

    By Jan. 2, 2024
  • M&A
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    Nuthawut Somsuk via Getty Images
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    Provident, Lakeland extend merger agreement

    The deal, originally projected to close earlier this year, has been extended through March.

    By Dec. 22, 2023
  • RBC
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    Matt Cardy via Getty Images
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    Canada approves RBC’s $10B deal for HSBC unit

    The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.

    By Dec. 22, 2023
  • Headshot of Jane Fraser
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    Drew Angerer via Getty Images
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    Citi to shutter distressed-debt business: reports

    Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.

    By Dec. 21, 2023
  • Bunq CEO Ali Niknam stands in front of Bunq's logo.
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    Courtesy of https://press.bunq.com/media_kits/228411/
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    Neobank Bunq rolls out customer-facing gen AI tool

    The new tool, called Finn, replaces the search function on Bunq’s app, allowing consumers to plan their finances, budget, navigate the platform and find transactions.

    By Dec. 20, 2023
  • Consumer Financial Protection Bureau Director Rohit Chopra
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    Anna Moneymaker / Staff via Getty Images
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    Many Americans surprised by overdraft fees, CFPB says

    Only 22% of households that were charged an overdraft fee or nonsufficient fund fee within the past year expected their most recent overdraft, the consumer watchdog said in a report Tuesday.

    By Dec. 20, 2023
  • fifth third bank
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    Mark Lyons via Getty Images
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    Fifth Third shakes up executive suite

    The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.

    By Dec. 20, 2023
  • A young woman holding a smartphone and a credit card.
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    Urbanscape via Getty Images
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    Don’t know what a digital wallet is? We’ve got you covered.

    This primer fills in the gaps on how digital wallets work, what companies compete to provide such payment tools and what to expect from them in the future.

    By James Pothen • Dec. 20, 2023
  • A pedestrian walks past a Citibank branch on November 15, 2023 in Chicago, Illinois.
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    Scott Olson via Getty Images
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    Citi to exit municipal business

    The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.

    By Dec. 15, 2023
  • A purple Truist sign sticks out of a building.
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    Permission granted by Truist
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    Truist names Ally exec as chief legal officer

    Scott Stengel will join the lender on Dec. 26 to oversee the bank’s legal and government relations. He will succeed Ellen Fitzsimmons, who will retire at year's end.

    By Dec. 14, 2023
  • A businessperson uses an AI chatbot on a laptop
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    Supatman via Getty Images
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    Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says

    The neobank and personal finance app this month launched DaveGPT, a gen AI-driven chatbot that can respond to customer inquiries in real-time.

    By Dec. 13, 2023
  • Discover's incoming CEO, Michael Rhodes
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    Retrieved from Discover Financial Services on December 11, 2023
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    TD exec tapped as Discover’s next CEO

    Michael G. Rhodes, previously the group head for Canadian personal banking at TD, will take the helm at Discover in March.

    By Dec. 12, 2023
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images
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    Citi cuts group CFO roles as part of broad restructuring

    Before the shake-up, CFO Mark Mason had regional CFOs under him and CFOs for institutional clients, personal banking and wealth management. “Those businesses are now sitting at my table," he said.

    By Dec. 7, 2023
  • The CEOs of the eight largest U.S. banks hold up their hands as they are sworn in.
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    Win McNamee via Getty Images
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    Bank CEOs outline perceived dire consequences of Basel III

    The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

    By Dec. 7, 2023