Retail: Page 4
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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 -
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 Anna Hrushka • Dec. 15, 2023 -
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 -
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 Rajashree Chakravarty • Dec. 14, 2023 -
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 Anna Hrushka • Dec. 13, 2023 -
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 Caitlin Mullen • Dec. 12, 2023 -
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 Suman Bhattacharyya • Dec. 7, 2023 -
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 Anna Hrushka • Dec. 7, 2023 -
Cross River bolsters Best Egg relationship with $150M credit facility
The funds will support Best Egg's Flexible Rent product, which allows renters to break up their rent into smaller chunks aligned with their cashflow.
By Gabrielle Saulsbery • Dec. 6, 2023 -
CFPB’s MoneyLion suit paused for Supreme Court funding ruling
MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.
By Anna Hrushka • Dec. 6, 2023 -
3 takeaways from bank executives’ conference appearances
Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.
By Dan Ennis • Dec. 6, 2023 -
WaFd, Luther Burbank extend merger deadline to February
Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.
By Gabrielle Saulsbery • Dec. 5, 2023 -
Column
Wells Fargo union-linked lawsuit, settlement get lost in the shuffle
An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.
By Dan Ennis • Dec. 5, 2023 -
Wells Fargo’s ex-CEO Sloan sues bank for $34M
The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.
By Dan Ennis • Dec. 4, 2023 -
Breaking down capital requirements
For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.
By Gabrielle Saulsbery • Dec. 4, 2023 -
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How empathetic debt collections can boost revenue and enhance consumer loyalty
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By Mamta Rodrigues, Global President of Banking, Financial Services and Insurance at Teleperformance • Dec. 4, 2023 -
BNY Mellon to boost minimum hourly wage to $22.50 in March
The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.
By Dan Ennis • Dec. 1, 2023 -
TD to cut more than 3,000 jobs
The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.
By Gabrielle Saulsbery • Dec. 1, 2023 -
Column
3 motivations behind a ‘bloodless coup’ scenario at UBS
In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.
By Dan Ennis • Dec. 1, 2023 -
Metro Bank to cut 800 jobs
The reduction accounts for 20% of employees at the U.K. lender, which is also questioning its seven-days-a-week branch hours.
By Gabrielle Saulsbery • Nov. 30, 2023 -
Capital hikes, geopolitics expected at bank CEO hearing
Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.
By Anna Hrushka • Nov. 30, 2023 -
Ally’s consumer-banking chief to leave July 1
Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.
By Rajashree Chakravarty • Nov. 30, 2023 -
Greenwood adds retail investing, eyes profitable 2024
The Atlanta-based neobank on Thursday launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.
By Anna Hrushka • Nov. 30, 2023 -
First Fed Bank hit with FDIC consent order over fintech joint venture
The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.
By Anna Hrushka • Nov. 29, 2023 -
Apple seeks to end Goldman Sachs credit-card partnership: reports
The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.
By Anna Hrushka • Nov. 29, 2023 -
SoFi exits crypto business
SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.
By Gabrielle Saulsbery • Nov. 29, 2023