Retail: Page 40
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Citi spins off its Philippine retail presence
About 1,750 employees will transfer to Union Bank of the Philippines, which agreed Thursday to take on the American bank's footprint in a deal set to close in 2022's second quarter.
By Dan Ennis • Dec. 23, 2021 -
Permission granted by Dave
Banks are 'missing the mark' on overdraft revamps, Dave CEO says
"Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.
By Anna Hrushka • Dec. 21, 2021 -
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 -
Delmaine Donson via Getty Images
Community banks form payments network to compete with Zelle: report
Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.
By Anna Hrushka • Dec. 20, 2021 -
BMO to buy Bank of the West from BNP Paribas for $16.3B
The Canadian bank would merge Bank of the West into BMO Harris to create the 13th-largest U.S. bank in a deal expected to close by the end of 2022.
By Dan Ennis • Dec. 20, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banking group drops OCC suit after Figure updates charter application
"We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.
By Anna Hrushka • Updated Jan. 14, 2022 -
Mark Wilson via Getty Images
Capital One tops customer satisfaction survey among national banks
On average, the national banks included in J.D. Power's 2021 customer satisfaction survey scored five points lower than in 2020.
By Robin Bradley • Dec. 17, 2021 -
Permission granted by Customers Bank
Customers Bank plays up 'fintech-forward' focus in rebrand
The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."
By Anna Hrushka • Dec. 16, 2021 -
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Crypto custody firm Anchorage Digital raises $350M in $3B valuation
The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.
By Anna Hrushka • Dec. 15, 2021 -
Justin Sullivan via Getty Images
Citi levels up gender diversity in managing director class
Women comprise 34.6% of the 306 employees promoted Monday, an uptick of more than 5 percentage points over last year. But the figure falls short of a goal of 40% the bank pushed in 2018.
By Dan Ennis • Dec. 14, 2021 -
Chime customers can deposit funds at Walgreens for free
The retailer joins CVS, Walmart and 7-Eleven in allowing Chime's customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.
By Anna Hrushka • Dec. 14, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase to allow earlier paycheck access, expand overdraft grace period
Starting next year, the bank will give customers until the end of the day after overdrawing to get their account to within $50 of positive. The move expands on a policy shift JPMorgan instituted in August.
By Robin Bradley • Dec. 9, 2021 -
Permission granted by Office of the Comptroller of the Currency
Crypto, cybersecurity and climate in focus in OCC risk report
"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.
By Anna Hrushka • Dec. 7, 2021 -
Courtesy Stash
How Stash helps its customers navigate emerging wealth tools
"One of the biggest learnings for us ... was making sure that we give context to the information that we're asking for and why," said Claudio Esposito, the fintech's senior vice president of product.
By Suman Bhattacharyya • Dec. 3, 2021 -
CFPB signals tougher stance on banks 'hooked' on overdraft fees
"Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.
By Anna Hrushka • Dec. 2, 2021 -
Joe Raedle / Staff via Getty Images
Capital One eliminates overdraft fees
The new policy is expected to cost the $425.4 billion-asset bank $150 million in lost revenue per year.
By Anna Hrushka • Dec. 1, 2021 -
Courtesy of FDIC
Bank profits jump nearly 36% year over year in Q3, FDIC says
However, net income has fallen 1.2% from this year's second quarter, as banks release fewer loan loss reserves that had been set aside earlier in the COVID-19 pandemic.
By Robin Bradley • Dec. 1, 2021 -
Daniel Berehulak via Getty Images
UBS poaches next CFO from JPMorgan Chase
Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March. Bori Cox will replace Youngwood at JPMorgan.
By Dan Ennis • Updated Dec. 22, 2021 -
Chris Hondros via Getty Images
UK fintech Thought Machine surpasses $1B valuation
The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.
By Robin Bradley • Nov. 29, 2021 -
Permission granted by Citigroup
Citi names crypto team chief, looks to hire 100 more in digital asset effort
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
By Robin Bradley • Nov. 23, 2021 -
Alex Wroblewski via Getty Images
JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs
The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.
By Robin Bradley • Updated Nov. 24, 2021 -
Dan Kitwood/Getty Images News via Getty Images
Deep DiveBanks, fintechs navigate market's appetite for crypto amid pending regulatory guidance
From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.
By Anna Hrushka • Nov. 22, 2021 -
Daniel Berehulak via Getty Images
UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair
The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.
By Dan Ennis • Nov. 22, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC orders Chicago bank entangled in Manafort scandal to boost controls
Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.
By Robin Bradley • Nov. 19, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy travel and expense management fintech TravelBank
After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.
By Robin Bradley • Nov. 17, 2021 -
LMI lender Oportun to buy digital bank Digit in $213M cash-equity deal
The deal will result in Digit and Oportun having access to a combined 1.4 million members, to whom both entities plan to cross-sell their products.
By Anna Hrushka • Nov. 16, 2021
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