Citi pays Fraser $22.5M in her first year as CEO

Fraser's compensation ranks well below Morgan Stanley and Goldman Sachs' CEOs. But it is 31.2% above what she made as Citi's No. 2 executive in 2020 — on par with the raise Bank of America gave its CEO last year.

By Dan Ennis • Feb. 15, 2022

TD freezes $1.1M in donations to Canada protesters

The bank idled two personal accounts after GoFundMe said it would return millions meant to cover food, fuel and expenses for activists snarling traffic in the name of cross-border truckers bemoaning COVID vaccine mandates.

By Robin Bradley • Feb. 14, 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

Small loan offerings mark 'watershed' in pivot from overdraft: Pew

"Concerns about providing liquidity for consumers should be met with actual small credit," Pew analysts wrote. "January's developments prove that scenario is becoming an industry norm."

By Robin Bradley • Feb. 11, 2022

Subprime lender Elevate to pay more than $3.75M to end D.C. interest rate suit

The lender, which was flagged to the FDIC by consumer advocates last week, along with its partner banks, also agreed to waive more than $300,000 in past-due interest fees owed by D.C.-based customers.

By Dan Ennis • Feb. 9, 2022

M&T Bank to slash overdraft fee from $36 to $15

The Buffalo, New York-based bank also plans to eliminate non-sufficient fund fees and charges for overdraft protection transfers starting in this year's second quarter.

By Robin Bradley • Feb. 9, 2022

FDIC's acting chief lays out priorities as advocates demand action

The agency's new leader stressed an interagency CRA revamp, climate risk and attention to bank mergers as 15 groups sought to quash partnerships between fintechs and banks that skirt state-imposed interest rate caps.

By Robin Bradley • Feb. 7, 2022

Bank of America CEO sees 30.6% pay bump to land him in the $30M club

The raise comes as profits at the Charlotte, North Carolina-based lender jumped 78% in 2021 and shareholders saw a 47% boost in the bank's stock price over the year.

By Dan Ennis • Feb. 7, 2022

Santander to wind down US mortgage lending

Santander wants to focus on more profitable silos in the U.S., such as auto loans. U.S. banking accounted for 22% of the Spanish bank's profits in 2021 — more than triple the 7% it comprised in 2019.

By Dan Ennis • Feb. 4, 2022

TD to let customers overdraw by $50 without fee

The bank, which took 8.9% of its operating revenue from deposit service charges between July 2020 and June 2021, is also instituting a 24-hour grace period this year.

By Dan Ennis • Feb. 1, 2022

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

Goldman 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

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

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

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

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

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

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

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

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

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

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

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