Retail: Page 40

  • An exterior shot of a Fifth Third Bank location is shown
    Image attribution tooltip
    Courtesy of Fifth Third
    Image attribution tooltip

    Black woman, 71, sues Fifth Third over alleged refusal to cash check

    The retiree alleges three White bank employees “insisted” the five-figure casino jackpot check was fraudulent. She later deposited it at JPMorgan Chase.

    By • Sept. 7, 2022
  • Citi sign outside of skyscraper
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi joins Wells Fargo in cutting mortgage-lending staff

    Citi's layoffs will number fewer than 100, while Wells, in the past two weeks, notified 75 Iowa-based workers they would be let go.

    By • Sept. 6, 2022
  • An AI processor on a futuristic printed circuit board Explore the Trendline➔
    Image attribution tooltip
    Getty Images
    Image attribution tooltip
    Trendline

    Artificial intelligence

    The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.

    By Banking Dive staff
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
    Image attribution tooltip
    Getty Images
    Image attribution tooltip
    Column

    Need to fill a C-suite void? Target banks that are being acquired

    First Republic and other banks looking to fill high-ranking roles hired executives from MUFG Union Bank, People's United and other institutions at the non-surviving end of a merger.

    By • Sept. 1, 2022

  • Branch-closure freefall slows down: S&P Global

    Net branch closures fell to 312 in the second quarter, compared with 950 in the first three months of 2022. If second-half closures continue at the first half’s pace, 19% fewer locations will shut down this year than in 2021.

    By • Sept. 1, 2022
  • Cash dollars lying on the ground
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Average overdraft fee falls nearly $4, to lowest level since 2009

    ATM fees, however, jumped to a three-year high of $4.66 per transaction, according to a Bankrate study, which also found users needed record or near-record-high balances to avoid monthly service charges.

    By • Sept. 1, 2022
  • A green Central Pacific Bank sign hangs above the bank's headquarters in downtown Honolulu.
    Image attribution tooltip
    Permission granted by Central Pacific Bank
    Image attribution tooltip

    Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits

    “We could be business as usual, and continue focusing on traditional community banking in Hawaii,” the bank’s CFO said. “We chose to participate in the disruption."

    By • Aug. 31, 2022
  • A person uses a red Bank of America ATM.
    Image attribution tooltip
    David McNew via Getty Images
    Image attribution tooltip

    BofA, BMO push to close racial property ownership gap

    Bank of America launched a program offering a zero-down payment, zero-closing-cost mortgage solution to first-time homebuyers in nonwhite-majority areas, and another aimed at small businesses.

    By • Aug. 31, 2022
  • Bank sign
    Image attribution tooltip
    Courtesy of U.S. Bank
    Image attribution tooltip

    U.S. Bank boosts minimum hourly wage to $20

    This is the second bump for the bank’s pay floor this year. About 35,000 employees are also receiving a 3% boost in base pay — which won’t preclude them from another merit raise in 2023’s first quarter, the bank said.

    By • Aug. 29, 2022
  • Image attribution tooltip
    Andy Fox
    Image attribution tooltip
    Deep Dive

    How automation can help banks tame the home-lending ‘roller coaster’

    The cyclical nature of the market doesn’t mean lenders should be forced to respond with mass hiring or firing as demand for mortgages ebbs and flows, analysts say.

    By • Aug. 26, 2022
  • Citi sign outside of skyscraper
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi to wind down its Russia retail presence

    The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

    By • Aug. 25, 2022
  • A vertical SMBC sign stands outside a glass office building.
    Image attribution tooltip
    Permission granted by SMBC
    Image attribution tooltip

    Japanese bank SMBC to launch US digital bank Jenius

    Jenius will launch with personal loans in the coming months, and expand to savings and checking products within its first year, SMBC said.

    By • Aug. 25, 2022
  • A Truist sign hangs on a building.
    Image attribution tooltip
    Permission granted by Truist
    Image attribution tooltip

    Truist acquires data governance platform from Zaloni

    The platform’s founder and chief technology officer will be among 20 employees to transition to Truist as part of the deal, which highlights the bank’s continuing emphasis on nonbank and niche M&A.

    By • Aug. 24, 2022
  • A person uses a red Bank of America ATM.
    Image attribution tooltip
    David McNew via Getty Images
    Image attribution tooltip
    Column

    Dive Deposits: BofA, RBC eye ‘balance’ in data- or emotion-based stances

    Two banks' messaging, on overdraft and office returns, could hardly be more different. One relies on statistics, another has no specifics. Yet they have one word in common.

    By • Aug. 23, 2022
  • Image attribution tooltip
    Alex Wong via Getty Images
    Image attribution tooltip

    FDIC orders FTX, 4 other crypto firms to halt ‘false and misleading’ claims

    Brett Harrison, FTX’s president, responded on Twitter, saying the company “really didn’t mean to mislead anyone.” The FDIC cited a deleted tweet from Harrison in its letter to the company.

    By • Aug. 22, 2022
  • A sunny San Antonio, Texas skyline with several very tall buildings in frame.
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    USAA banking division job cuts number in ‘triple digits’: report

    Layoffs appear aimed at restructuring the business. They affect IT, business continuation, client advising and human resources, the San Antonio Express-News reported.

    By • Aug. 19, 2022
  • Securities and Exchange Commission, SEC, Building in Washington DC
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending

    EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.

    By • Aug. 17, 2022
  • A young woman customer placing her order at a fast food convenience restaurant.
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Nashville bank execs launch Sonata to serve fast-food industry

    Dan Dellinger and Farzin Ferdowsi, with their third venture, aim to solve turnover and banking access issues in the quick-service space, and add telehealth and financial literacy to help franchisees retain talent.

    By • Aug. 12, 2022
  • Image attribution tooltip
    Jeff Swensen via Getty Images
    Image attribution tooltip

    PNC eliminates NSF fees

    The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

    By • Aug. 12, 2022
  • The exterior of the Consumer Financial Protection Bureau building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0
    Image attribution tooltip

    CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

    In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

    By • Aug. 11, 2022
  • A north-facing view of Miami Beach's Ocean Drive with the ocean and condominiums.
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Seacoast eyes Miami expansion with $488.6M deal to buy Professional Bank

    The transaction, set to close in the first quarter of 2023, would be the third — and largest — Seacoast has announced since March.

    By • Aug. 9, 2022
  • TD Bank
    Image attribution tooltip
    "TD Bank" by Tdorante10 is licensed under CC BY-SA 4.0
    Image attribution tooltip

    TD to buy Wall Street brokerage firm Cowen for $1.3B

    TD sold 28.4 million nonvoting common shares of its Charles Schwab stock to fund the transaction, which is expected to close in the first quarter of 2023.

    By • Aug. 2, 2022
  • Office workstation top view of business people working around M&A, keyboard, calculator, phablet and money on wooden table
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Heritage Southeast finds another buyer, a month after the VyStar deal crumbled

    Mississippi-based The First Bank agreed Wednesday to pay $207 million in a deal that would give it 23 new locations and access to the Atlanta, Jacksonville and Savannah markets.

    By • July 29, 2022
  • U.S. Bank
    Image attribution tooltip
    Permission granted by U.S. Bank
    Image attribution tooltip

    CFPB fines U.S. Bank $37.5M over customer data misuse

    The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

    By • July 28, 2022
  • department of justice building
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations

    A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.

    By • July 28, 2022
  • The Credit Suisse logo on a building front
    Image attribution tooltip
    Getty Images
    Image attribution tooltip

    Credit Suisse names new CEO, launches review of business amid $1.7B loss

    Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

    By • July 27, 2022