Retail: Page 41
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Courtesy of Wells Fargo multimedia resources
Wells Fargo's Q4 profit skyrockets 86%
The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.
By Robin Bradley • Jan. 14, 2022 -
JPMorgan smashes yearly profit record despite 14% Q4 dip
The bank's M&A advisers saw an 86% fourth-quarter uptick in fees. However, fixed-income trading fell 16%. JPMorgan Chase reported an 11% jump in operating expenses, which it credited to compensation boosts.
By Dan Ennis • Jan. 14, 2022 -
Explore the Trendline➔
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TrendlineThe 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 -
Permission granted by Citigroup
Citi to exit retail banking in Mexico
Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.
By Dan Ennis • Jan. 12, 2022 -
David McNew via Getty Images
Bank of America, Wells Fargo pivot away from overdraft fees
Wells said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.
By Robin Bradley • Jan. 12, 2022 -
Alex Wroblewski via Getty Images
Dimon: 'We're not going to pay you not to work in the office'
JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."
By Robin Bradley • Jan. 11, 2022 -
Drew Angerer via Getty Images
ColumnBank of America's bonus do-over
A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.
By Dan Ennis • Jan. 10, 2022 -
Courtesy of Starling Bank
Neobank Starling halts advertising on Facebook, Instagram
The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.
By Robin Bradley • Jan. 7, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief risk officer to retire in June
"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.
By Robin Bradley • Updated Jan. 19, 2022 -
5 banking trends to watch in 2022
A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.
By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022 -
Justin Sullivan via Getty Images
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 -
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 -
Jack Taylor / Stringer via Getty Images
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
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