5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Morgan Stanley’s COO is leaving the bank

Jon Pruzan, once seen as one of four likely successors to CEO James Gorman, will exit the bank Jan. 31, according to an SEC filing.

By Dan Ennis • Jan. 9, 2023

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Goldman Sachs to cut up to 3,200 jobs starting midweek: report

More than one-third of the cuts will be from within the bank’s core trading and banking units, sources told Bloomberg.

By Anna Hrushka • Jan. 9, 2023

WaFd CEO takes leave of absence after surviving plane crash

The bank’s chief consumer banker, Cathy Cooper, will take on CEO duties while Brent Beardall recovers from surgery after sustaining broken bones and lacerations. The plane's pilot died in the crash.

By Anna Hrushka • Jan. 5, 2023

Blue Ridge Bank taps Fed vet to lead fintech division

The move comes roughly four months after the Office of the Comptroller of the Currency ordered the bank to improve its oversight of third-party fintech partnerships.

By Rajashree Chakravarty • Jan. 4, 2023

Connecticut de novo scraps launch amid economic downturn

The New Canaan Bank would have been the state's first startup bank in 12 years.

By Rajashree Chakravarty • Jan. 4, 2023

Goldman’s head of Marcus to step down

Swati Bhatia will transition to a role as advisory director, Reuters reported. The move comes as staff cuts this month are expected to target the bank's beleaguered consumer-banking unit.

By Dan Ennis • Jan. 4, 2023

Goldman’s January job cuts may set industry tone for 2023

Headcount reduction is coming in the first half of the month, CEO David Solomon told staff. The bank's second-in-command, John Waldron, defended the strategy in an interview.

By Dan Ennis • Jan. 3, 2023

Wealthfront extends partnership with Green Dot, raises APY

Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.

By Anna Hrushka • Dec. 21, 2022

Wells Fargo escapes $300M fair-housing suit, but win is lost amid CFPB payout

At least twice in 2022, the bank saw a double dose of multimillion-dollar news in a 24-hour span, and somehow mortgage cases always lose out.

By Dan Ennis • Dec. 21, 2022

Neobank Greenwood adds subscription offering

For Ryan Glover, an Atlanta-based entrepreneur and founder of Bounce TV, adding professional- and entertainment-focused offerings to the digital banking platform is a move into familiar territory.

By Anna Hrushka • Dec. 21, 2022

Wells Fargo to pay $3.7B in record CFPB settlement

The bank agreed to pay more than $2 billion in consumer redress and a $1.7 billion fine for violations across several product lines. Wells expects to take a $3.5 billion operating loss for 2022’s fourth quarter.

By Anna Hrushka • Dec. 20, 2022

BMO program helps women get back to work after career gap

The Chicago-based effort, in collaboration with The Mom Project, aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship.

By Rajashree Chakravarty • Dec. 19, 2022

Citi to wind down China retail presence

The move will affect 1,200 employees, but the cost is not expected to be material, the bank said. Citi now has an exit strategy in place for all but one of the markets mentioned in its April 2021 strategy refresh.

By Dan Ennis • Dec. 19, 2022

Goldman layoffs could stretch to 4,000

Managers have been asked to identify low performers for a cull that could cut 8% of the bank’s staff. Marcus employees, the target of many of the 400 cuts estimated earlier, are also at high risk.

By Dan Ennis • Dec. 16, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

Chime made two offers up to $2B to buy DailyPay: report

DailyPay, which was founded in 2015 by Jason Lee, may be content to wait for a better offer, or perhaps lean on its track record of successful fundraising going forward.

By Anna Hrushka • Dec. 16, 2022

Citi employees can work remotely for the balance of 2022

Their only restriction? That they stay in their country of employment. Hello, Hawaii.

By Gabrielle Saulsbery • Dec. 15, 2022

M&T hires ex-Truist CFO Bible

Bible’s leadership through the BB&T-SunTrust merger may come in handy as M&T sorts out its tie-up with People’s United. M&T’s current CFO, Darren King, will take a role overseeing several business silos.

By Dan Ennis • Dec. 15, 2022

Apex, Unifimoney partner on digital investment solutions for banks

Oklahoma-based First Fidelity Bank is the first customer to go live with the services offered by the partnership.

By Rajashree Chakravarty • Dec. 14, 2022

How Current pivoted to free

"We had a lever that other people didn't have, which was we can actually cut costs sufficiently that we don't need to fill that hole with a subscription fee,” said Trevor Marshall, the company's CTO.

By Suman Bhattacharyya • Dec. 14, 2022

BNY Mellon gives stock bonuses to its rank and file

TD and Bank of America offered similar stock awards last year. BNY’s move is notable for its timing — as banks consider trimming bonuses. BNY Mellon also bumped up its parental leave policy Wednesday.

By Anna Hrushka • Dec. 14, 2022

Goldman to cut 400 jobs, end Marcus consumer loans: reports

The staff cuts would come amid a reorganization that would split Marcus. It also follows reports that the bank is reinstating annual performance reviews, which may guide headcount-reduction decisions.

By Anna Hrushka • Dec. 13, 2022

Warren, Toomey unite on bill to make Fed more transparent

The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

By Rajashree Chakravarty • Dec. 12, 2022

OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

By Rajashree Chakravarty • Dec. 8, 2022