Retail: Page 42
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Courtesy of Ally Financial
Ally to return to credit cards with $750M deal to buy Fair Square Financial
The deal is expected to close in early 2022. The Detroit lender abandoned credit cards in 2019 in favor of point-of-sale lending, then reneged on plans to merge with subprime card lender CardWorks last year.
By Robin Bradley • Oct. 22, 2021 -
Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
By Anna Hrushka • Oct. 21, 2021 -
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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 -
H. Armstrong Roberts via Getty Images
Overdraft fees jump to $33.58 record average
The average surcharge for using out-of-network ATMs, however, fell to a 10-year low, according to a Bankrate survey.
By Robin Bradley • Oct. 21, 2021 -
German regulator BaFin caps neobank N26's European growth
The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.
By Anna Hrushka • Oct. 19, 2021 -
Capital One to acquire healthcare investment bank TripleTree
Capital One's latest move puts the $423 billion-asset bank in the company of several other lenders, including KeyBank and JPMorgan, which have made recent investments in the healthcare space.
By Anna Hrushka • Oct. 18, 2021 -
Chris Hondros via Getty Images
ColumnNo profit worries? Earnings week still served up drama
BNPL, crypto, bonuses, regulatory woes and even office layout bubbled up as subplots among Wall Street's heavy hitters.
By Dan Ennis • Oct. 18, 2021 -
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
Jeff Swensen via Getty Images
PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
By Robin Bradley • Oct. 15, 2021 -
Permission granted by Citigroup
Citi's profit climbs 48% for Q3 as it releases $1.6B in reserves
The bank's global consumer banking revenue fell by 13% as it shed its Australia operations, but investment banking revenue saw a 39% jump.
By Robin Bradley • Oct. 14, 2021 -
Drew Angerer via Getty Images
Bank of America sees 58% Q3 profit jump
The Charlotte, North Carolina-based lender reported a 23% jump in investment-banking fees, record consumer deposits, and a $1.1 billion release of loan-loss reserves Thursday.
By Dan Ennis • Oct. 14, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo reports 59% profit bump amid $1.7B release in reserves
CEO Charlie Scharf said he thinks the bank is "making significant progress" against the bank's regulatory hurdles, "though we may continue to have setbacks along the way."
By Anna Hrushka • Oct. 14, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's $2.1B reserve release drives 24% profit spike
The bank's $2.1 billion release of credit reserves this quarter eclipses the $569 million it unlocked in the prior year.
By Anna Hrushka • Oct. 13, 2021 -
Umpqua, Columbia to merge in $5.2B, all-stock deal
The transaction, slated to close in mid-2022, would create a $50 billion-asset bank that would operate branches in California, Idaho, Nevada, Oregon and Washington.
By Robin Bradley • Oct. 12, 2021 -
Permission granted by Citizens Financial Group
Overdraft alternativesCitizens Bank launches feature to reverse overdraft
Customers who overdraw would have until 10 p.m. Eastern time the next business day to transfer enough funds to make the account balance positive. The bank added the offering to all of its checking accounts Oct. 1.
By Dan Ennis • Oct. 8, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff
Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.
By Robin Bradley • Oct. 7, 2021 -
Liberty Bank's Tri-State acquisition to form largest Black-owned bank in US
The deal, which will form an institution with more than $1 billion in assets, will allow Liberty Bank to expand its loan limit for qualified borrowers from about $1.2 million to $5 million, the bank said.
By Anna Hrushka • Oct. 7, 2021 -
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America, BMO Harris boost their minimum wages
Bank of America's nudge to $21 per hour pushes it toward its goal of $25 by 2025. BMO's bump — to $18 hourly from $15 — parrots a move PNC Bank announced in August.
By Robin Bradley • Oct. 6, 2021 -
David McNew via Getty Images
Bank of America's Life Plan reaches more than 5M users
The bank said the digital feature is driving more interaction with bank staff and led to 1 million follow-up appointments — both in-person and virtually.
By Anna Hrushka • Oct. 6, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Emma Cosgrove/Banking Dive
Postal banking pilot brings check cashing, bill pay in 4 areas
The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.
By Robin Bradley • Oct. 4, 2021 -
David Paul Morris via Getty Images
Google abandons plans to offer Plex checking accounts
The tech giant's decision to scrap its Plex checking accounts comes after a series of project delays and the March departure of Caesar Sengupta, the Google Pay executive who headed the project.
By Anna Hrushka • Oct. 4, 2021 -
Justin Sullivan via Getty Images
First Citizens, CIT extend timeline for $2.2B merger over Fed delay
The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.
By Dan Ennis • Oct. 1, 2021 -
Mark Wilson via Getty Images
Overdraft alternativesRegions unveils overdraft alternative
The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.
By Robin Bradley • Oct. 1, 2021 -
Why becoming a bank is paying off for LendingClub
With its 2020 deal to acquire Radius Bank, LendingClub gained a banking charter — and also a means to cut costs, grow revenue and position itself to offer tailored products.
By Suman Bhattacharyya • Sept. 30, 2021
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