Retail: Page 42
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UBS poaches next CFO from JPMorgan Chase
Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March. Bori Cox will replace Youngwood at JPMorgan.
By Dan Ennis • Updated Dec. 22, 2021 -
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UK fintech Thought Machine surpasses $1B valuation
The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.
By Robin Bradley • Nov. 29, 2021 -
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 names crypto team chief, looks to hire 100 more in digital asset effort
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
By Robin Bradley • Nov. 23, 2021 -
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JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs
The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.
By Robin Bradley • Updated Nov. 24, 2021 -
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Deep DiveBanks, fintechs navigate market's appetite for crypto amid pending regulatory guidance
From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.
By Anna Hrushka • Nov. 22, 2021 -
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UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair
The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.
By Dan Ennis • Nov. 22, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC orders Chicago bank entangled in Manafort scandal to boost controls
Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.
By Robin Bradley • Nov. 19, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy travel and expense management fintech TravelBank
After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.
By Robin Bradley • Nov. 17, 2021 -
LMI lender Oportun to buy digital bank Digit in $213M cash-equity deal
The deal will result in Digit and Oportun having access to a combined 1.4 million members, to whom both entities plan to cross-sell their products.
By Anna Hrushka • Nov. 16, 2021 -
Connecticut bank, fintech propose merger eyeing digital national lender
Stamford-based Patriot National Bank will pay $119 million to buy American Challenger Development Corp., a company that had been pursuing a de novo charter, in a deal announced Monday.
By Robin Bradley • Nov. 15, 2021 -
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BNP Paribas could offload Bank of the West in $15B deal
The French bank enlisted JPMorgan and Goldman Sachs to gauge interest from bidders that could include TD, Bank of Montreal, KeyBank, Royal Bank of Canada and PNC, sources told Reuters.
By Dan Ennis • Nov. 15, 2021 -
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BM Technologies to buy Seattle community bank to 'accelerate earnings power'
The $23 million deal, set to close in the second half of 2022, will allow BM Technologies to supplement fee-based income with net interest income, CEO Luvleen Sidhu said.
By Anna Hrushka • Nov. 15, 2021 -
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Crypto creeps into the checkout line
Payments firms are betting on crypto's growth as an asset class to fuel crypto adoption at checkout.
By Suman Bhattacharyya • Nov. 10, 2021 -
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How neobanks are cashing in on the Gen Z market
While parents' banking habits influence their children, researchers found, the difference in those habits is getting progressively wider.
By Anna Hrushka • Nov. 10, 2021 -
Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations
The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.
By Robin Bradley • Nov. 10, 2021 -
First Horizon poaches its next CFO from Truist
First Horizon's CEO said Hope Dmuchowski's merger experience gives her a "unique understanding." Dmuchowski had worked at BB&T before the 2019 Truist merger. First Horizon last year merged with IberiaBank.
By Dan Ennis • Nov. 10, 2021 -
Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.
Allegiance, CBTX eye merger to form $11B-asset bank
The all-stock deal between the two largest community banks in Houston is expected to close in the second quarter of 2022, the banks said Monday.
By Robin Bradley • Nov. 9, 2021 -
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Santander raises overdraft threshold to $100
The $89.5 billion-asset bank's new overdraft program, called Santander Safety Net, follows a recent trend of traditional institutions revamping or doing away with the fee altogether.
By Anna Hrushka • Nov. 9, 2021 -
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Hiring tech talent a 'major priority' for Chase, CIO says
As competition heats up in the hiring space, some large banks are leveraging flexibility in the form of hybrid work schedules and larger salaries.
By Robin Bradley • Nov. 8, 2021 -
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Trade group calls for Congress to ease restrictions on hiring ex-offenders
The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.
By Anna Hrushka • Nov. 8, 2021 -
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Citi puts a number to its South Korea wind-down charges
The bank expects to incur between $1.2 billion and $1.5 billion through the end of 2022 — mostly related to employee buyouts — to extricate itself from retail operations in the country, it said Monday in an amended SEC filing.
By Dan Ennis • Nov. 8, 2021 -
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Longtime CBA chief Richard Hunt to step down
Hunt, whose 13-year tenure was book-ended by the Dodd-Frank rollout and the COVID-19 pandemic, plans to leave the banking lobby next summer.
By Robin Bradley • Nov. 4, 2021 -
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Digital bank Jiko accelerates banking-as-a-service strategy
The Jiko app is still available for consumers to download, and the company plans to keep enhancing its features, but its main use will serve as a "showroom" for Jiko's technology, CEO Stephane Lintner said.
By Anna Hrushka • Nov. 4, 2021 -
New York extends CRA requirements to nonbank mortgage companies
The move comes months after the state's Department of Financial Services found borrowers of color and low- and moderate-income communities in Buffalo were underserved by anti-redlining legislation.
By Robin Bradley • Nov. 2, 2021 -
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JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power
The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.
By Robin Bradley • Nov. 1, 2021
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