Retail: Page 42

  • 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
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    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
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    Trendline

    Artificial intelligence

    Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.

    By Banking Dive staff
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    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
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    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
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    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
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    Andy Fox
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    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
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    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.
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    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
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    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
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    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
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    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
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    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
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    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
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    Truist names new diversity, equity and inclusion chief

    Dominica Groom Williams’ predecessor, Wendy McSweeney, has transitioned to a role on the bank's new environmental, social and governance and impact advisory team.

    By • July 26, 2022
  • BMO's logo in the dark next to public transit and vehicle lights.
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    2021’s M&A winners BMO, Citizens strike again for smaller deals

    Buyers of Bank of the West and a swath of former HSBC locations prove that just because they made big acquisitions last year, they haven't lost sight of niche growth.

    By • July 25, 2022
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    Varo Bank lays off 75, launches tech-focused unit

    The digital bank has also limited hiring and pulled back on marketing investments in the near term to shore up capital, CEO Colin Walsh wrote in a blog post.

    By • July 22, 2022