Retail: Page 47
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Morgan Stanley, ex-chief diversity officer end discrimination case
The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.
By Dan Ennis • May 25, 2021 -
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Square may soon offer small-business checking and savings accounts, app code shows
The code indicates the company will not charge monthly service fees, minimum balance fees or overdrafts on its checking account, and will offer a 0.5% interest rate on its savings account through 2021, Bloomberg reported.
By Dan Ennis • May 25, 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 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo’s marketing chief is leaving as bank retires that position
The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.
By Dan Ennis • Updated May 28, 2021 -
Banks' succession strategies include 'testing ground' for CEO candidates
JPMorgan Chase and Morgan Stanley's moves show leaders would rather see contenders vie for the top spot than groom a particular candidate, one headhunter says.
By Anna Hrushka • May 21, 2021 -
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JPMorgan Chase unveils solo healthcare venture
Morgan Health, a successor in spirit to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.
By Dan Ennis • May 21, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo to offer crypto investment product for wealthy clients
The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.
By Anna Hrushka • May 20, 2021 -
Neilson Barnard/Getty via WireImages
Morgan Stanley names co-presidents, sets up Gorman succession race
The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.
By Dan Ennis • May 20, 2021 -
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Post office, Fed checking accounts won't solve underbanking, trade groups say
Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.
By Dan Ennis • May 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC reconsiders controversial revamp to anti-redlining law
Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.
By Anna Hrushka • May 19, 2021 -
Chris Hondros via Getty Images
JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO
CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.
By Dan Ennis • May 19, 2021 -
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Bank of America to increase minimum hourly wage to $25 by 2025
CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."
By Anna Hrushka • May 18, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo rolls out 10-year effort to boost options for underbanked
The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.
By Dan Ennis • May 18, 2021 -
Permission granted by Lance
Neobank Lance targets gig economy's income volatility
The New York City-based challenger divides a user's payments into sub-accounts for salary, tax withholdings, business expense balance and a savings account.
By Anna Hrushka • May 18, 2021 -
Bank trade groups take aim at VyStar-Heritage deal
In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.
By Anna Hrushka • May 17, 2021 -
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Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits
Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.
By Dan Ennis • Updated May 19, 2021 -
Paul Morigi via Getty Images
Goldman's Marcus hires Uber vice president as its next chief
The move comes days after the consumer bank announced its CFO is leaving for JPMorgan Chase in the latest of a raft of executive departures this year.
By Dan Ennis • May 17, 2021 -
Green Dot doubles down on tax refund processing
The prepaid card company-turned-bank's plan to buy Republic Bank's tax refund processing unit for $165 million is expected to close in this year's fourth quarter.
By Lynne Marek • May 14, 2021 -
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ColumnFigure's journey with the SEC proves itself the anti-Ripple
Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.
By Dan Ennis • May 14, 2021 -
Permission granted by Diem Association
Facebook-backed Diem withdraws Finma application, shifts to US
Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.
By Anna Hrushka • May 13, 2021 -
Climate First Bank finds fintech partner with a similarly green mission
Atmos launched in January with a savings product, and allows customers to donate to 41 climate, clean energy and sustainability nonprofits directly from their accounts.
By Anna Hrushka • May 12, 2021 -
Spencer Platt via Getty Images
Amalgamated Bank names its next CEO
Priscilla Sims Brown, now group executive of marketing and corporate affairs at Commonwealth Bank in Australia, negotiated and managed stadium naming rights with the NFL's Miami Dolphins while working at Sun Life Financial.
By Dan Ennis • May 12, 2021 -
Traditional banks mirror challengers with new digital offerings
"There's a story behind every one of these kinds of overdrafts," said Jimmy Stead, chief consumer banking officer at Frost Bank, which launched an overdraft grace feature last month.
By Anna Hrushka • May 7, 2021 -
California regulator orders Chime to stop calling itself a bank
The fintech has until May 15 to revise its website and advertising in accordance with the California regulator's order and has until June 15 to perform quality control and testing of the changes.
By Anna Hrushka • May 6, 2021 -
Permission granted by Eastern Bank
Inside Boston’s turn as ground zero for M&A in 2021
Geographic expansion and desire for scale have spurred four deal announcements in as many months around New England's hub.
By Anna Hrushka • May 5, 2021 -
Permission granted by Workers Credit Union
Massachusetts credit union blends tech, financial-coaching focus
Workers Credit Union's latest branches feature interactive holograms, video ATMs — and employees aiming to de-stigmatize money.
By Anna Hrushka • May 4, 2021
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