Retail: Page 48
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FDIC bans former Bank of the West banker over loan fraud
The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.
By Anna Hrushka • May 3, 2021 -
Permission granted by Quontic Bank
How Quontic Bank adapts to crypto, remote work and wearable tech
Since purchasing the institution in 2009, CEO Steven Schnall, an entrepreneur and former mortgage banker, has been molding the bank to reflect his vision.
By Anna Hrushka • April 30, 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 Office of the Comptroller of the Currency
Senate Democrats call on OCC to revoke Trump-era 'true lender' rule
Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.
By Anna Hrushka • April 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo shareholders give tepid pass to bank's pay packages
A proxy adviser recommended investors reject the bank's high salaries and slighter reliance on performance-based stock awards. Other gripes could stem from a dip in net income or the lack of an end date for the bank's asset cap.
By Dan Ennis • April 29, 2021 -
Permission granted by Current
Neobank Current adds crypto to product roadmap after $220M funding boost
"There is a need and a demand for a company like Current to explain and shepherd people into this new world," CEO Stuart Sopp said.
By Anna Hrushka • April 28, 2021 -
Oli Scarff via Getty Images
Barclays US to offer merchants buy-now-pay-later feature
"We plan to use this to supercharge our growth and give our partners and our customers more options to buy stuff with," said Barclays US CEO Denny Nealon.
By Anna Hrushka • April 27, 2021 -
Spencer Platt / Staff via Getty Images
New York Community Bank to buy Flagstar in $2.6B all-stock deal
The combined bank will have over $87 billion in assets and operate nearly 400 branches in nine states and 87 loan production offices across a 28-state footprint.
By Anna Hrushka • April 26, 2021 -
Paul Morigi via Getty Images
Marcus starts its rebuilding year
Goldman Sachs's digital bank rehires its former risk chief and promotes others on its "deep" bench as rumors swirl surrounding the parent company's investment in U.K. startup Starling.
By Dan Ennis • April 23, 2021 -
JPMorgan faces reputation 'cleanup' ahead of UK digital bank launch
"We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future," a JPMorgan spokesperson said Friday. "We will learn from this."
By Anna Hrushka • Updated April 23, 2021 -
Chris Hondros via Getty Images
JPMorgan expects July rotating return for US employees
"We know that many of you are excited to come back, but we also know that for some, the idea of coming in on a regular basis is a change through which you'll need to manage," the bank's operating committee wrote in a memo Tuesday.
By Dan Ennis • Updated April 27, 2021 -
Chris Hondros via Getty Images
JPMorgan-backed European Super League unravels
The biggest U.S. bank agreed to underwrite up to $4.8 billion in the endeavor. Backlash has been harsh in the U.K., where the lender plans to launch a digital platform. The bank's corporate sustainability rating has even taken a hit.
By Anna Hrushka • April 21, 2021 -
Anna Hrushka/Banking Dive
Deep DivePolicy questions remain as global governments explore CBDCs
Bank Policy Institute's chief examines the impact and drawbacks of various models of digital coin as the Fed and other countries forge ahead.
By Anna Hrushka • April 19, 2021 -
Webster Bank to buy Sterling in $5.1B all-stock deal
The transaction, set to close in the fourth quarter, would create a bank with about $63 billion in assets. The CEOs of both banks will serve two-year alternating terms in the new entity's top roles.
By Dan Ennis • April 19, 2021 -
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PNC reports $1.8B Q1 profit, forges ahead with BBVA deal
PNC CEO Bill Demchak said the bank is on track to complete its acquisition of the Spanish lender's U.S. arm by midyear, adding he thinks the current economic environment will give rise to more acquisition opportunities.
By Anna Hrushka • April 16, 2021 -
Oli Scarff via Getty Images
Barclays drops its role as lead underwriter in prison bond sale
Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.
By Dan Ennis • Updated April 19, 2021 -
Streeter Lecka via Getty Images
Truist sees Q1 boost over insurance acquisitions, investment-banking boon
Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.
By Anna Hrushka • April 15, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America's Q1 profits double as it reinstates pre-COVID credit standards
The bank released $2.7 billion in loan loss reserves, but saw a 15% jump in noninterest expenses, driven by COVID-19-related costs, including incentive changes, real estate charges and compensation boosts for associates.
By Suman Bhattacharyya • April 15, 2021 -
Justin Sullivan via Getty Images
Citi looks to exit 13 retail markets, hire 2,300 in Asia wealth push
The bank's effort to boost its assets under management in Asia to $450 billion by 2025 means the segment would have to grow at about triple the rate Citi has seen there since 2015.
By Dan Ennis • Updated April 19, 2021 -
Paul Morigi via Getty Images
Another Marcus exec flees — this time, to JPMorgan Chase
The departure of the digital bank's head of product is being followed closely by that of Goldman's communications chief, who is leaving after nine years.
By Dan Ennis • Updated April 16, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release
During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.
By Anna Hrushka • April 14, 2021 -
Wells Fargo profits jump nearly sevenfold amid signs of economic recovery
The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.
By Suman Bhattacharyya • April 14, 2021 -
Overdraft alternativesPNC's 'low cash mode' gives users 24-hour overdraft buffer
The feature lets customers choose which payments will be processed if an overdraft is imminent. Tests of the product have helped users reduce insufficient-funds fees by more than 60%, the bank said.
By Anna Hrushka • April 13, 2021 -
With neobank purchase, Avant mirrors SoFi's path
Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.
By Dan Ennis • April 13, 2021 -
Permission granted by BancorpSouth
BancorpSouth to buy Cadence Bank in $2.8B all-stock deal
The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.
By Anna Hrushka • April 12, 2021 -
Courtesy of Wells Fargo multimedia resources
ColumnBanks decide their place on the Citi-Goldman spectrum
Wells Fargo is giving its analysts $10,000 bonuses spread out over six months, while its associates will get a financial allowance of $20,000 — figures that align closely with a Bank of America perk.
By Dan Ennis • Updated April 20, 2021
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