Retail: Page 48
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Regions Bank agrees to buy home improvement lender EnerBank for $960M
The tie-up, set to close in the fourth quarter, spotlights the Alabama-based bank's focus on smaller, nonbank acquisitions. Regions opted in 2019 not to renew a home improvement lending partnership with GreenSky.
By Dan Ennis • June 9, 2021 -
Permission granted by U.S. Bank
Why some lenders are going all-in on video banking
OceanFirst Financial plans to extend its video banking services to mobile devices, while U.S. Bank recently added video to its co-browsing service.
By Anna Hrushka • June 8, 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 Dave
Challenger bank Dave to go public through $4B SPAC deal
Victory Park Capital, the Chicago-based investment firm sponsoring the merger, provided a $100 million credit facility to Dave in January, the fintech said.
By Anna Hrushka • June 7, 2021 -
Justin Sullivan via Getty Images
Citi eyes expanded US branch footprint alongside Asia pivot
The bank's strategic revamp and risk control overhaul will take years, CEO Jane Fraser said, adding that Citi's Latin America unit saw a bump once it narrowed its focus to Mexico.
By Dan Ennis • June 7, 2021 -
Permission granted by Huntington Bank
Overdraft alternativesAlly, Huntington launch efforts to curb overdraft fees
Huntington's new $1,000 line of credit may cost the bank $1 million a month but earn customers' loyalty. Ally, meanwhile, eliminated overdraft fees altogether.
By Anna Hrushka • June 2, 2021 -
Szekely, Pedro. (2017). "Chicago Skyline" [Photograph]. Retrieved from Flickr.
Old National would broach Chicago in $2.5B First Midwest merger
The deal, which may close late this year, would forge a $45 billion-asset bank with dual headquarters. Indiana-based Old National would add between 90 and 100 locations around the nation's third-largest city.
By Dan Ennis • June 2, 2021 -
Brian Tucker/Banking Dive
Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'
Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.
By Dan Ennis • May 28, 2021 -
Senators, bank CEOs spar on Capitol Hill over compensation, voting rights
Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.
By Anna Hrushka • May 27, 2021 -
Matt Cardy/Getty via Getty Images
HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat
Europe's largest lender is closing 35 to 40 branches but repurposing 20 to 25 other locations as international wealth centers to serve its mostly Asia-based private-banking and wealth-management clients.
By Dan Ennis • May 27, 2021 -
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Neobank Paybby to bring crypto investing to Black and Brown communities
"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.
By Anna Hrushka • May 25, 2021 -
Mario Tama via Getty Images
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 -
Teresa Kroeger via Getty Images
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 -
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 -
Chris Hondros via Getty Images
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 -
Alex Wong via Getty Images
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 -
Justin Sullivan / Staff via Getty Images
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
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