Retail: Page 49
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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 -
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 -
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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 -
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 -
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 -
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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 -
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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
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