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

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

Explore the Trendline➔

The 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

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

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

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

PNC'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

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

Banks 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

Niche banking could safeguard challengers, incumbents from big tech, retail threat

In his annual shareholder letter, JPMorgan CEO Jamie Dimon said the strengths of Amazon, Apple, Facebook, Google and Walmart are "extraordinary, with ubiquitous platforms and endless data."

By Anna Hrushka • April 9, 2021

Membership-based neobank Fair would target immigrants, unbanked

Houston entrepreneur Khalid Parekh, who founded the tech firm Amsys Group, said the platform's portfolio of services will help differentiate it from neobanks already serving the space.

By Anna Hrushka • April 8, 2021

Walmart's trademark filing may offer clues to fintech startup

The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.

By Dan Ennis • April 8, 2021

Eastern cements Boston footprint with $642M Century Bank acquisition

Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.

By Dan Ennis • April 8, 2021

California bill would create free banking services for state's residents

The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.

By Anna Hrushka • April 7, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021

SoFi to offer auto loan refinancing through MotoRefi partnership

The deal with the Arlington, Virginia-based startup represents the latest product expansion by SoFi as it continues its push to become more than a student loan fintech.

By Anna Hrushka • April 5, 2021

New challenger bank Spiral aims to make charitable giving easier

"Just like what Amazon did to consumption with the click of a button, that's what we're trying to do to charitable giving," said Spiral's CEO and co-founder, Shawn Melamed.

By Anna Hrushka • April 1, 2021

Walgreens to launch digital bank accounts this year

The accounts will be available to customers online and at 9,000 Walgreens locations in the second half of 2021. The pharmacy chain is the second nonbank in a week to announce a digital banking partnership with MetaBank.

By Anna Hrushka • March 31, 2021

FTC bans mobile banking app Beam, its founder

The company, which promised interest rates as high as 7%, must pay back an estimated $2.6 million in account holders' funds as part of a settlement announced Monday, in which Beam did not admit wrongdoing.

By Dan Ennis • March 30, 2021

KeyBank's digital bank for doctors gets national launch

The bank expects to add checking and retail investments to the platform this year, and to expand digital banking services to a market that includes pharmacists, physician assistants, nurses and therapists.

By Anna Hrushka • March 30, 2021

H&R Block eyes digital banking market

The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.

By Anna Hrushka • March 29, 2021

Greenwood raises $40M in funding with investments from 6 major banks

Led by Truist Ventures, the digital bank's funding round includes investments from JPMorgan Chase, Bank of America, Wells Fargo and PNC, in addition to payments giants Mastercard and Visa.

By Anna Hrushka • March 25, 2021

Goldman cleared of bias claims in NYDFS's Apple Card probe

The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.

By Dan Ennis • March 24, 2021

Revolut applies for California charter, launches Revolut Business

The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

By Anna Hrushka • March 22, 2021