Retail: Page 51
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Photo illustration by Kendall Davis/Industry Dive; photographs by Gage Skidmore and Getty Images
Alternative credit data, fair lending may take focus under Biden
Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.
By Anna Hrushka • Jan. 21, 2021 -
Permission granted by Truist
Truist reports Q4 profit, continues merger-related job cuts, branch closures
The bank eliminated 1,307 positions during the fourth quarter. It said it closed 149 branches in 2020 and plans to shutter more than 400 this year.
By Anna Hrushka • Jan. 21, 2021 -
Explore the Trendline➔
Natalie Meepian via Getty Images
TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
U.S. Bank hangs on to loan loss reserves, reports slight Q4 profit
The bank completed its branch consolidation project this month, closing nearly 25% of its brick-and-mortar locations, it said.
By Anna Hrushka • Jan. 20, 2021 -
David McNew via Getty Images
Bank of America year-over-year profits drop nearly 22% in Q4
Net interest income and revenue, especially in consumer banking, saw double-digit percentage-point drops. But deposits jumped 23% and investment banking fees climbed 26%.
By Dan Ennis • Jan. 19, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
By Anna Hrushka • Jan. 15, 2021 -
Citi's net income jumps 44% in Q4 over previous quarter
The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.
By Suman Bhattacharyya • Jan. 15, 2021 -
PNC sees 6% jump in Q4 net income ahead of BBVA acquisition
Deposits at the Pittsburgh-based lender grew 25% year over year.
By Robert Freedman • Jan. 15, 2021 -
Wells Fargo posts $1.1B in restructuring and remediation, sees 4% rise in Q4 profit
Despite the bump in Wells Fargo's bottom line, the bank saw double-digit percentage-point declines, or close, in net interest income and revenue.
By Dan Ennis • Jan. 15, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman, Marqeta partner to launch Marcus checking accounts this year
The bank is considering growing Marcus through acquisitions, Reuters reported, though executives have ruled out any tie-ups that involve taking on bank branches.
By Dan Ennis • Jan. 15, 2021 -
Permission granted by Upgrade
Upgrade adds mobile banking to credit, lending platform
The checking account's debit card lets users earn 2% cash back on gas, groceries and recurring payments. The company also is offering up to 20% lower rates on loans to qualified customers who open a bank account.
By Anna Hrushka • Jan. 14, 2021 -
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
LMI lender Aura closes amid pandemic, funding woes
The loss of the CDFI leaves one less borrowing option for its mostly Latino clientele and adds to a growing list of financial institutions, including digital banks Simple and Azlo, that have shuttered in 2021's early days.
By Dan Ennis • Jan. 12, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
By Anna Hrushka • Jan. 12, 2021 -
Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
By Anna Hrushka • Jan. 7, 2021 -
Courtesy of Green Dot
Green Dot launches GO2bank to compete with challenger banks
"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."
By Anna Hrushka • Jan. 6, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Ally offers New Year's Eve babies a $250 head start in savings accounts
Parents and legal guardians will have from Jan. 15 to July 31 to enroll their child in the account.
By Anna Hrushka • Dec. 18, 2020 -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
US has lost 4,407 bank branches since 2017, study finds
Capital One, Truist, Huntington, U.S. Bank, KeyBank and Wells Fargo are among banks that shed 10% or more of their brick-and-mortar presence in that time, according to the National Community Reinvestment Coalition.
By Dan Ennis • Dec. 15, 2020
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