Retail: Page 52
-
Huntington, TCF agree to all-stock merger
The Columbus, Ohio-based bank will close all 97 of its branches located inside Meijer grocery stores in Michigan, and plans to shutter 198 overlapping branches in the state after the deal closes.
By Dan Ennis • Updated Jan. 25, 2021 -
Courtesy of Fifth Third
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Explore the Trendline➔
wildpixel via Getty Images
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 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Permission granted by Citizens Bank of Edmond
Dive Awards
Executive of the Year: Jill Castilla, Citizens Bank of Edmond
"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.
By Anna Hrushka • Dec. 9, 2020 -
Permission granted by Gohenry
Gohenry targets US expansion after closing $40M funding round
The bulk of the funding will be used to expand the British challenger's marketing efforts in the U.S. and to grow the company's U.S.-based team, gohenry CEO Alex Zivoder said.
By Anna Hrushka • Dec. 8, 2020 -
CFPB sues LendUp for allegedly violating Military Lending Act
The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.
By Anna Hrushka • Dec. 7, 2020 -
Column
Morgan Stanley, JPMorgan, Bank of America diverge on bonuses
Banks usually move in lockstep on issues such as environmentally conscious investing, but compensation may prove an individual decision.
By Dan Ennis • Dec. 7, 2020 -
Capital One halts buy-now-pay-later credit card transactions
The move stands in contrast to fellow credit-card issuers Citi and JPMorgan Chase, which last year launched fixed-payoff options. PayPal and Ally Financial this year announced they were rolling out installment loans.
By Dan Ennis • Dec. 7, 2020 -
Permission granted by Step
Teen-aimed banking app Step gets celebrity boost
The platform said it raised $50 million in a Series B funding round that included investment from singer Justin Timberlake, music group The Chainsmokers and retired athlete Eli Manning.
By Anna Hrushka • Dec. 3, 2020 -
Permission granted by LendUp
LendUp's new digital bank targets emerging middle class
"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."
By Anna Hrushka • Dec. 2, 2020 -
Noam Galai via Getty Images
JPMorgan, Lloyds express interest in buying Starling
The British challenger's CEO said in May she "didn't start a bank to sell out to the big boys." But buying Starling would give JPMorgan a 1.8 million-customer head start on building a U.K. digital platform from the ground up.
By Dan Ennis • Dec. 1, 2020 -
HSBC considers leaving US retail banking
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not be too great a loss. The U.S. arm's $62 billion loan book represents less than 6% of HSBC's total.
By Dan Ennis • Nov. 30, 2020 -
Carlos Alvarez via Getty Images
BBVA, Sabadell merger talks fall apart
BBVA valued Sabadell at $3 billion, but the smaller bank wanted at least 12% of the merged company, Bloomberg reported, adding it also had an issue with board composition. BBVA denied the latter.
By Dan Ennis • Nov. 30, 2020 -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020 -
Why Seattle Bank allied itself with Google
"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.
By Anna Hrushka • Nov. 24, 2020 -
Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
By Anna Hrushka • Nov. 23, 2020 -
LGBT-focused digital bank Daylight aims for December beta launch
Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.
By Anna Hrushka • Nov. 20, 2020 -
Google revamps Google Pay, adds 3 new partner banks
With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.
By Anna Hrushka • Nov. 19, 2020 -
Jeff Swensen via Getty Images
PNC agrees to buy BBVA’s US arm for $11.6B
The Federal Reserve signed off on the plan — the last regulatory hurdle ahead of an expected June 1 closing to a deal that would create the nation's fifth-largest bank. But at least one Fed governor is stressing caution.
By Dan Ennis • Updated May 17, 2021 -
SEC charges 2 ex-Wells Fargo executives with misleading investors
The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.
By Anna Hrushka • Nov. 13, 2020 -
Twitter to invest $100M in CDFIs in effort to combat racial wealth gap
The social media giant follows a growing number of corporations, including Netflix and PayPal, that have embarked on similar initiatives to funnel more capital to Black and Latinx financial institutions and businesses.
By Anna Hrushka • Nov. 13, 2020 -
Deutsche researchers propose 5% tax on remote workers, post-pandemic
The tax could generate $48 billion a year, which could fund $1,500 grants for 29 million lower earners in the U.S., the researchers said.
By Dan Ennis • Nov. 13, 2020 -
BMO pledges $5.1B toward closing racial wealth gap
The Canadian lender joins JPMorgan Chase, Bank of America, PNC, American Express and Huntington Bank in rolling out billion-dollar efforts to better serve non-White communities. It also updated its diversity goals in September.
By Dan Ennis • Nov. 12, 2020 -
JPMorgan drops from top of FSB's list of systemically important banks
The lower ranking means any instability at the largest U.S. bank puts the global financial system at less risk. Goldman Sachs and Wells Fargo also ranked less risky, according to the panel's assessment Wednesday.
By Dan Ennis • Nov. 12, 2020
Previous
