Don't use coronavirus as excuse to close branches, OCC says

Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.

By Anna Hrushka • July 13, 2020

JPMorgan, Bank of America, Wells Fargo, Goldman Sachs back launch of climate finance center

Banks are increasingly seeing the value — not just in optics but in revenue — of environmentally responsible investment.

By Dan Ennis • July 10, 2020

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

SoFi files for national bank charter with OCC

A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.

By Anna Hrushka • July 10, 2020

Wells Fargo donates $400M in PPP fees to help Black-owned businesses

A June report from the National Bureau of Economic Research found COVID-related conditions eliminated 41% of Black small-business owners between February and April.

By Dan Ennis • July 9, 2020

KeyBank's digital strategy: Let the client choose

The Cleveland-based bank has spent the past decade strategizing how it can digitize its products to provide remote self-service capabilities for its clients while maintaining in-person options.

By Anna Hrushka • July 7, 2020

German banks are having a moment right now

The proposed resignations of Commerzbank's CEO and board chairman come little more than a week after the collapse of the country's biggest challenger bank and amid restructuring by its largest lender.

By Dan Ennis • Updated Aug. 4, 2020

Investment company Edward Jones files for ILC charter

"Given market conditions, we believe the need for enhancements to our financial services is more important than ever to our clients as they look to reach their financial goals," Edward Jones Principal Ken Cella said.

By Anna Hrushka • July 6, 2020

Citi survey asks workers if they'd like to return Oct. 5

The bank would cap office presence at 30%, a source told Bloomberg. The questionnaire also asks employees to give a general reason why they're staying home, so the bank can offer potential solutions.

By Dan Ennis • Updated Sept. 10, 2020

BBVA brings 'banker bar' to new branches in Texas expansion

The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.

By Anna Hrushka • July 1, 2020

Wells Fargo cuts dividend to level it will reveal July 14

Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.

By Dan Ennis • June 30, 2020

Bank profitability at risk as pandemic slows economy, OCC says

Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.

By Anna Hrushka • June 30, 2020

Inside Ally Financial's technology strategy

The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.

By Naomi Eide • June 30, 2020

JPMorgan cites 'technical issue' over incorrect customer balances

The bank's customers took to Twitter to report money unexpectedly missing or appearing in their accounts using the #ChaseBank hashtag.

By Anna Hrushka • June 29, 2020

Ally, CardWorks terminate $2.7B merger over pandemic concerns

The deal fell through less than a year after Ally dropped a three-year partnership with TD Bank and refocused on point-of-sale loans. The coronavirus has scuttled, delayed and disrupted several proposed tie-ups.

By Dan Ennis • June 25, 2020

How Upgrade plans to use its latest $40M investment

Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.

By Anna Hrushka • June 25, 2020

Mastercard to buy Finicity for $825M in open banking play

The Justice Department's approval of the tie-up stands in sharp contrast to the legal action it has undertaken to stop chief competitor Visa's proposed $5.3 billion acquisition of data aggregator Plaid.

By Anna Hrushka • Updated Nov. 19, 2020

Eastern Bank to go public as pandemic accelerates need for tech

"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.

By Anna Hrushka • June 22, 2020

Banking by appointment could stick as a post-COVID-19 customer habit

"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.

By Anna Hrushka • June 19, 2020

BV Financial to buy Delmarva Bancshares in merger of Maryland banks

BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.

By Dan Ennis • June 18, 2020

Wells Fargo ties diversity efforts to executive pay

Goldman Sachs and HSBC have also laid out diversity goals. However, in a sustainability report, Goldman reported Black people comprise about 3.2% of the bank's top level of management — well below its 7% representation target.

By Dan Ennis • Updated April 20, 2021

Former Citi executive's AI platform identifies bias in banking

Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.

By Anna Hrushka • June 18, 2020

HSBC resumes 35K job-cut plan, ending COVID 'pause'

"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"

By Dan Ennis • Updated Aug. 4, 2020

JPMorgan Chase, PNC join banks closing early for Juneteenth

Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.

By Dan Ennis • Updated June 18, 2020

JPMorgan Chase holds off on returning Ohio employees to office

The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.

By Dan Ennis • Updated July 8, 2020

Credit Sesame acquires Canadian challenger bank Stack

Stack began working with Credit Sesame last year to develop Sesame Cash. That product, which launched in March, marked Credit Sesame's first foray into the digital banking space.

By Anna Hrushka • June 16, 2020