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Square buys BNPL player Afterpay for $29B
The acquisition of the Australian company is Square's biggest ever, and underscores CEO Jack Dorsey's ambitious plans to build his merchant and banking empire in new retail directions and across the globe.
By Lynne Marek • Aug. 2, 2021 -
Courtesy of Mastercard
Mastercard CFO: consumers 'ready and willing' to increase spending
"The U.S. has always been a laggard when it comes to contactless payments, but that’s changing," Sachin Mehra said after the company reported a successful quarter. "The aversion to cash is one component; it’s just a good user experience."
By Jane Thier • Aug. 2, 2021 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.
By Banking Dive staff -
Mark Wilson via Getty Images
Inside MoneyLion's quest to become a financial 'super app'
The neobank is diversifying its revenue sources and aiming to boost engagement frequency to transcend beyond finance to "life transactions."
By Suman Bhattacharyya • Aug. 2, 2021 -
Kena Betancur via Getty Images
NY regulator asks financial institutions to share diversity data
Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.
By Anna Hrushka • July 30, 2021 -
Permission granted by Citizens Financial Group
Citizens Financial to acquire Investors Bancorp in $3.5B deal
The transaction, expected to close in the first or second quarter of 2022, will put Citizens' assets above $200 billion, and propel the bank to the top 10 in deposits among retail and commercial banks in the New York City market.
By Anna Hrushka • July 28, 2021 -
Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
Spencer Platt via Getty Images
M&T Bank to cut more than 700 jobs following People’s United takeover
The Buffalo, New York-based bank anticipates it will save about $330 million in annual expenses that would otherwise be duplicated as a result of its $7.6 billion acquisition of People's United.
By Anna Hrushka • July 26, 2021 -
Opinion
A new leaf for the bank branch
A café might be a reason to visit a bank branch. But a customer journey map would let banks see how customers interact with digital channels outside the branch and inform digital-first branch remodeling.
By Mohamed Abdelsadek • July 26, 2021 -
Plaid taps former bank execs to help reach data-sharing goal
The company's mission to forge stronger relationships with banks and increase its API traffic comes amid a sometimes less-than-amicable interplay between data aggregators and financial institutions.
By Anna Hrushka • July 23, 2021 -
Permission granted by HMBradley
Neobank HMBradley shifts to invite-only, seeks more partner banks
The fintech has accepted more than $400 million in deposits since its 2019 launch and has seen a 300% increase in deposits since January, leading its partner to pump the brakes, its CEO said.
By Anna Hrushka • July 22, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the officeDive Deposits: The case of the summer sequel (and a $52M award for Jamie Dimon)
Commitments to de-emphasize overdraft fees, boost junior banker pay and refresh banks' card suites are hardly new. This week offers deeper tread on well-worn narratives.
By Dan Ennis • July 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC to rescind Trump-era revamp to anti-redlining rule
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.
By Anna Hrushka • July 20, 2021 -
Permission granted by Cambridge Savings Bank
Cambridge Savings Bank launches digital bank to expand national reach
The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.
By Anna Hrushka • July 19, 2021 -
Courtesy of Wells Fargo multimedia resources
Return to the officeWells Fargo lays out two-wave strategy for office return
Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.
By Dan Ennis • Updated July 27, 2021 -
Unsplash / Tech Daily
Sponsored by StatfloThe frictionless customer journey in banking starts with text messaging
Find out how to create the frictionless digital banking experience customers now expect.
July 19, 2021 -
Justin Sullivan via Getty Images
SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
By Anna Hrushka • July 16, 2021 -
Truist reports 73% Q2 profit amid loan-loss reserve release
"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.
By Anna Hrushka • July 15, 2021 -
Permission granted by U.S. Bank
U.S. Bank sees Q2 profit nearly triple to just under $2B
The bank released fewer loan-loss reserves than in the first quarter, dropping net income in the shorter term. But the push and pull of loans and deposits appeared to reveal a recovering consumer base.
By Dan Ennis • July 15, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo charges ahead to $6B Q2 profit
A $1.6 billion loan-loss reserve release — and an 8.3% drop in noninterest expenses, buoyed by a 5,000-person headcount cut — drove the bank's surge.
By Dan Ennis • July 14, 2021 -
David McNew via Getty Images
Bank of America's Q2 profit soars as low interest rates dent revenue
A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic.
By Anna Hrushka • July 14, 2021 -
Justin Sullivan via Getty Images
Citi's Q2 profit jumps more than fivefold, but revenue slumps
"While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead," CEO Jane Fraser said Wednesday.
By Dan Ennis • July 14, 2021 -
Permission granted by Frost Bank
Overdraft alternativesFrost Bank gives direct deposit customers early paycheck access
The product follows an overdraft grace feature the bank rolled out in April that gives direct deposit enrollees protection when they overdraw their checking accounts on transactions up to $100.
By Anna Hrushka • July 13, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's Q2 profit more than doubles amid slight drop in revenue
The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.
By Anna Hrushka • July 13, 2021 -
Mark Wilson via Getty Images
Deep Dive // Overdraft alternatives
Rethinking overdraft
While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.
By Anna Hrushka • July 12, 2021 -
Permission granted by U.S. Bank
U.S. Bank boosts unit to advise local governments on asset management
The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.
By Dan Ennis • July 12, 2021
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