Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Explore the Trendline➔

Artificial intelligence

A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?

By Banking Dive staff

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

How empathetic debt collections can boost revenue and enhance consumer loyalty

See how leading financial institutions are combining digital solutions with empathy to create a customer-centric collections experience.

By Mamta Rodrigues, Global President of Banking, Financial Services and Insurance at Teleperformance • Dec. 4, 2023

BNY Mellon to boost minimum hourly wage to $22.50 in March

The bank is also expanding the mental health resources it offers employees, to allow for up to 12 no-cost therapy sessions annually, up from five, BNY Mellon said Friday.

By Dan Ennis • Dec. 1, 2023

TD to cut more than 3,000 jobs

The 3% reduction will encompass “all business lines” and will be achieved “through attrition and by redeploying talent to open positions wherever possible,” bank representatives said.

By Gabrielle Saulsbery • Dec. 1, 2023

3 motivations behind a ‘bloodless coup’ scenario at UBS

In championing a Morgan Stanley-style public succession battle, Colm Kelleher could be giving the Swiss bank’s next CEO a chance he never got, or he could see a lot of himself in Sergio Ermotti.

By Dan Ennis • Dec. 1, 2023

Metro Bank to cut 800 jobs

The reduction accounts for 20% of employees at the U.K. lender, which is also questioning its seven-days-a-week branch hours.

By Gabrielle Saulsbery • Nov. 30, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

Ally’s consumer-banking chief to leave July 1

Diane Morais had been seen as a potential successor to outgoing CEO Jeffrey Brown. She has been with the company since 2008.

By Rajashree Chakravarty • Nov. 30, 2023

Greenwood adds retail investing, eyes profitable 2024

The Atlanta-based neobank on Thursday launched Greenwood Invest, an app that allows customers to invest in stocks and exchange-traded funds.

By Anna Hrushka • Nov. 30, 2023

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023

Apple seeks to end Goldman Sachs credit-card partnership: reports

The proposed winddown would entail the entire consumer partnership, including the savings account that was rolled out this year, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 29, 2023

SoFi exits crypto business

SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.

By Gabrielle Saulsbery • Nov. 29, 2023

JPMorgan pushes up UK digital bank’s break-even timeline

The bank now expects its U.K. operation Chase to cross into the black in 12 to 18 months, at least two years ahead of a previous estimate, JPMorgan President Daniel Pinto said Tuesday.

By Dan Ennis • Nov. 29, 2023

Bank of America to pay $12M over lax mortgage data reporting

Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.

By Dan Ennis • Nov. 29, 2023

Did British banks just clinch the award for worst week?

Barclays is reportedly considering cutting 2,000 positions. Lloyds may slash up to 2,500. And some HSBC users couldn't access the bank's online and mobile services over Black Friday.

By Dan Ennis • Nov. 27, 2023

Want to avoid an HMBradley scenario? Diversify your bank network, Treasury Prime CEO says

A recent pivot by neobank HMBradley is a prime example of what can happen when a fintech relies on just one firm to handle its financial plumbing, Treasury Prime’s Chris Dean said.

By Anna Hrushka • Nov. 22, 2023

OneMain buys auto lender Foursight from Jefferies for $115M

Jefferies joins Citizens Bank and BMO among lenders backing off the auto business. The transaction is expected to close in the first quarter of 2024.

By Gabrielle Saulsbery • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Binance names new CEO after taking $4.3B in penalties

“I made mistakes, and I must take responsibility," the crypto exchange's founder Changpeng Zhao tweeted. "This is best for our community, for Binance, and for myself."

By Gabrielle Saulsbery • Nov. 22, 2023

Binance CEO to step down: reports

Changpeng Zhao, the founder and CEO of the world's largest crypto exchange, will step down and plead guilty to AML charges, Forbes and WSJ reported.

By Gabrielle Saulsbery • Nov. 21, 2023

SEC sues Kraken for commingling funds, failing to register

The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.

By Gabrielle Saulsbery • Nov. 21, 2023

Morgan Stanley names next wealth management chief

Jed Finn, a 12-year veteran of the bank, most recently served as chief operating officer of wealth management. The appointment came one day before Finn’s boss announced he was diagnosed with cancer.

By Dan Ennis • Nov. 21, 2023

Citi names new co-CIO

The bank elevated Jonathan Lofthouse, a 26-year Citi veteran, after Stuart Riley, co-CIO since September, left. Riley's departure was not related to Citi's reorganization, a source told Bloomberg.

By Matt Ashare • Nov. 21, 2023