Retail: Page 60
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Israeli bank fined $900M over tax evasion, role in soccer bribery scandal
The enforcement action against Hapoalim comes as regulators hit banks with a near-record $10 billion in fines over 15 months, a figure European startup Fenergo expects will increase.
By Anna Hrushka • May 4, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
Millennials endure virus's greatest financial strain, TransUnion finds
About 69% of Americans between the ages of 26 and 40 said their household income was negatively affected by the coronavirus, the credit reporting agency reported Thursday. That compares with 58% for other generations.
By Dan Ennis • May 1, 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 -
Opinion
Don't fight for deposits. Win the hearts of consumers.
A product-agnostic and engagement-friendly approach encourages employees to solve for customers' end dreams — not to hard-sell a particular piece of technology, writes Alden Seabolt, consumer banking lead at Blend.
By Alden Seabolt • April 29, 2020 -
Sen. Gillibrand calls on Congress to reestablish postal banking service
A return to the postal banking system would aid in the delivery of coronavirus stimulus checks, said Mehrsa Baradaran, a law professor specializing in banking law at the University of California, Irvine.
By Anna Hrushka • April 28, 2020 -
Seattle bank, credit union execs look to other side of flattened COVID curve
Panicked withdrawals, SBA loan requests and an eased stance toward customer face masks have all been part of the temporary normal in the U.S.'s ground-zero coronavirus market.
By Ken McCarthy • April 24, 2020 -
Courtesy of Monzo press kit
Monzo applies for US banking license
The British digital bank, which is furloughing up to 295 U.K. employees and closing a Las Vegas office, told the OCC it expects most of the disruption from the coronavirus pandemic to have subsided by its launch date.
By Anna Hrushka • April 23, 2020 -
Moven's lean toward B2B was part reach, part mission, CEO says
"Part of our original vision ... was to improve the lives of tens of millions of consumers, so that becomes a more critical imperative for us ... versus what type of a business model we have," Moven CEO Marek Forysiak said.
By Kate Patrick Macri • April 23, 2020 -
Betterment launches checking, savings accounts
The robo-adviser has seen signups grow, even in the worst weeks of the coronavirus pandemic, CEO Jon Stein said.
By Anna Hrushka • April 22, 2020 -
Coronavirus delays First Horizon's acquisition of 30 Truist branches until Q3
The Memphis-based bank's proposed merger with IberiaBank should still close on schedule, CEO Bryan Jordan said. Shareholders are set to vote Friday on the deal.
By Dan Ennis • April 22, 2020 -
LendingClub lays off its president, cuts 460 jobs
The layoffs come two months after the online lender announced plans to buy Radius Bank for $185 million. Since then, the coronavirus crisis has slashed demand for personal loans.
By Dan Ennis • April 22, 2020 -
Opinion
Reciprocal deposits can help community banks save small business
Allotting space on their balance sheets allows banks to immediately increase lending to small businesses before having to scour for additional deposits, writes Tom Nelson, CIO at Reich & Tang.
By Tom Nelson • April 22, 2020 -
Opinion
Banks prioritize technology to deliver during coronavirus crisis
At a time when human-to-human contact presents a risk, automation is seeming less like a disruption, writes Octavio Marquez, senior vice president and managing director, Banking Americas, at Diebold Nixdorf.
By Octavio Marquez • April 20, 2020 -
Truist reports 31.6% profit, weighs COVID-19 impact
The pandemic could affect the timeline of the bank's $1.6 billion post-merger cost-savings goal, which it plans to hit by the end of 2022.
By Anna Hrushka • April 20, 2020 -
Challenger bank Moven endorses Varo ahead of account closures
Moven began notifying its customers last month that it would close its consumer banking accounts April 30. The fintech had planned to spin off its digital bank, but the coronavirus crisis put a dent in the project's funding.
By Anna Hrushka • April 17, 2020 -
Jeff Swensen via Getty Images
PNC profit drops 29% as bank prepares for coronavirus-related loan losses
The bank will likely increase its reserve build in the second quarter because the pandemic's impact on the economy has worsened since Q1 wrapped up, PNC CEO Bill Demchak said.
By Anna Hrushka • April 16, 2020 -
Wells Fargo, Citi, JPMorgan won't apply stimulus checks to negative balances
The Treasury Department is reviewing whether it has the legal authority to prevent banks from using customers' stimulus payments to collect on overdrafts, a source told The Washington Post.
By Dan Ennis • Updated April 21, 2020 -
Bank of America profits drop 45% as it builds reserves amid pandemic
The bank expects loan losses to increase dramatically this year as social distancing orders enacted in response to the pandemic continue to slow the economy.
By Anna Hrushka • April 15, 2020 -
Citi's jump in Q1 fixed-income trading can't offset net income drop
The world's largest credit card issuer more than tripled its safeguard against defaults. In the last week of the quarter, card spending dropped as much as 30%, the bank's CFO said.
By Dan Ennis • April 15, 2020 -
Permission granted by Current
Digital bank Current flexes quick delivery of coronavirus relief checks
About 45% of the stimulus money that's been issued to Current's customers has already been spent — mostly on essential items, such as gas and groceries, said Adam Hadi, the company's vice president of marketing.
By Anna Hrushka • April 15, 2020 -
Banking trade groups seek pandemic-related exception to robocall law
Automated calls could help banks limit physical contact when warning consumers of scams or notifying them of branch closings, payment deferrals, fee waivers and forbearance on mortgage payments, the groups wrote.
By Kate Patrick • April 15, 2020 -
Wells Fargo's net income plummets 89% from a year ago
Much of the drop stems from $3.1 billion in reserves the bank set aside in case loans sour — a reflection of newly implemented accounting standards and of the tenuous position in which the coronavirus crisis has put clients.
By Dan Ennis • April 14, 2020 -
JPMorgan profits plunge as bank reserves funds for 'severe recession'
The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.
By Anna Hrushka • April 14, 2020 -
Permission granted by Upgrade
Upgrade accelerates launch of contactless card amid COVID-19 pandemic
"Going contactless in this environment, if there's ever been a time to do so, that's now," the challenger bank's co-founder and CEO, Renaud Laplanche, told Banking Dive.
By Anna Hrushka • April 9, 2020 -
TD Bank sees remote work in new light amid 9,500-employee transition
The Canadian lender is shifting 500 call center employees a day into a work-from-home capacity, offering them 10 extra personal days to help with day care, and the ability to change schedules and do split shifts.
By Dan Ennis • April 9, 2020 -
Permission granted by SoFi
Personal finance startup SoFi to acquire payments platform Galileo for $1.2B
Because many of Galileo's clients are SoFi competitors, the deal could raise conflict-of-interest questions, one expert says.
By Anna Hrushka • April 8, 2020
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