Citi's Fraser paves the way, but more needs to be done, experts say

Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.

By Anna Hrushka • Sept. 14, 2020

Citi taps Jane Fraser to be CEO when Corbat retires in February

Fraser will become the first woman to lead a major U.S. bank. Before stepping into Citi's No. 2 role last October, she served as CEO of the bank's Latin American operations.

By Anna Hrushka • Sept. 10, 2020

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Fintech Jiko gains national charter by buying Minnesota community bank

"Without a license, we would be just another fintech amongst many others," founder and former Goldman Sachs trader Stephane Lintner said. "We decided to buy a bank because it felt better for us, given what we wanted to do."

By Anna Hrushka • Sept. 4, 2020

Stash sees sign-ups, deposits swell as customers shift into 'save' mode

The personal-finance fintech looks to build a digital community around its investing roots, arranging weekly fractional-share giveaways.

By Suman Bhattacharyya • Sept. 4, 2020

Wells Fargo fast-tracks launch of no-overdraft-fee bank account

The account could be an attempt to show the public the bank is implementing positive change in a practice often criticized by lawmakers and consumer groups.

By Anna Hrushka • Sept. 2, 2020

Inside Northern Trust’s $2.5B tech investment

"We see a huge amount of fairly inefficient [processes], especially when you compare it to our personal lives where we are logging into apps and moving money instantaneously," said one exec. "We get about 20,000 faxes a month on trade instructions."

By Suman Bhattacharyya • Sept. 2, 2020

How MoCaFi brings banking to Black and Brown communities

"I had my 'George Floyd' moment," CEO Wole Coaxum said of Michael Brown's death in 2014. "I was one of the most senior African Americans at JPMorgan and felt that I wanted to be a part of a national conversation to address the lack of access to financial services products."

By Anna Hrushka • Sept. 1, 2020

JPMorgan Chase to launch first Mastercard-branded card in 5 years

Chase's new card, launching Sept. 15, comes as 60% of banks have tightened credit limits during the pandemic, according to the Federal Reserve's most recent Senior Loan Officer Survey.

By Anna Hrushka • Aug. 31, 2020

Capital One cuts borrowing limits amid unemployment aid reduction

The credit card issuer's decision comes as the $600 in additional weekly unemployment benefits under the CARES Act, which were keeping some Americans afloat amid the pandemic, expired at the end of July.

By Anna Hrushka • Aug. 28, 2020

City First-Broadway merger would create largest US Black-led bank

The combined institution will maintain bicoastal headquarters, as well as its CDFI status, which requires it to deploy at least 60% of its lending into low- to moderate-income communities.

By Anna Hrushka • Aug. 27, 2020

Rakuten to continue ILC charter pursuit, subsidiary CEO says

"We intend to follow the process until we've exhausted our process with the FDIC," Rakuten Bank America CEO Lee Carter said. The company has twice submitted and withdrawn applications with the regulator.

By Anna Hrushka • Aug. 26, 2020

ICBA calls for investigation into JPMorgan Chase-USPS talks

"Equitable access to basic banking services must be discussed and addressed by policymakers and the entire financial services industry," the head of the ICBA wrote to the Postal Regulatory Commission.

By Anna Hrushka • Aug. 25, 2020

JPMorgan Chase reportedly eyes 2021 launch for UK digital bank

The launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.

By Anna Hrushka • Aug. 24, 2020

Wells Fargo resumes much-anticipated job cuts

Initial layoffs will affect employees who were told before the pandemic their roles would "ultimately go away," CEO Charlie Scharf previously said. "It's like an onion: The more we do, the more clearer the next round will become."

By Dan Ennis • Aug. 21, 2020

Scotiabank fined $127M over price manipulation scheme

For more than eight years, four Scotiabank traders placed thousands of unlawful orders for precious metals futures contracts in an effort to manipulate prices to benefit themselves and the bank, authorities said.

By Anna Hrushka • Aug. 20, 2020

JPMorgan Chase, USPS held talks to offer postal banking services

Despite preliminary conversations about leasing space for ATMs, the bank said there is no agreement in place and no imminent plans to move forward.

By Anna Hrushka • Aug. 19, 2020

Why Google's checking accounts appeal to midsize institutions

The tech giant's co-branded accounts give smaller players a chance to leverage tech and branding to scale business away from the larger banks, experts say.

By Anna Hrushka • Aug. 18, 2020

Banks eye loan specialists, marketers as pandemic boosts debt, digital demands

"Four months ago, a workout specialist couldn't find a job anywhere," said Paul Schaus, president, CEO and founder of the consulting firm CCG Catalyst.

By Anna Hrushka • Aug. 14, 2020

Goldman Sachs, Barclays vie for GM's credit-card portfolio

The car company may not switch issuers from Capital One. But a win for Goldman would more than double its card business, a long-stated goal for the bank. A decision is expected in the next few weeks.

By Dan Ennis • Aug. 13, 2020

Banks rethink office space, branch strategy to sync with new customer, employee habits

With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.

By Anna Hrushka • Aug. 13, 2020

BankMobile to transition from bank to tech company after Customers spinoff

"It gives us the runway, while we still have the stability of Customers partnership," BankMobile's Luvleen Sidhu said of the planned acquisition by Megalith Financial Acquisition Corp.

By Anna Hrushka • Aug. 12, 2020

Customers Bancorp to sell BankMobile for $140M

BankMobile launched in 2015. The digital bank's banking-as-a-service platform is prolific among colleges and universities, serving more than 2 million account-holders at 722 campuses.

By Anna Hrushka • Aug. 7, 2020

Capital One to pay $80M penalty over 2019 data breach

In its consent order, the Office of the Comptroller of the Currency said the bank "failed to establish appropriate risk management" and "failed to identify numerous control weaknesses and gaps in the cloud operating environment."

By Anna Hrushka • Aug. 6, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Six more banks partner with Google to launch co-branded checking accounts

Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.

By Anna Hrushka • Aug. 3, 2020