Retail: Page 61
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Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
By Anna Hrushka • Oct. 15, 2020 -
Wells Fargo fires up to 125 employees over misuse of EIDL aid
The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program's funds, though dozens shouldn't have.
By Dan Ennis • Oct. 15, 2020 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
By Suman Bhattacharyya • Oct. 14, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
By Ken McCarthy • Oct. 14, 2020 -
Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
By Dan Ennis • Oct. 14, 2020 -
JPMorgan's Q3 profit buoyed by 30% jump in trading revenue
The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.
By Anna Hrushka • Oct. 13, 2020 -
Sharp drop in set-asides pushes Citi to $3.2B net income
While net income has fallen 34% compared with this time last year, it's more than double what the bank reported last quarter.
By Dan Ennis • Oct. 13, 2020 -
LendingClub exits peer-to-peer loan space
Before its acquisition of Radius Bank closes, the P2P pioneer is pivoting toward institutional investing, discontinuing its Notes platform Dec. 31.
By Dan Ennis • Oct. 12, 2020 -
New bank CEOs come of age amid coronavirus trial by fire
Net interest margin is so 2019. Bankers taking top roles during the pandemic have found branch cleanliness and small-business lending just as crucial.
By Ken McCarthy • Oct. 12, 2020 -
Values-based Climate First Bank seeks Florida de novo charter
"I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that," said founder Ken LaRoe. "I just wanted there to be more meaning to life than that."
By Anna Hrushka • Oct. 9, 2020 -
JPMorgan Chase pledges $30B to fight racial wealth gap
The bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years, and provide $14 billion in loans and investments to create 100,000 affordable rental units.
By Anna Hrushka • Oct. 8, 2020 -
How Bank of America's decentralized innovation approach conceives the future
The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."
By Anna Hrushka • Oct. 7, 2020 -
E-commerce boom fuels Citizens Bank's point-of-sale lending activity
As fintechs expand their offerings, the Rhode Island-based lender is differentiating through big-ticket purchases and giving merchants flexibility with its products and pricing.
By Suman Bhattacharyya • Oct. 6, 2020 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 5, 2020 -
Bank of America invests in 7 minority-owned institutions
The investments, which are part of a $50 million commitment to MDIs and CDFIs, will go toward lending, housing, neighborhood revitalization and other banking services.
By Anna Hrushka • Oct. 5, 2020 -
Varo turns focus to new products after national charter milestone
The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.
By Anna Hrushka • Oct. 2, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • Updated Oct. 2, 2020 -
Goldman leadership shuffle puts woman atop consumer division
Stephanie Cohen will co-lead a combined consumer and wealth management silo, the bank said Tuesday, following a restructuring CEO David Solomon set up in January. Leadership also changed at the bank's Marcus brand.
By Dan Ennis • Updated Sept. 30, 2020 -
Permission granted by Citi
Citi taps Morgan Stanley exec as new controller, accounting chief
The bank's latest executive hire comes as it tries to improve its risk management and controls, and follows reports that regulators have been pushing the bank for years to make such improvements.
By Anna Hrushka • Sept. 28, 2020 -
Commerzbank names next CEO, months after investor unrest
Germany's second-largest lender poached an executive from rival Deutsche with a reputation as a shrewd cost cutter, in an attempt to right a bank whose shares have lost half their value in the past 18 months.
By Dan Ennis • Sept. 28, 2020 -
Permission granted by Citi
How Citi's innovation lab is tackling COVID-19 challenges
The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.
By Anna Hrushka • Sept. 23, 2020 -
Pittsburgh becomes a battleground for national banking powerhouses
While JPMorgan and Bank of America expand their footprint into PNC's backyard, smaller banks say they maintain a customer relationship advantage. Though, with technology, that may wane, an analyst says.
By Ken McCarthy • Sept. 21, 2020 -
At $14.5B, Chime surpasses Robinhood as top-valued fintech
The challenger bank has more than tripled its transaction volume and revenue this year and is adding hundreds of thousands of accounts each month, CEO Chris Britt told CNBC.
By Dan Ennis • Sept. 21, 2020 -
Biden tax plan could cost top 10 banks $7B per year, report finds
The plan would raise the corporate tax rate from 21% to 28%, partially rolling back changes enacted under the 2017 Tax Cuts and Jobs Act.
By Anna Hrushka • Sept. 17, 2020
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