Retail: Page 62
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Wells Fargo to pay $3B to settle fake accounts scandal
The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.
By Anna Hrushka • Feb. 21, 2020 -
LendingClub's Radius deal paves the way for more fintech purchases, experts say
Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities.
By Anna Hrushka • Feb. 21, 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 -
Morgan Stanley to buy E*Trade for $13B in largest bank takeover since financial crisis
The acquisition represents a monumental shift for the investment bank as it focuses on smaller customers, not just high net worth clients.
By Anna Hrushka • Updated Oct. 1, 2020 -
UK fintech Curve offers 'over-the-top' banking service in card, mobile app
The startup's eponymous card is designed to unify all existing debit and credit card accounts, but will face heavy payments competition when it attempts to enter U.S. markets.
By Kate Patrick Macri • Feb. 20, 2020 -
Lawmakers call out big banks for lack of leadership diversity
"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."
By Sheryl Estrada • Feb. 20, 2020 -
LendingClub to purchase Radius Bank for $185M
LendingClub says the acquisition of Radius will provide greater regulatory clarity and cheaper funding for its loans and, if approved, would mark the first time a U.S. fintech has purchased a bank.
By Anna Hrushka • Feb. 19, 2020 -
Opinion
3 ways community banks can harness the changing definition of 'community'
Catering to a group that shares an affinity such as a local sports team can help a community bank strengthen its bond with potential customers, writes Dondi Black, a senior manager of payment services at FIS.
By Dondi Black • Feb. 19, 2020 -
The right way to improve retail banking using mystery shoppers
The goal isn't to catch frontline staff doing something wrong, but to provide a picture of what good performance looks like.
By Robert Freedman • Feb. 19, 2020 -
JPMorgan Chase invests $75M to prepare youth for money-making careers
"[B]usinesses, government and communities must work together to prepare young people for the future of work," a company spokesperson said.
By Sheryl Estrada • Feb. 18, 2020 -
Deep Dive
Keeping the banking desert at bay in rural America
As big banks concentrate their branches in cities, smaller financial institutions and digital companies find ways to irrigate in abandoned markets.
By Anna Hrushka • Feb. 18, 2020 -
Matt Cardy/Getty via Getty Images
HSBC to cut 35K jobs in major restructuring
The London-based bank said it will scale back its presence in the U.S. and mainland Europe, reduce the size of its investment bank and invest more in its Asian and Middle Eastern operations.
By Anna Hrushka • Feb. 18, 2020 -
Banks squeezed as unemployment in their ranks effectively reaches 0%
Executives try to find the right balance between cutting costs and attracting and retaining talent while low interest rates keep income down.
By Robert Freedman • Feb. 18, 2020 -
Royal Bank of Scotland dumps its name in rebrand, deepens climate pledge
In changing its name to NatWest Group, the bank is looking to distance itself from a near-collapse in 2008 that has left it 62% government-owned to this day.
By Dan Ennis • Feb. 14, 2020 -
JPMorgan gives fintechs July deadline to sign new data access agreements
The move shows the nation's largest bank is following through on its plan to tighten security around customer data.
By Anna Hrushka • Feb. 14, 2020 -
Wells Fargo ends mandatory arbitration for workplace sexual harassment
Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.
By Anna Hrushka • Feb. 13, 2020 -
Wells Fargo splits wholesale, consumer banking units
The restructuring marks Wells Fargo's first overhaul under CEO Charlie Scharf, who has prioritized regaining regulatory trust and repairing the bank’s damaged image.
By Anna Hrushka • Feb. 12, 2020 -
'Stickiness' of Bask Bank's airline perk may help it spread, analyst says
Customers were finding interest rates uninteresting. So the Dallas bank sought a way to help them save for tomorrow, yet live for today.
By Anna Hrushka • Feb. 7, 2020 -
Citi edges Bank of America to top J.D. Power financial advice survey
The nation's five largest banks took all but one of the six highest rankings, thanks to improvements in their digital tools, research firm J.D. Power said.
By Dan Ennis • Feb. 7, 2020 -
Wells Fargo, Upstart criticized after study finds loan disparities
Five senators are asking Upstart's CEO to show how the company tests its credit model for fair lending after a nonprofit claimed black borrowers were charged more than other people with identical credit profiles.
By Dan Ennis • Updated Feb. 14, 2020 -
CFPB seeks $39M restitution, $7 fine from payday lender Think Finance
The enforcement action comes amid a flurry of activity for the bureau, which sued Citizens Bank last week. Oral arguments in the Supreme Court case regarding the agency's structure are set for March 3.
By Anna Hrushka • Feb. 6, 2020 -
Miami drops reverse redlining claims against top 4 banks
The city claimed it lost tax revenue and was forced to pay to maintain foreclosed properties after Wells Fargo, Bank of America, Citi and JPMorgan allegedly targeted nonwhite homeowners for mortgages they couldn't afford.
By Dan Ennis • Feb. 4, 2020 -
Competition intensifies in immigrant banking market
As the digital bank Majority expands nationwide, the remittance company Remitly launches Passbook, a bank aimed at first-generation Americans.
By Anna Hrushka • Feb. 4, 2020 -
Goldman Sachs, Amazon reportedly explore small-business loan deal
The bank aims to expand its set of loan products beyond those offered by the Apple Card and digital bank Marcus, it said during last week's investor day.
By Dan Ennis • Feb. 3, 2020 -
Texas Capital Bank launches digital bank with American Airlines perks
In the current low-rate environment, the Dallas-based bank says it aims to attract customers that want more than a traditional savings account that only returns "pennies on the dollar."
By Anna Hrushka • Feb. 3, 2020 -
Permission granted by Truist
Truist seeks more time to reach $1.6B post-merger net savings goal
The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.
By Anna Hrushka • Jan. 31, 2020
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