Chime allows early stimulus access, expands overdraft program

CEO Chris Britt said most participants in the early-stimulus pilot did not access the full $1,200. Most used $150 to $300, on average, he said.

By Anna Hrushka • Updated April 13, 2020

Monzo, Starling furlough employees, lean on UK job retention plan

The challenger banks are taking advantage of the British government's coronavirus job retention scheme, which allows employers to claim 80% of a furloughed employee's monthly wage, up to £2,500 a month.

By Anna Hrushka • April 1, 2020

Explore the Trendline➔

Artificial intelligence

The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.

By Banking Dive staff

North Carolina de novo organizers buy bank in Tennessee

Community Bank of the Carolinas failed to raise enough money to open, but its investors found a path forward in Brighton Bank.

By Dan Ennis • March 31, 2020

Standard Chartered pledges $1B toward pandemic relief, freezes hiring

The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.

By Dan Ennis • March 31, 2020

BofA CEO: Capital levels allow us to focus on operations amid crisis

"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"

By Anna Hrushka • March 30, 2020

Robinhood accused of using $75 credits to hush class-action suit

A federal judge won't block Robinhood from reaching out to users because the plaintiff "failed to establish a clear record of abusive communications by Defendants," according to court documents released Tuesday.

By Dan Ennis • Updated April 1, 2020

Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.

By Dan Ennis • March 27, 2020

Regulators urge banks to offer responsible small-dollar loans

Five agencies promise future guidance on the lending vehicle, which some trade groups advocated long before the coronavirus pandemic sent the economy into a spiral.

By Anna Hrushka • March 27, 2020

DC's first de novo in more than a decade set to open April 13

Founders Bank raised $30 million to receive final approval from federal and district regulators, but Washington has proved a tough market for new banks over the past year.

By Dan Ennis • March 26, 2020

Green Dot hires former Netspend chief as CEO

The prepaid card provider renewed its most valuable partnership last year but lost hundreds of thousands of customers — and about 60% of its stock price.

By Dan Ennis • March 26, 2020

British challenger bank Revolut launches in US

The fintech, launched in 2015, could face unique challenges as it expands to a new market at a time of economic uncertainty amid the coronavirus pandemic.

By Anna Hrushka • March 25, 2020

Santander chair, CEO give half of their pay to bank's virus-related medical fund

The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.

By Dan Ennis • Updated April 3, 2020

JPMorgan freezes hiring as coronavirus impact felt industrywide

Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.

By Dan Ennis • March 24, 2020

Citi, Wells, U.S. Bank boost compensation for front-line employees

Both Capital One and U.S. Bank have opted for pay raises, with the former offering an additional $10 an hour to branch workers. U.S. Bank, meanwhile, is giving an extra 20% to branch, call center and field office staff.

By Dan Ennis • Updated March 27, 2020

Goldman Sachs gives CEO a nearly 20% pay raise

The $4.5 million jump makes David Solomon the second-highest-paid CEO among Wall Street's big banks.

By Dan Ennis • March 23, 2020

Regulators ease loan modification rules amid coronavirus pandemic

Examiners will exercise judgment in reviewing loan modifications, including troubled debt restructurings, according to a joint statement by five agencies and an organization of state regulators.

By Anna Hrushka • March 23, 2020

Wells Fargo asks Fed to lift asset cap

Adding deposits or loans may be one way the nation's fourth-largest bank could help businesses and customers hit hard by the coronavirus outbreak.

By Dan Ennis • March 23, 2020

Bank of America hires 2,000 amid outbreak, keeps all branches open

The nation's second-largest bank is offering eligible branch workers an extra $200 per biweekly pay period, but the company's lack of restrictions on branch access counters moves announced by JPMorgan Chase and others.

By Dan Ennis • March 20, 2020

Truist, PNC, Fifth Third, KeyBank lay out virus-influenced branch restrictions

Meanwhile, Citi and Wells Fargo suggest staggered log-in and meeting times so workers don't overtax remote access or teleconferencing systems.

By Dan Ennis • March 20, 2020

Coronavirus may force HSBC to delay restructuring

CEO Noel Quinn said the bank would proceed "wherever possible" with a plan to cut 35,000 jobs, adding that it would "need to consider what additional actions" to take against a post-coronavirus backdrop.

By Dan Ennis • Updated April 27, 2020

JPMorgan Chase temporarily closing 20% of US branches

The nation's largest bank is also offering a one-time, $1,000 bonus to tellers and other "front line employees" who can't work from home, the company announced Friday.

By Dan Ennis • Updated March 20, 2020

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

By Dan Ennis • March 18, 2020

Banks need to push digital offerings during COVID-19 pandemic, experts say

"As we saw in the last recession, if you take the pedal off, you can wake up in a couple of years and have a lot of fintechs nibbling away at your business," said John Stockamp, director in West Monroe's financial services practice.​

By Anna Hrushka • March 18, 2020

HSBC makes Quinn’s CEO role permanent

The bank's failure to quickly revive growth in Asia led HSBC Chairman Mark Tucker to dismiss Quinn’s predecessor in August. Now the new CEO must right the ship amid a global pandemic and Brexit woes.

By Dan Ennis • March 18, 2020

Goldman Sachs waives March payments for Apple Card users

Apple and Goldman Sachs are continuing to allow payment deferrals in April, but Apple Card customers who took advantage of the March program must re-enroll, the tech giant said.

By Kate Patrick Macri • Updated April 2, 2020