Retail: Page 69
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Barclays drops private prisons as more banks weigh reputational risks
The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.
By Anna Hrushka • Aug. 1, 2019 -
Digital bank Green Dot targets broader market with new high-yield savings account
The 3% yield puts it at the top of a market that this year includes efforts from Betterment, Wealthfront and Robinhood.
By Anna Hrushka • July 31, 2019 -
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 -
JPMorgan Chase bets on AI to generate marketing copy
Ads rendered by Persado's software received as much as a 450% lift in click-through rates — more than twice the boost of human-written ads, a pilot program showed.
By Peter Adams • July 30, 2019 -
Citigroup to cut hundreds of jobs, reports say
The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.
By Anna Hrushka • July 30, 2019 -
Japanese online merchant Rakuten files for Utah bank charter
The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.
By Anna Hrushka • July 29, 2019 -
Women pay 18% more in bank fees per year, study shows
The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.
By Dan Ennis • July 29, 2019 -
Capital One signs Taylor Swift, eyes an edge in cash-back market
The "Shake It Off" singer appears in a commercial highlighting the company’s Savor card.
By Anna Hrushka • July 26, 2019 -
Bank ties, new campaign push Zelle to big gains
The Zelle platform, which is owned by a consortium of the country's largest banks, could see continued growth as more financial institutions adopt the mobile app.
By Anna Hrushka • July 25, 2019 -
ICBA calls for national data privacy standard
Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.
By Anna Hrushka • July 23, 2019 -
Senate panel poised to hear pot banking challenges
Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.
By Anna Hrushka • July 22, 2019 -
Ally abandons credit card business for point-of-sale loan model
Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.
By Dan Ennis • July 19, 2019 -
BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing
News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.
By Anna Hrushka • July 17, 2019 -
Ally Financial plays 'truth or dare' with social-based 'Confessiongrams'
A gamified campaign seeks to remove stress and stigma from discussions about money.
By Robert Williams • July 15, 2019 -
Banking industry expected to invest $387B in IT in 2019
Gartner predicts a 7.8% increase in software investment year-over-year.
By Anna Hrushka • July 15, 2019 -
Omnichannel allows banks to offer 'channel of choice'
Faced with competition from digital banks that don't have the same fixed costs around physical distribution, omnichannel strategy allows traditional banks to "leverage the best of both worlds."
By Anna Hrushka • July 11, 2019 -
Student loan forgiveness creates moral hazard, critics say
Removed from the consequences of their financial decisions, borrowers may take risks they otherwise wouldn't.
By Robert Freedman • July 9, 2019 -
Top US banks join over 200 corporations to sign LGBTQ rights amicus brief in SCOTUS cases
Lambda Legal described it as a "landmark brief" with more corporate signers than any other previous brief supporting the LGBTQ community.
By Valerie Bolden-Barrett • July 9, 2019 -
SunTrust joins wave of banks cutting ties with private prison industry
The bank said the decision was made "after extensive consideration of the views of our stakeholders on this deeply complex issue."
By Anna Hrushka • July 9, 2019 -
Banks take wait and see approach to ROI on AI deployment
Gartner's Moutusi Sau said the banking industry as a whole still waits to see actual value from their current AI projects before committing more resources to the emerging tech.
By Anna Hrushka • July 8, 2019 -
Citi first major US bank to join UN sustainability initiative
The U.N. says the principles are meant to align banks with the organization’s Sustainable Development Goals and the Paris Climate Agreement.
By Anna Hrushka • July 3, 2019 -
JPMorgan Chase opens flagship New York branch ahead of nationwide expansion
The bank plans to hire 3,000 employees as part of its overall expansion, which includes 400 branches in 20 new markets.
By Anna Hrushka • July 3, 2019 -
ABA, ICBA say overdraft opt-out rule working as intended
Banks are giving consumers a chance to avoid overdraft protection fees, while presidential candidate Corey Booker aims to strengthen curbs even further.
By Robert Freedman • July 2, 2019 -
Banking, tech top grads' ideal employer list in new survey
High-profile companies with notable brands and cultures appeal to recent grads the most, the Universum Global survey noted.
By Valerie Bolden-Barrett • June 6, 2019 -
Bank of America hires 4.7K workers from low- to middle-income communities
The bank said it expects to surpass its 2018 commitment to hire 10,000 workers from this group during a five-year period.
By Valerie Bolden-Barrett • April 29, 2019 -
55% of US mobile users can't live without cash, study says
While cashless payments promise security and convenience, many businesses are reluctant because of higher costs and some lack of consumer interest.
By Robert Williams • April 22, 2019
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