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

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

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

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

Deutsche takes $5.8B loss but sees hope in bond-trading jump

Germany's largest lender made several recent changes to compensation. It's delaying pay raises by three months and cutting its bonus pool. But top execs may take home at least a portion of their bonuses.

By Dan Ennis • Jan. 30, 2020

Goldman Sachs Investor Day: 'Embracing the bank model,' but which bank?

Ambitious goals. New revenue streams. Cost cutting. The bank's first-of-its-kind event delivered a little of everything — except excitement.

By Dan Ennis • Jan. 30, 2020

Otting's defense of CRA revamp ignites partisan rift at hearing

House Democrats questioned the comptroller's willingness to cooperate, while Republicans praised his efforts to modernize the low-income lending rule.

By Anna Hrushka • Jan. 30, 2020

JPMorgan Chase plans to cut hundreds of jobs in consumer division

Reductions at the nation's largest bank could indicate last year's trend is spilling over into 2020, as financial institutions pare their workforce to adapt to digital banking and global uncertainty.

By Anna Hrushka • Jan. 29, 2020

Zelle reports adding 100 financial institutions last quarter

Year-over-year payment values on the P2P platform increased by 57%, while transaction volume jumped 72%, network operator Early Warning Systems reported Tuesday.

By Anna Hrushka • Jan. 28, 2020

New credit loss accounting standard expected to pummel retail income

FASB's CECL standard took effect for public banks at the beginning of this year. Analysts at Morgan Stanley say it's going to hit some retailers hard.

By Robert Freedman • Jan. 27, 2020

N26 gains 250K US customers in 5 months

The Berlin-based startup also reported it surpassed 5 million customers globally, a 43% jump from the 3.5 million users it reported last summer.

By Anna Hrushka • Jan. 27, 2020

OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal

Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.

By Anna Hrushka • Jan. 23, 2020

Regulator prepping civil charges against ex-Wells Fargo managers

The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.

By Anna Hrushka • Jan. 23, 2020

OCC's CRA plan will move forward regardless of Fed, Otting says

"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."

By Anna Hrushka • Jan. 22, 2020

Visa's Plaid deal pushes open banking, third-party security to forefront

The $5.3 billion acquisition may spur more fintech-on-fintech M&A, but the crux may lie in the card network's desire to stay relevant, analysts say.

By Anna Hrushka • Jan. 17, 2020

PNC credits market expansion for its Q4 loan growth

The bank has expanded into 10 new cities, and isn't afraid to play the long game to embed itself in the community, CEO Bill Demchak said.

By Anna Hrushka • Jan. 15, 2020

Bank of America eyes 'momentum' in loans, deposits after a Q4 in transition

Profit fell 4% at the nation's second-largest bank, but a trading surge and a 10% jump in active mobile users have executives looking on the bright side.

By Dan Ennis • Jan. 15, 2020

Wells Fargo's $1.5B legal charge drives net income to 9-year low

In CEO Charlie Scharf's first earnings call, the company revealed profits plummeted 53% compared with a year ago. Scharf has emphasized resolving the lender's regulatory issues in his three months at the helm.

By Dan Ennis • Jan. 14, 2020

JPMorgan's record earnings buoyed by strong trading unit

The bank's corporate and investment bank generated record Q4 revenue, rebounding from what CEO Jamie Dimon called "a challenging prior year."

By Anna Hrushka • Jan. 14, 2020