Retail: Page 8
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Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
By Caitlin Mullen • Oct. 11, 2024 -
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First Interstate hires 37-year Colorado banking vet as next CEO
Jim Reuter retired this year as FirstBank’s CEO, saying he was “looking forward to pursuing other interests.” As it turns out, that includes leading another bank.
By Dan Ennis • Oct. 11, 2024 -
Explore the Trendline➔
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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 -
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After Helene, banks aim to meet needs ‘exactly where they’re at right now’
With Hurricane Milton tearing through Florida just after Helene devastated parts of the Carolinas and Tennessee, banks with a heavy Southeast presence are working to provide employees and customers with financial relief and basic needs like showers.
By Caitlin Mullen • Oct. 10, 2024 -
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TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
By Gabrielle Saulsbery • Oct. 10, 2024 -
Permission granted by Grasshopper Bank
Grasshopper Bank to buy Auto Club Trust
Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.
By Rajashree Chakravarty • Oct. 9, 2024 -
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Crypto.com sues SEC
The exchange is now one of several sparring with the Securities and Exchange Commission.
By Gabrielle Saulsbery • Oct. 9, 2024 -
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FTX bankruptcy plan would give ex-customers an extra 19%
Creditors will receive up to $16.5 billion, nearly two years after their funds were frozen by the crypto firm’s shocking bankruptcy, according to a plan approved by a judge Monday.
By Gabrielle Saulsbery • Oct. 8, 2024 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
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Bank of America users report online access issues
Some customers said they were unable to sign in to their accounts. Others reported seeing incorrect or untimely balances. The issues “have largely been resolved,” the bank said Wednesday night.
By Dan Ennis • Oct. 3, 2024 -
Jonathan Drake/Reuters
Hurricane Helene aftermath prompts card, cash troubles
After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.
By Lynne Marek • Oct. 3, 2024 -
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2025 banking conference roundup
Gatherings can serve as idea generators, measuring sticks and connectors, as attendees meet to discuss innovations like AI, banking’s intersection with fintech and anticipated pivots in regulations.
By Dan Ennis • Oct. 1, 2024 -
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Wells Fargo faces new class-action suit over cash sweeps
A lawsuit filed Tuesday accused the lender of underpaying interest “to enrich itself at its customers’ expense.”
By Rajashree Chakravarty • Sept. 26, 2024 -
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Bank of America adds family banking to give parents control of kids’ spending
The lender isn’t the first to launch such a product, as the opportunity to grow with Gen Z and Gen Alpha draws more players.
By Caitlin Mullen • Sept. 26, 2024 -
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NY credit union-bank tie-up pushes 2024 to brink of M&A record
Rochester-based ESL's proposed acquisition of Generations Bancorp is the 16th announced whole-bank purchase by a credit union this year, tying it with 2022.
By Rajashree Chakravarty • Sept. 24, 2024 -
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Bank of America on pace to open 165 branches by 2026
The lender’s expansion will include roughly 40 branch openings this year, including its first location in Louisville, Kentucky.
By Rajashree Chakravarty • Sept. 23, 2024 -
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Hawaii bank rebuffs investor group’s acquisition offer
Territorial Bank is in the middle of an acquisition process by California’s Hope Bancorp. A recent offer by Blue Hill Advisors was unsolicited.
By Gabrielle Saulsbery • Sept. 23, 2024 -
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First Bank CEO: Small banks will need more deposits before lending can take off
If smaller banks aren’t able to attract more deposits, they may have to get comfortable with slower loan growth, the CEO of New Jersey’s First Bank suggested.
By Caitlin Mullen • Sept. 20, 2024 -
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OceanFirst to pay $15M in DOJ redlining settlement
The bank failed to provide mortgage lending services to predominantly nonwhite neighborhoods in three New Jersey counties, the agency said. The OCC downgraded the bank’s CRA rating in 2021.
By Dan Ennis • Sept. 19, 2024 -
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TD CEO Bharat Masrani to retire in April
Raymond Chun, TD’s head of Canadian personal banking, will become the lender’s next CEO, as the bank works to resolve issues within its U.S. anti-money laundering program.
By Caitlin Mullen • Sept. 19, 2024 -
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DOJ joins OCC, FDIC in updating bank merger guidelines
Regulators’ revamped guidelines increase the agencies’ discretion, which is likely to stoke industry uncertainty and, perhaps, extend the timeline to approval, analysts say.
By Caitlin Mullen • Sept. 18, 2024 -
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KeyBank CFO eyes opportunities through Scotia deal
The two banks are exploring potential partnership opportunities – and their geographic footprints might allow a jumping-off point, KeyBank CFO Clark Khayat said last week at a conference.
By Caitlin Mullen • Sept. 16, 2024 -
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EverBank to buy Michigan’s Sterling Bank for $261M
The deal includes 25 branches, $900 million in loans and $2 billion in deposits; but not Sterling’s sole Michigan branch or its $372.9 million portfolio of residential tenant-in-common mortgage loans.
By Gabrielle Saulsbery • Sept. 16, 2024 -
Courtesy of U.S. Bank
U.S. Bank reaches its proving ground
The super-regional is at an “inflection point” after recent acquisitions and tech updates, CEO Andy Cecere said at the bank’s investor day. One analyst, however, is calling for “a new set of eyes at the top.”
By Caitlin Mullen • Sept. 13, 2024 -
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9 crucial reactions to the capital requirements preview
BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.
By Dan Ennis • Sept. 11, 2024 -
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PNC’s Demchak wants to lean in to open banking for growth
The Pittsburgh-based lender’s CEO is wary of larger rivals building branches in every city but said he won’t pay “silly” M&A prices for a “busted” franchise.
By Caitlin Mullen • Sept. 10, 2024
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