Retail
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TD plans to open 150 US branches by 2027, focus on Southeast
The bank is targeting South Florida, Atlanta and North Carolina — where it would have grown through First Horizon. “In the U.S., we are still a relatively young bank,” CFO Kelvin Tran said. “We have a lot of white spaces there.”
By Dan Ennis • May 26, 2023 -
First Citizens cuts hundreds of SVB veterans
First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”
By Gabrielle Saulsbery • May 25, 2023 -
Explore the Trendline➔
FotoliaTrendlineCustomer service
Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.
By Banking Dive staff -
Citi abandons sale of Mexico retail unit
The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.
By Dan Ennis • May 24, 2023 -
Wells Fargo to pay $1B in fake-accounts class-action settlement
Prior leadership at the bank distorted how quickly it was addressing and fixing risk management systems that allowed sales staff to open millions of phony accounts, plaintiffs alleged.
By Gabrielle Saulsbery • May 16, 2023 -
Banking industry turmoil could spur M&A, experts say
Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.
By Anna Hrushka • May 12, 2023 -
Column
6 strategies revealed in FDIC’s disclosure of SVB bids
PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.
By Dan Ennis • May 11, 2023 -
MoneyLion to add ChatGPT-powered search to its marketplace
MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.
By Anna Hrushka • May 10, 2023 -
Bonuses at regional banks could plunge 20%, consultant finds
Retail and commercial bankers at the U.S.’s global banks could see bonuses jump by 10% to 20%, creating a “have and have-not” scenario. But not all regionals are suffering. First Citizens saw its profit jump 30-fold.
By Dan Ennis • May 10, 2023 -
Concerns over TD’s AML practices sunk First Horizon deal: report
TD’s five-year, $50 billion community benefits agreement has also become a casualty of the failed tie-up.
By Anna Hrushka • May 9, 2023 -
Column
PacWest or Pacific West?: Curbing name confusion, Take 2
An Oregon lender distances itself from the troubled regional with two website notices and a press release.
By Dan Ennis • May 5, 2023 -
Goldman in talks to settle gender discrimination suit: reports
The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.
By Rajashree Chakravarty • May 4, 2023 -
TD, First Horizon terminate $13.4B merger
TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.
By Dan Ennis • May 4, 2023 -
Sen. Brown urges FDIC to review Tellus’ business practices
The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.
By Rajashree Chakravarty • May 3, 2023 -
Greenwood acquires neobank Kinly
The acquisition merges two neobanks that share a similar mission. Both fintechs launched in 2020 with the goal to help underserved communities build generational wealth.
By Anna Hrushka • May 2, 2023 -
JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says
JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.
By Grace Noto • May 1, 2023 -
Retrieved from Global Payments Spokesperson Matt Cochran on September 10, 2021
Global Payments to replace CEO
CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.
By Caitlin Mullen • May 1, 2023 -
JPMorgan Chase to acquire seized First Republic
The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.
By Dan Ennis • May 1, 2023 -
Santander poaches Deutsche’s US chief Riley
The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.
By Dan Ennis • April 27, 2023 -
OCC, FDIC flag ‘unfair, deceptive’ overdraft practices
Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.
By Anna Hrushka • April 27, 2023 -
Banker leaves Citi after report of Epstein meetings
Citi opened an investigation last week after executives learned that Paul Barrett, while at JPMorgan Chase, scheduled at least five meetings with the now-late convicted sex offender between 2014 and 2017.
By Dan Ennis • April 26, 2023 -
Binance.US abandons $1.3B Voyager acquisition
It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer.
By Gabrielle Saulsbery • April 26, 2023 -
First Republic customers withdrew more than $100B in Q1
The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.
By Anna Hrushka • April 25, 2023 -
Is the TD-First Horizon deal any closer?
The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."
By Dan Ennis • April 21, 2023 -
Wells Fargo workers’ union effort pushes shareholder proposal
Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.
By Gabrielle Saulsbery • April 19, 2023 -
Goldman confirms it’s exploring sale of fintech GreenSky
The comments lend more structure to CEO David Solomon’s assertion, at Goldman’s investor day in February, that the bank was “considering strategic alternatives” for its consumer business.
By Anna Hrushka • April 19, 2023