Risk

First Horizon breach highlights rising cyber threats against banks

The compromise affected fewer than 200 online accounts for a loss of less than $1 million. But three-quarters of financial institutions saw a rise in cybercrime in the year after March 2020, according to a BAE Systems report.

By David Jones • April 29, 2021

Barclays drops its role as lead underwriter in prison bond sale

Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.

By Dan Ennis • UPDATED: April 19, 2021 at 11:39 a.m.

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Trendline

Fraud and AML in banking

The coronavirus pandemic, the rise of cryptocurrencies and the growth of cannabis banking make it imperative for financial institutions to stay on top of the risks related to fraud and money laundering.

By Banking Dive staff

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What you can learn from Wells Fargo: There will not be a time machine when you need one

The responses lacked urgency, transparency and accountability and it followed this playbook for crisis after crisis in the years that followed.

Column

Climate-risk players take a one-level-higher approach

A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.

By Dan Ennis • April 06, 2021

Citi hires FinCEN chief to lead compliance in bank's new unit

The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.

By Dan Ennis • April 05, 2021

Federal Reserve forms 2nd climate change risk panel

Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.

By Anna Hrushka • March 24, 2021

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

By Anna Hrushka • March 19, 2021

Column

How Citi can vanquish Revlon's ghost

The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.

By Dan Ennis • March 12, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

By Anna Hrushka • March 11, 2021

Wells Fargo becomes last of top 6 US banks to make net-zero pledge

The bank said it also aims to deploy $500 billion toward sustainable businesses and projects by 2030 and wants to disclose financed emissions for its oil, gas and power portfolios by the end of next year.

By Dan Ennis • March 09, 2021

Column

Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin

The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."

By Dan Ennis • March 03, 2021

Goldman loses 4 executives in 3 days as Walmart fintech poaches Marcus chief

In addition to two Marcus leaders, Goldman's general counsel and asset-management co-head are also reported to be departing the bank.

By Dan Ennis • UPDATED: March 3, 2021 at 6:16 a.m.

Goldman CEO pushes to end remote-work 'aberration' sooner than later

"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.

By Dan Ennis • Feb. 24, 2021

Wells Fargo sells its asset-management unit for $2.1B

The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.

By Dan Ennis • Feb. 23, 2021

HSBC confirms its aim to sell US retail footprint

The bank wants to invest an additional $6 billion over the next five years in Asia. It also is negotiating with Cerberus to sell its French retail unit. Discussions may take weeks, an executive said.

By Dan Ennis • UPDATED: March 18, 2021 at 11:54 a.m.

M&T Bank to buy People's United in $7.6B all-stock deal

The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.

By Dan Ennis • Feb. 22, 2021

Greenwood taps fintech veteran to head compliance, risk

Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.

By Anna Hrushka • Feb. 16, 2021

Citi, Bank of America cut CEOs' compensation

Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.

By Dan Ennis • Feb. 16, 2021

House lawmaker continues push to include cannabis banking in COVID relief bill

With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.

By Anna Hrushka • Feb. 05, 2021

Gemini launches crypto-based savings product offering up to 7.4% yield

Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.

By Dan Ennis • Feb. 03, 2021

4 largest US banks join BMO to offer paid time off for COVID-19 vaccine

Wells Fargo is also offering free COVID-19 testing for employees at its 25 largest locations.

By Dan Ennis • UPDATED: March 5, 2021 at 6:23 a.m.

Wells Fargo CEO Scharf sees 12% cut in compensation to $20.3M

Beyond financial performance, Wells' board weighed the bank's liquidity throughout the pandemic, its progress on enforcement actions and Scharf's introduction of new diversity goals.

By Dan Ennis • Feb. 01, 2021

OCC halts controversial fair access rule

Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.

By Anna Hrushka • Jan. 28, 2021

Banks sync in lock-step over diverse hiring

Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.

By Dan Ennis • Jan. 27, 2021

Goldman cuts CEO Solomon's compensation by 36% in 1MDB clawback

The bank also slashed President John Waldron and CFO Stephen Scherr's pay packages by $6 million and $7 million, respectively, after a year in which Goldman saw its revenue grow by 22%.

By Dan Ennis • Jan. 27, 2021