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Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
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 -
Courtesy of Wells Fargo multimedia resources
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 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2021
There are three ways to keep the narratives surrounding cryptocurrency, fair lending and the fight for racial equality in finance from losing steam.
By Banking Dive staff -
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, where it derives half of its revenue and most of its profit. It also wants to shrink its office space by 40%.
By Dan Ennis • Feb. 23, 2021 -
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 -
Permission granted by Greenwood
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 -
Kali-Extracts
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 -
Courtesy of BioNTech
BMO to give employees 3 hours of paid time off to get COVID-19 vaccine
The Canadian bank will also pay for some costs tied to receiving the shots, such as administration fees not covered through public health plans or government agencies, CEO Darryl White said in a memo Monday.
By Dan Ennis • Feb. 02, 2021 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
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 -
Permission granted by Office of the Comptroller of the Currency
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 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
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 -
Fotolia
Raises at top 6 US banks average fraction of a percentage point
JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.
By Dan Ennis • Jan. 22, 2021 -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman, Marqeta partner to launch Marcus checking accounts this year
The bank is considering growing Marcus through acquisitions, Reuters reported, though executives have ruled out any tie-ups that involve taking on bank branches.
By Dan Ennis • Jan. 15, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
Synchrony CEO Keane to step down April 1
Margaret Keane guided the credit-card provider through a rebranding, an IPO and a spinoff from GE. Shares gained 60% in that time, but she said she may be proudest of the company's "north star" — its culture.
By Dan Ennis • Jan. 13, 2021 -
Courtesy of State Street
State Street doubles down on ESG pledge, while HSBC's comes under scrutiny
State Street said it will start voting against board members if companies don't disclose the racial makeup of their boards. Meanwhile, HSBC investors filed a resolution to put teeth on the bank's climate commitment.
By Dan Ennis • Jan. 11, 2021 -
Gender breakdown of Citi promotions shows incremental pace of change
About 29% of the people the bank promoted to managing director in 2020 are women — a company record, but far off the 40% proportion it intends to achieve by 2021.
By Dan Ennis • Dec. 22, 2020 -
FDIC, OCC proposal would give banks 36 hours to report cyberattacks
Under the proposal, a bank's technology vendor would have to notify affected customers immediately of any incident that disrupted services for four hours or more.
By Dan Ennis • Dec. 16, 2020 -
Column
Jamie Dimon and others find their 'winter filter'
December and January bring the kind of fatigue and restlessness that yield uncharacteristically blunt talk and actions from executives. Goldman ex-President Gary Cohn opting for charity over clawback? Winter filter.
By Dan Ennis • Dec. 11, 2020 -
Citi's 'six eyes' come under fire as trial begins over $900M error
Bank employees testify on Citi's system of checks and balances, their discovery of the mistaken transfer, and the resistance creditors displayed when asked to return the money.
By Dan Ennis • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 09, 2020 -
How Bank of America's small-business strategy laid groundwork for PPP efforts
A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.
By Suman Bhattacharyya • Dec. 08, 2020
