Risk
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Citi delays office-return plan in 13 states
Workers' reluctance to take public transport will keep offices below 40% capacity until a vaccine is available, a Citi executive said. The rollback comes as Bank of America indicated its employees would stay remote until Labor Day.
By Dan Ennis • UPDATED: July 5, 2020 at 10:11 a.m. -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
FDIC to launch competition on system to replace quarterly reports
The effort, which debuted Monday and enlists 20 tech companies, would help the regulator keep more timely data on the roughly 3,200 community banks under its purview.
By Dan Ennis • June 29, 2020 -
Upstart expands into auto lending
The platform will use an alternative data model to lend to borrowers who aren't considered prime by credit score or history. But the company's model for student loans came under fire this year over potential racial disparity.
By Dan Ennis • June 25, 2020 -
PNC eyes deal to boost asset size past $700B, CEO says
Bank chief William Demchak said he would hedge toward buying a bank with higher concentrations of commercial and industrial lending and real estate rather than consumer loans that risk being lost in an economic downturn.
By Dan Ennis • June 10, 2020 -
Regions eases customers' digital adoption to prep for post-COVID banking
Virtual seminars and chat forums are just part of a push for more widespread app and mobile use, as the bank uses the pandemic to accelerate technological literacy.
By Suman Bhattacharyya • June 08, 2020 -
PNC applies to close 29 branches in August
A PNC executive said in November that the bank would consolidate 80 to 100 branches per year over the next five years. The latest filing would nearly double — to 60 — PNC's branch closures in 2020.
By Dan Ennis • June 02, 2020 -
Capital One ordered to disclose third-party analysis of 2019 breach
The bank argued a business agreement with cybersecurity firm Mandiant, which performed a post-mortem investigation of the breach, made the report a protected legal document.
By Samantha Ann Schwartz • June 01, 2020 -
Morgan Stanley, TD Bank take opposite tacks on post-COVID office return
The investment bank wants to begin sending its traders back to its NY headquarters in mid- to late June. Meanwhile, all six of Canada's biggest banks pledged to keep their employees out of downtown Toronto until September.
By Dan Ennis • June 01, 2020 -
Citi aims to bring 5% of US employees back to offices July 1
The bank plans to maintain that level of staffing through Labor Day, assess the results, then increase capacity toward 30%, a person with knowledge of the plan told Bloomberg.
By Dan Ennis • UPDATED: June 11, 2020 at 4:48 p.m. -
Column
HSBC, Deutsche take divergent paths in resuming overhauls
Britain's leading lender stresses urgency in demanding more radical restructuring, while Germany's largest bank courts employee buy-in.
By Dan Ennis • May 27, 2020 -
Why BFS Capital chose to sit out PPP
Concerns about back-end liquidity and sudden changes to the SBA's loan program pushed the company to focus on a pivot to incorporate real-time changes to lending criteria.
By Hillary Richard • May 26, 2020 -
2018 asset cap has cost Wells Fargo $220B in market value
The bank's biggest competitors have seen a swell in deposits during the pandemic, as customers flee smaller banks for more security. But Wells Fargo's deposit bump was much smaller in the first quarter, by comparison.
By Dan Ennis • May 19, 2020 -
JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says
While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.
By Anna Hrushka • May 15, 2020 -
JPMorgan Chase
JPMorgan extends banking services to crypto exchanges Coinbase, Gemini
The nation's largest bank continues to warm up to crypto technology, despite CEO Jamie Dimon's historic position as an outspoken bitcoin detractor.
By Dan Ennis • May 12, 2020 -
Lawmakers look to tweak PPP as loan processing stalls
Backlogs have cleared up. Duplicate applications have been stripped from the process. But backlash from PPP's shortcomings leave Congress pitching new solutions.
By Dan Ennis • May 11, 2020 -
Varo
Varo CEO: Pandemic can be 'brand-defining' for digital banks
"If we're going to be living in a world of more isolation ... we've got to help (consumers) navigate through this, give them that steady drumbeat of assurance," Colin Walsh said.
By Hillary Richard • May 05, 2020 -
Adobe Stock
Credit Karma cites virus in slashing pay ahead of Intuit deal
Employees face salary reductions of 15% to 50% depending on seniority. Workers who won't comply are eligible for buyouts worth six weeks' pay.
By Dan Ennis • May 04, 2020 -
Capital One hires away Goldman's CISO to help with breach response
The hire comes as the Federal Financial Institutions Examination Council issued a statement emphasizing the responsibility of banks' management to carefully keep tabs on cloud security.
By Dan Ennis • May 04, 2020 -
Coronavirus delays $1.1B deal for Santander's Puerto Rico branches
The transaction is hardly the first delayed by the outbreak. First Horizon Bank's acquisition of 30 Truist branches is being pushed to the third quarter. And CalWest and Bank of Southern California are renegotiating their merger.
By Dan Ennis • May 04, 2020 -
LendingClub
LendingClub lays off its president, cuts 460 jobs
The layoffs come two months after the online lender announced plans to buy Radius Bank for $185 million. Since then, the coronavirus crisis has slashed demand for personal loans.
By Dan Ennis • April 22, 2020 -
JPMorgan Chase
JPMorgan profits plunge as bank reserves funds for 'severe recession'
The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.
By Anna Hrushka • April 14, 2020 -
ColumnBanks loosen purse strings as coronavirus hits their home turf
Square, Goldman Sachs, Barclays and HSBC rolled out hefty donations as the U.S. became the epicenter of impact and Britain housed the world's most powerful patient.
By Dan Ennis • UPDATED: June 16, 2020 at 12:25 p.m. -
Morgan Stanley CEO Gorman recovered from coronavirus
The investment bank's top executive was ill, it turns out, when he wrote a memo pledging no layoffs for the year. But his diagnosis raises questions about when companies should disclose health conditions to regulators.
By Dan Ennis • April 13, 2020 -
Crush of demand, hurried timeline plague SBA program launch
The $350 billion Paycheck Protection Program rolled out Friday, hours after the agency issued more guidance. The setup leaves banks reallocating resources and questioning risk.
By Dan Ennis • April 03, 2020
