3 potential buyers emerge for Citi's Russia operations

An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

By Dan Ennis • July 1, 2022

Bank regulators' heightened scrutiny of AI highlights third-party risk

As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

By Anna Hrushka • June 29, 2022

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Goldman boosts dividend as JPMorgan, Citi stand pat

Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

By Dan Ennis • June 28, 2022

Cannabis banking nixed from competition bill

Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

By Anna Hrushka • June 24, 2022

Fed failure in fighting inflation 'not an option,' Powell says

The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

By Jim Tyson • June 15, 2022

SEC investigates Goldman Sachs' ESG mutual funds

The agency fined BNY Mellon over ESG misstatements, and another regulator participated in a raid of Deutsche Bank’s DWS over greenwashing claims. ESG investments have nearly tripled since 2020, according to Morningstar.

By Dan Ennis • June 13, 2022

BMO poaches next chief risk officer from Citi

Piyush Agrawal, Citi’s global head of climate risk, will join the Canadian bank July 1, ahead of the retirement of its current CRO, Patrick Cronin.

By Robin Bradley • June 10, 2022

CFPB, alternative lender Upstart end no-action letter

The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

By Dan Ennis • June 10, 2022

OCC wants to start collecting cannabis, crypto business data from banks

The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

By Anna Hrushka • June 9, 2022

Welcome to banking's 'reaction season'

Over the span of a few hours, three big-bank CEOs offered counters to running narratives on mortgage lending, shareholder proposals and a "hurricane" prediction.

By Dan Ennis • June 2, 2022

4 takeaways from Morgan Stanley's annual meeting

CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

By Dan Ennis • May 31, 2022

State regulators push to include pot banking in manufacturing bill

Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.

By Anna Hrushka • May 27, 2022

The week the banking industry's climate chasm widened

An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

By Dan Ennis • May 25, 2022

BNY Mellon to pay $1.5M to SEC over ESG misstatements

A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

By Jim Tyson • May 23, 2022

JPMorgan brightens its forecast at investor day

The bank boosted its estimates for net interest income and return on tangible common equity, said it intends to hire 1,300 more wealth-management advisers and teased a bigger commitment to home equity lines of credit.

By Dan Ennis • May 23, 2022

Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Judge dismisses Wells Fargo commercial lending class-action suit

Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

By Robin Bradley • May 9, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

JPMorgan Chase sees 42% drop in Q1 profit

The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

By Dan Ennis • April 13, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022