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

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

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 8, 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 2, 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 Schwartz • June 1, 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 New York 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 • Updated July 30, 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

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 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 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 5, 2020

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 4, 2020

Capital One hires away Goldman's CISO to help with breach response

Goldman hired a former Morgan Stanley exec as its next permanent CISO. Twenty-year bank veteran Phil Venables, who served as Goldman's interim CISO, is headed to Google Cloud.

By Dan Ennis • Updated Dec. 18, 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 4, 2020

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 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

Banks 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

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 hours after the agency issued more guidance. The setup leaves banks reallocating resources and questioning risk.

By Dan Ennis • April 3, 2020

Standard Chartered pledges $1B toward pandemic relief, freezes hiring

The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.

By Dan Ennis • March 31, 2020