Risk: Page 34
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What US fintechs can learn from Wirecard's collapse
"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."
By Anna Hrushka • July 22, 2020 -
Banks, fintechs weigh fallout from H1-B work visa restrictions
Opening a Vancouver office gives corporate card startup Brex a workaround. Others may rely on remote consultants.
By Suman Bhattacharyya • July 15, 2020 -
Explore the Trendlineâž”
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TrendlineTop 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 -
Permission granted by Office of the Comptroller of the Currency
Don't use coronavirus as excuse to close branches, OCC says
Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.
By Anna Hrushka • July 13, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo may start cutting tens of thousands of jobs this year
The bank vowed to pause staff reductions as the pandemic escalated. Any announcement — not expected with Tuesday's earnings — could tell other banks that window is over.
By Dan Ennis • July 10, 2020 -
Christopher Furlong via Getty Images
Colorado credit union adds lending to pot banking effort
The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.
By Anna Hrushka • July 8, 2020 -
Citi survey asks workers if they'd like to return Oct. 5
The bank would cap office presence at 30%, a source told Bloomberg. The questionnaire also asks employees to give a general reason why they're staying home, so the bank can offer potential solutions.
By Dan Ennis • Updated Sept. 10, 2020 -
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 -
Drew Angerer/Getty Images via Getty Images
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 -
Jeff Swensen via Getty Images
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 -
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 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
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