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

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

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

BofA CEO: Capital levels allow us to focus on operations amid crisis

"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"

By Anna Hrushka • March 30, 2020

Robinhood accused of using $75 credits to hush class-action suit

A federal judge won't block Robinhood from reaching out to users because the plaintiff "failed to establish a clear record of abusive communications by Defendants," according to court documents released Tuesday.

By Dan Ennis • Updated April 1, 2020

Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.

By Dan Ennis • March 27, 2020

Santander chair, CEO give half of their pay to bank's virus-related medical fund

The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.

By Dan Ennis • Updated April 3, 2020

JPMorgan freezes hiring as coronavirus impact felt industrywide

Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.

By Dan Ennis • March 24, 2020

Banks should double down on personal touch despite coronavirus fears

Financial institutions should be taking extra steps to help their senior customers use digital tools, NBH Bank's Whitney Bartelli and Patrick Sobers write. 

By Whitney Bartelli and Patrick Sobers • March 23, 2020

Truist, PNC, Fifth Third, KeyBank lay out virus-influenced branch restrictions

Meanwhile, Citi and Wells Fargo suggest staggered log-in and meeting times so workers don't overtax remote access or teleconferencing systems.

By Dan Ennis • March 20, 2020

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

By Dan Ennis • March 18, 2020

The novel coronavirus impact on the banking industry

The banking industry is central to the global economy's stability. Follow Banking Dive's coverage of the pandemic here.

Updated March 18, 2020

Major US banks halt share buybacks in response to coronavirus pandemic

The forum called the COVID-19 pandemic “an unprecedented challenge for the world and the global economy,” and said the U.S.’s largest banks have an “unquestioned ability and commitment” to support the nation. 

By Anna Hrushka • March 16, 2020

Fed injects $1.5T into Wall Street as regulators, lawmakers respond to coronavirus

Some analysts welcomed the move, but said a fiscal stimulus from Congress is also needed.

By Anna Hrushka • March 13, 2020

Wells Fargo CEO: 'Broken' culture led to consumer abuse scandals

Scharf told lawmakers Wells Fargo’s structure was "problematic," and company leadership failed its stakeholders. "Our culture was broken, and we did not have the appropriate controls in place across the company," he said.

By Anna Hrushka • March 10, 2020

Why lenders still love retail, bankruptcies and all

Asset-based loans are a safe and popular form of financing for lenders. But for distressed retailers it can be a "trap."

By Ben Unglesbee • March 9, 2020

Banks engage in self-hacks to keep defenses sharp

Enlisting teams of hackers to look for vulnerabilities helps banks take their security efforts beyond scanning software.

By Robert Freedman • March 9, 2020

COVID-19: Steps to prepare a remote work policy

A successful remote work plan will unite technology with norms and expectations, one source said.

By Katie Clarey • March 4, 2020

Coronavirus could hit fintechs hard as card transactions drop

Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home. 

By Robert Freedman • March 4, 2020

Fed announces rate cut as US banks respond to coronavirus threat

As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.

By Anna Hrushka • Updated March 3, 2020

Vote on pot banking bill is months away, Sen. Gardner says

Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.

By Anna Hrushka • Feb. 27, 2020

Financial services industry stands to lose $1T in climate change-related costs

The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.

By Anna Hrushka • Feb. 25, 2020