JPMorgan lays off hundreds in mortgage division amid rising rates

The move, which follows last week’s rate hike by the Federal Reserve, comes as rising home mortgage rates are quelling demand in the housing market.

By Anna Hrushka • June 23, 2022

Breach at Flagstar Bank impacts more than 1.5M customers

The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

By Anna Hrushka • June 22, 2022

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

Chicago de novo taps Google to build bank on the cloud

The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

By Anna Hrushka • June 22, 2022

Truist opens Innovation Technology Center in Charlotte headquarters

The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

By Anna Hrushka • June 21, 2022

Ex-Amazon employee convicted over 2019 Capital One breach

Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

By Robin Bradley • June 19, 2022

M&T president, COO to step down next year

Richard Gold will retire as president and COO of the Buffalo, New York-based firm after the first quarter of 2023.

By Robin Bradley • June 17, 2022

West Virginia may boycott 6 finance firms over fossil-fuel lending stance

The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

By Robin Bradley • June 15, 2022

Canada's VersaBank to buy Minnesota bank in bid to gain OCC charter

The $13.5 million deal, expected to close by October, represents a trend among financial firms to purchase the coveted OCC bank charter rather than embark on the expensive, arduous journey of applying for one.

By Anna Hrushka • June 15, 2022

Truist, PNC map out push into new markets

Truist Wealth sets its sights on the Windy City as PNC reorganizes to better manage its expanded footprint in the West after absorbing BBVA’s American arm last year.

By Robin Bradley • June 14, 2022

Citi's 7,000 new-hire push should come as no surprise

The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.

By Dan Ennis • June 8, 2022

Wells Fargo poaches JPMorgan Chase's retail communications chief

Amy Bonitatibus will join Wells Fargo as head of communications and brand management Sept. 12. Barri Rafferty, that post’s previous occupant, left the bank May 1.

By Robin Bradley • June 8, 2022

NYCB, Flagstar to drop NSF and certain overdraft fees

The banks will eliminate overdraft transfer fees between linked accounts beginning Aug. 1, but they will not go so far as some firms to scrap overdraft entirely.

By Robin Bradley • June 6, 2022

Why a digital operating model is necessary for banks to reach their goals

To meet demands from inside and out, banks need a digitally forward operating model to power the entire enterprise.

June 6, 2022

Wells Fargo employees seek to organize union

Organizers, seeking a pay raise, increased staffing and a chance to discuss recent scandals, said the COVID crisis served as a wake-up call that some policies were unclear or applied unevenly.

By Robin Bradley • June 3, 2022

Pennsylvania's FNB to expand in North Carolina with $117M deal

The Pittsburgh bank's purchase of Union Bank, which is expected to close before the end of 2022, entrenches the Tar Heel State as a "growth engine" for the company.

By Robin Bradley • June 2, 2022

Banks eye first-mover advantage to embracing the metaverse

Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

By Anna Hrushka • June 2, 2022

Fix Wells Fargo 'once and for all,' senator tells CEO Scharf

Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.

By Robin Bradley • June 1, 2022

PNC names new retail banking head

Karen Larrimer is stepping down after 27 years at the Pittsburgh-based financial institution.

By Anna Hrushka • June 1, 2022

CBDC, stablecoins and commercial bank money can coexist, Brainard says

The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.

By Robin Bradley • May 27, 2022

JPMorgan Chase taps PayPal exec Peggy Mangot to head fintech partnerships

The Wells Fargo and Google veteran, who joined the bank this month, leads a team responsible for designing, developing and driving fintech partnership strategy at JPMorgan's commercial bank.

By Anna Hrushka • May 26, 2022

Bank profits dip 6.5% in Q1 amid loan-loss reserve buildup: FDIC

Large banks added to their cushions during 2022's first three months — a reversal from a year earlier — as inflation soared, interest rates increased and Russia invaded Ukraine.

By Robin Bradley • May 25, 2022

How banks might approach M&A amid regulatory revamp

Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.

By Anna Hrushka • May 25, 2022

CBDC would pull deposits away from banks, trade groups tell Fed

A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.

By Robin Bradley • May 24, 2022

Bank of America boosts minimum wage to $22 per hour

The pay raise, coming seven months after a previous $1-per-hour boost, is the latest step in the bank's target to pay employees at least $25 per hour by 2025.

By Robin Bradley • May 23, 2022

Capital One sets date for hybrid return to office

The McLean, Virginia-based bank committed to a hybrid work model that would encourage, but not require, employees to work in the office Tuesday through Thursday beginning in the fall.

By Robin Bradley • May 19, 2022