Retail
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Kraken decries crypto de-banking amid Metro Bank ban
Metro is one of several U.K. lenders to impose a bar or limit on deposits into crypto exchanges. A Metro Bank spokesperson says the thrust is to curb fraud.
By Gabrielle Saulsbery • Dec. 19, 2024 -
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Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
The bank “negligently made” materially misleading statements after a hack that resulted in the theft of 1.5 million customers’ personally identifying information.
By Gabrielle Saulsbery • Dec. 19, 2024 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
TrendlineCustomer service
Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.
By Banking Dive staff -
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TrackerA running list of BaaS banks hit with consent orders in 2024
Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.
Dec. 18, 2024 -
Ohio’s Northwest to acquire Penns Woods in $270.4M deal
Buying the holding company for Jersey Shore State Bank and Luzerne Bank will give Northwest 24 added Pennsylvania locations and create a $17 billion-asset bank.
By Dan Ennis • Dec. 18, 2024 -
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Berkshire, Brookline ink $1.1B merger
The Massachusetts banks will together create a $24 billion-asset, 148-branch institution in a transaction expected to close in the second half of 2025.
By Gabrielle Saulsbery • Dec. 17, 2024 -
Spencer Platt / Staff via Getty Images
Flagstar makes 2nd CFO change this year
Lee Smith, the bank’s president of mortgage, will take over as chief financial officer Dec. 27, as Craig Gifford will “reengage in personal endeavors outside of banking,” Flagstar said. Gifford joined Flagstar in April.
By Dan Ennis • Dec. 17, 2024 -
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SouthState, Independent deal approved by Fed
The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.
By Dan Ennis • Dec. 13, 2024 -
Spencer Platt / Staff via Getty Images
Scotiabank gets Fed’s approval to take bigger KeyBank stake
The earlier-than-expected green light will let the Canadian lender proceed to Phase 2 of its investment — a $2 billion infusion and the right to name two directors to the Cleveland bank’s board.
By Dan Ennis • Dec. 13, 2024 -
Courtesy of Ally Financial
Ally CEO indicates card business not a core focus
“In a world of limited capital and limited expenses,” the bank’s next dollar is “not going to go there, despite the fact that it’s a very strong business,” Michael Rhodes said of Ally’s card unit.
By Caitlin Mullen • Dec. 13, 2024 -
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Nonbranch Wells Fargo workers vote to unionize
A group of conduct management investigators spread across the country voted to join Wells Fargo Workers United. The National Labor Relations Board certified the vote Tuesday.
By Gabrielle Saulsbery • Dec. 12, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC’s Demchak: De-regulation clamor is overblown
“I think people are a little bit too excited … that they’re just going to let everybody run free here,” the Pittsburgh bank's CEO said. “I don’t see that at all.”
By Caitlin Mullen • Dec. 11, 2024 -
Kiran Ridley via Getty Images
Could a French bank foil UniCredit’s play for Banco BPM?
Crédit Agricole boosted its stake in BPM — borrowing a strategy UniCredit used on Commerzbank. The French bank insists it doesn’t aim to buy BPM. The Italian government seems OK with that.
By Dan Ennis • Dec. 9, 2024 -
Courtesy of PNC
Q&APNC leans into branch staff with hospitality industry roots
“It’s a mindset,” one executive said. “We want people that are client advocates, that can drive the hospitable environment that we’re looking for, but also have the intellect, the curiosity to help.”
By Caitlin Mullen • Dec. 9, 2024 -
Kate Tornone/Banking Dive
Citizens tweaks features, eyeing primacy for customers
Recent upgrades to the super-regional’s digital experience are aimed at fueling primacy with clients, a Citizens executive said, as banks vie to be their customers’ No. 1.
By Caitlin Mullen • Dec. 6, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo to lay off hundreds in Oregon
The Hillsboro and Salem offices, with 500 and 221 employees, respectively, might be impacted by the lender’s decision to pull out of these locations, according to a WARN notice filed Tuesday.
By Rajashree Chakravarty • Dec. 5, 2024 -
Drew Angerer / Staff via Getty Images
TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
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Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
Permission granted by Fifth Third Bank
Fifth Third uses heat mapping to plot where to put new branches
A tool to analyze existing retailers, competitor presence, local income and cell phone data is helping the super-regional place 200 added locations by 2028.
By Gabrielle Saulsbery • Dec. 4, 2024 -
Tomas Kozak via Getty Images
United Community Banks to deepen Miami-area footprint in $80M deal
The South Carolina-based lender will buy American National Bank in its sixth acquisition since 2018.
By Dan Ennis • Dec. 4, 2024 -
TomasSereda via Getty Images
Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
"U.S. Securities and Exchange Commission headquarters in Washington, D.C., near Union Station" by AgnosticPreachersKid is licensed under CC BY 3.0
SEC settles ransomware case against ICBC unit
The agency opted not to impose a fine on the U.S. unit of China's largest bank, which had difficulty updating system books and records after a 2023 cyberattack.
By Rajashree Chakravarty • Dec. 3, 2024 -
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Fed approves United-Piedmont merger
The Federal Reserve cleared United Bank to proceed with its proposed $267 million acquisition of Piedmont Bancorp less than seven months after the deal was announced.
By Rajashree Chakravarty • Dec. 2, 2024 -
Spencer Platt / Staff via Getty Images
Citi separates Mexico retail ops from institutional business
The move sets up the bank to spin off Banamex in an IPO, as planned. The timing of that will depend on regulatory approval, but the bank has long targeted next year.
By Dan Ennis • Dec. 2, 2024 -
PaoloGaetano via Getty Images
BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024
