Retail: Page 10

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    Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

    “I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

    By • Nov. 15, 2023
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    First Citizens unveils updated $6.5B community benefits plan

    The commitment, recognizing Silicon Valley Bank’s pre-existing relationships, extends the bank's community support to Northern California and Massachusetts, First Citizens said.

    By • Nov. 15, 2023
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    Trendline

    Top 5 stories from Banking Dive

    Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

    By Banking Dive staff
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    The ax falls at Citi and Wells

    Citi was set to begin informing employees Wednesday about job cuts, CNBC reported. Meanwhile, Wells Fargo is cutting 40 to 50 corporate and investment banking jobs.

    By • Nov. 15, 2023
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    Truist names COO, hires away Wells Fargo exec

    Vice Chair Beau Cummins will become chief operating officer immediately, Truist said. Meanwhile, Kristin Lesher will join the bank as chief wholesale banking officer in February from Wells Fargo.

    By • Nov. 15, 2023
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    Another Fifth Third alum joins City National as next CFO

    Chris Doll, Fifth Third's head of investor relations, joins the Royal Bank of Canada subsidiary Nov. 27, after Greg Carmichael and Howard Hammond.

    By • Nov. 14, 2023
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    GOP senators blast capital-requirements proposal ahead of hearing

    Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

    By • Nov. 14, 2023
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    FTX sues Bybit for $953M

    The bankrupt crypto exchange accused Bybit of holding hundreds of millions of dollars in assets “hostage” after they were transferred off FTX by Bybit affiliate Mirana shortly before FTX’s collapse.

    By • Nov. 14, 2023
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    Associated Bank lays off 3%: report

    The layoffs, which amount to around 120 of its 4,000 employees, are to cut costs while the bank furthers the strategic initiative it announced in 2021.

    By • Nov. 13, 2023
  • Buy now pay later
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    BNPL companies face grim outlook, Moody’s says

    Fierce competition, persistent losses and regulatory constraints are likely to push some players out of the buy now, pay later market, Moody’s predicted.

    By Lynne Marek • Nov. 13, 2023
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    City National names Fifth Third exec as its next CEO

    Outgoing CEO Kelly Coffey will remain with the Royal Bank of Canada subsidiary as CEO of City National Entertainment, the Los Angeles-based lender said Friday.

    By • Nov. 13, 2023
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    Revolut appoints interim CFO as it races to meet filing deadline

    Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

    By Grace Noto • Nov. 10, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo execs expect asset cap to extend into 2025: report

    The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

    By • Nov. 9, 2023
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    Citi fined $25.9M over alleged discrimination

    The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

    By • Nov. 8, 2023
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB proposes new oversight for payment tech firms

    Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

    By Lynne Marek , James Pothen • Nov. 7, 2023
  • A close up of the Department of Treasury seal on the front of the headquarters with "the Department of Treasury" and "1789" on an outer circle and a shield with the scales of justice up top and a key.
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    Iowa community bank becomes 5th to fail this year

    The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

    By • Nov. 7, 2023
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    Regions Bank partners with credit-building fintech

    Through a new partnership with Self Financial, Regions customers can have their rent, cell phone and utility payments reported to the three major credit bureaus.

    By • Nov. 7, 2023
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist CFO: Structure reorg is key to $750M cost-cutting plan

    CFO Mike Maguire says the bank is making good progress, as it grapples with a string of high-profile executive departures.

    By • Nov. 7, 2023
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    Citi considers 10% job reduction in major units: report

    Chiefs of staff and chief administrative officers across the bank will be cut this month, sources told CNBC. The firm has reportedly hired Boston Consulting Group to help it carry out the plan.

    By • Nov. 6, 2023
  • A cityscape photographed at dusk, featuring the global headquarters of Goldman Sachs Company in center left, set in contrast to older buildings along New York's financial district.
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    JayLazarin via Getty Images
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    Goldman promotes 608 execs to managing director

    Around 47% of the class hails from Goldman’s investment banking and trading arm, a figure that reflects the firm’s efforts to refocus on core competencies, following a retreat from retail banking.

    By • Nov. 3, 2023
  • Blocks show the words "buy now pay later"
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    Breaking down buy now, pay later

    After its pandemic-era growth spurt, buy now, pay later has gone mainstream in consumer payments. But changing economic conditions are forcing the installment trend to evolve.

    By • Nov. 3, 2023
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    Trust in banks remains steady, while fintechs have ground to cover: survey

    The percentage of U.S. adults who say they trust banks and credit unions has held steady even in the wake of the collapse of Silicon Valley Bank and other regional lenders.

    By • Nov. 2, 2023
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    SEC investigates Wells Fargo’s cash sweep feature

    The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. 

    By • Nov. 1, 2023
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    georgeclerk via Getty Images
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    BMO to lay off 228 in California

    The Canadian lender continues to shed positions following its acquisition of San Francisco-based Bank of the West in February.

    By • Nov. 1, 2023
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    Charlie, a neobank for retirees, raises fresh capital to fight fraud

    After closing a $23 million Series A round, the fintech plans to launch a set of anti-fraud tools designed specifically for the 62+ population.

    By • Oct. 31, 2023
  • People stand in front of an illuminated stage at Money20/20.
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    What bank, fintech execs are saying about AI

    Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

    By , • Oct. 30, 2023