Ally layoffs could affect more than 500 employees: report

The Detroit-based bank began an effort Monday to shrink headcount by less than 5%, an Ally spokesperson told Bloomberg.

By Dan Ennis • Oct. 4, 2023

Wells Fargo to close South Carolina office, but is doubling down on Chicago

As many as 525 employees may be affected by the closure. The bank, meanwhile, aims to invest $175 million in Chicago, growing its presence to 30 branches from seven.

By Rajashree Chakravarty • Oct. 3, 2023

Explore the 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

Three Arrows Capital co-founder arrested in Singapore

Su Zhu founded crypto hedge fund 3AC with Kyle Davies in 2012. Its bankruptcy 10 years later contributed to the downfall of several crypto companies. Recently, a Singapore court called for jail time.

By Gabrielle Saulsbery • Oct. 2, 2023

Laurentian CEO, chairman resign

Rania Llewellyn was the first woman to run one of the largest banks in Canada. Éric Provost will take the helm, stepping up from his role as personal and commercial banking chief.

By Gabrielle Saulsbery • Oct. 2, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023

8 Truist board members to leave at year-end

Four reached mandatory retirement age, and four others are leaving voluntarily. Truist's inaugural CEO, Kelly King, is among those leaving, though the timing of his departure was set in 2019.

By Dan Ennis • Oct. 2, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Citi to sell China retail-wealth business to HSBC: reports

The deal would mark the latest iteration of Citi’s steps to withdraw from consumer franchises across the globe. HSBC, meanwhile, has pledged to build out its Asian wealth business over the next five years.

By Anna Hrushka • Sept. 28, 2023

BNP Paribas tracking London office badge swipes: report

"Many of our competitors have already implemented similar measures,” the bank said in a memo to BNP employees, according to Reuters.

By Gabrielle Saulsbery • Sept. 28, 2023

DOJ probes UBS, Credit Suisse over sanctions breaches

Credit Suisse’s alleged compliance issues may have caused some Russian clients to avoid sanctions, resulting in a Department of Justice investigation, Bloomberg reported.

By Gabrielle Saulsbery • Sept. 27, 2023

Chase digital bank to ban crypto payments for UK customers

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

By Gabrielle Saulsbery • Sept. 26, 2023

Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?

CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance. 

By Dan Ennis • Sept. 25, 2023

Varo aims to displace Venmo, Cash App volume with new P2P feature

The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

By Anna Hrushka • Sept. 21, 2023

Bank of America boosts minimum hourly wage to $23

If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.

By Rajashree Chakravarty • Sept. 21, 2023

Bank of Utah faces embezzlement lawsuit

Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.

By Gabrielle Saulsbery • Sept. 21, 2023

Goldman in advanced talks to sell GreenSky: reports

The group of potential buyers includes investment firms Sixth Street, Pimco and KKR, according to The Wall Street Journal. A deal would be worth roughly $500 million, the outlet’s sources said.

By Dan Ennis • Sept. 20, 2023

Eastern Bank to buy Cambridge Bancorp for $528M

The merger will create a $27.1 billion combined company, without Eastern’s insurance operations, which will be sold to global insurance brokerage firm Arthur J. Gallagher & Co. for $510 million.

By Gabrielle Saulsbery • Sept. 20, 2023

Rakuten withdraws bid for NCUA charter

The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.

By Anna Hrushka • Sept. 19, 2023

Santander retools its structure

The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.

By Dan Ennis • Sept. 19, 2023

BMO winding down indirect auto loans

The move by the Canadian lender appears to be on-trend, with other lenders also stepping away from their indirect auto loan businesses in a challenging market.

By Gabrielle Saulsbery • Sept. 18, 2023

Wells Fargo ex-exec Tolstedt avoids prison time

A federal judge sentenced the former retail-banking chief to six months of home confinement and three years of probation for her role in connection with the bank's 2016 fake-accounts scandal.

By Dan Ennis • Sept. 15, 2023

No buyer for Laurentian Bank after strategic review

Canada's ninth-largest bank will instead increase its "focus on efficiency and simplification."

By Gabrielle Saulsbery • Sept. 15, 2023

USAA poised to offer no-interest loans as government shutdown looms

USAA said the loans are aimed at assisting customers who are likely to experience a paycheck disruption in the event of a government shutdown.

By Anna Hrushka • Sept. 15, 2023

Citi reboots its management chain

The bank scrapped a structure that split its business between two units, opting instead for five unit chiefs reporting directly to CEO Jane Fraser.

By Dan Ennis • Sept. 13, 2023

Citizens to launch private bank

The Providence, Rhode Island-based lender has gravitated toward the wealthy in recent years, with wealth management acquisitions in 2018 and 2022. Its own full-service private bank is planned for Q4.

By Gabrielle Saulsbery • Sept. 12, 2023