Retail: Page 16
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Banks too slow to address P2P payment scams, CFPB’s Chopra says
“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.
By Anna Hrushka • June 13, 2023 -
Credit Suisse CFO, others out as UBS deal closes
Roughly 20% of the 160 leadership positions at the combined bank are coming from Credit Suisse, a UBS spokesperson told Bloomberg. Meanwhile, Credit Suisse employees must adhere to a few new rules.
By Dan Ennis • June 12, 2023 -
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 -
Column
After TD, First Horizon appears ready for its hot bank summer
Investor events for both banks this week indicate each is eyeing aggressive growth. If they were people, they might be checking each other’s social-media feeds and engaging in a relationship detox.
By Dan Ennis • June 9, 2023 -
Capital One acquires digital concierge service Velocity Black
The bank’s “entrepreneurial spirit and customer-first, tech-led culture align beautifully” with Velocity Black, the startup’s CEO said.
By Rajashree Chakravarty • June 7, 2023 -
JPMorgan Chase to close 21 First Republic branches
Roughly 100 employees will be offered six-month transition assignments, Reuters reported. About 60% of First Republic branches are a five-minute walk from a Chase location, according to Bloomberg.
By Dan Ennis • June 1, 2023 -
Wells Fargo ex-exec Tolstedt to pay $5M to SEC
Tolstedt publicly endorsed Wells Fargo’s “cross-sell metric” as a measure of success, including at investor conferences, despite knowing figures were distorted by bankers opening unauthorized accounts, the agency said.
By Dan Ennis • May 31, 2023 -
Column
Asia’s pushing in. Europe’s pulling out. Mizuho and Citi show it’s not that simple
Japanese banks are doubling down on M&A, as U.S. and European banks forgo retail for wealth.
By Dan Ennis • May 30, 2023 -
TD plans to open 150 US branches by 2027, focus on Southeast
The bank is targeting South Florida, Atlanta and North Carolina — where it would have grown through First Horizon. “In the U.S., we are still a relatively young bank,” CFO Kelvin Tran said. “We have a lot of white spaces there.”
By Dan Ennis • May 26, 2023 -
First Citizens cuts hundreds of SVB veterans
First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”
By Gabrielle Saulsbery • May 25, 2023 -
Citi abandons sale of Mexico retail unit
The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.
By Dan Ennis • May 24, 2023 -
Wells Fargo to pay $1B in fake-accounts class-action settlement
Prior leadership at the bank distorted how quickly it was addressing and fixing risk management systems that allowed sales staff to open millions of phony accounts, plaintiffs alleged.
By Gabrielle Saulsbery • May 16, 2023 -
Banking industry turmoil could spur M&A, experts say
Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.
By Anna Hrushka • May 12, 2023 -
Column
6 strategies revealed in FDIC’s disclosure of SVB bids
PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.
By Dan Ennis • May 11, 2023 -
MoneyLion to add ChatGPT-powered search to its marketplace
MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.
By Anna Hrushka • May 10, 2023 -
Bonuses at regional banks could plunge 20%, consultant finds
Retail and commercial bankers at the U.S.’s global banks could see bonuses jump by 10% to 20%, creating a “have and have-not” scenario. But not all regionals are suffering. First Citizens saw its profit jump 30-fold.
By Dan Ennis • May 10, 2023 -
Concerns over TD’s AML practices sunk First Horizon deal: report
TD’s five-year, $50 billion community benefits agreement has also become a casualty of the failed tie-up.
By Anna Hrushka • May 9, 2023 -
Column
PacWest or Pacific West?: Curbing name confusion, Take 2
An Oregon lender distances itself from the troubled regional with two website notices and a press release.
By Dan Ennis • May 5, 2023 -
Goldman in talks to settle gender discrimination suit: reports
The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.
By Rajashree Chakravarty • May 4, 2023 -
TD, First Horizon terminate $13.4B merger
TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.
By Dan Ennis • May 4, 2023 -
Sen. Brown urges FDIC to review Tellus’ business practices
The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.
By Rajashree Chakravarty • May 3, 2023 -
Greenwood acquires neobank Kinly
The acquisition merges two neobanks that share a similar mission. Both fintechs launched in 2020 with the goal to help underserved communities build generational wealth.
By Anna Hrushka • May 2, 2023 -
JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says
JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.
By Grace Noto • May 1, 2023 -
Global Payments to replace CEO
CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.
By Caitlin Mullen • May 1, 2023 -
JPMorgan Chase to acquire seized First Republic
The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.
By Dan Ennis • May 1, 2023 -
Santander poaches Deutsche’s US chief Riley
The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.
By Dan Ennis • April 27, 2023