OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023

Banker leaves Citi after report of Epstein meetings

Citi opened an investigation last week after executives learned that Paul Barrett, while at JPMorgan Chase, scheduled at least five meetings with the now-late convicted sex offender between 2014 and 2017.

By Dan Ennis • April 26, 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

Binance.US abandons $1.3B Voyager acquisition

It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer.

By Gabrielle Saulsbery • April 26, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

Is the TD-First Horizon deal any closer?

The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."

By Dan Ennis • April 21, 2023

Wells Fargo workers’ union effort pushes shareholder proposal

Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended voting in favor of a policy recognizing workers’ rights to organize.

By Gabrielle Saulsbery • April 19, 2023

Goldman confirms it’s exploring sale of fintech GreenSky

The comments lend more structure to CEO David Solomon’s assertion, at Goldman’s investor day in February, that the bank was “considering strategic alternatives” for its consumer business.

By Anna Hrushka • April 19, 2023

Barclays to cut 100 investment-banking jobs this week

The move marks at least the second headcount reduction at the bank within the past five months. The layoffs won’t be confined to one country or function within the business, sources told Sky News.

By Dan Ennis • April 17, 2023

Truist cuts about 80 jobs

The bank plans to stop sales and trading of mortgage-backed securities and government-agency bonds by January, Bloomberg reported Thursday.

By Rajashree Chakravarty • April 14, 2023

Wells Fargo exec Mary Mack to retire this summer

Mack helped navigate the firm through its 2016 fake-accounts scandal and held leadership roles in consumer banking, brokerage, commercial banking and corporate and investment banking over 40 years at Wells.

By Anna Hrushka • April 14, 2023

U.S. Bank names new CFO in C-suite shuffle

The bank's current CFO, Terry Dolan, will become vice chair and chief administrative officer. Gunjan Kedia, the bank's wealth-management chief, will oversee corporate and commercial banking.

By Rajashree Chakravarty • April 13, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

First Republic to suspend dividend on preferred stock

The San Francisco lender is not the only midsize bank to make changes at the board level. A director at Western Alliance, which saw its stock drop 82% last month, is resigning.

By Rajashree Chakravarty • April 10, 2023

6 dead, several injured in Louisville bank building shooting

Connor Sturgeon, 25, opened fire inside a conference room during a staff meeting, a witness told CNN. He had been notified that he would be fired, a second source told the network.

By Dan Ennis • April 10, 2023

Walmart sues Capital One to end credit-card deal

Capital One failed to meet standards outlined in the contract, such as issuing replacement cards and promptly processing payments and posting transactions, Walmart alleged.

By Anna Hrushka • April 10, 2023

Current’s ex-head of talent sues neobank in alleged discrimination

Isabelle Mitura, a tech recruiter, alleges Current’s head of people demeaned her in front of colleagues on multiple occasions, referring to her as "an old Asian woman with no kids.”

By Anna Hrushka • April 7, 2023

TD launches web accessibility tool

Key features include adjustable font size, dyslexia-friendly fonts, dark mode, monochrome mode and bionic reading, where the first few letters of the word are made bold.

By Rajashree Chakravarty • April 7, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

Neobank Aspiration to cut more than 180 jobs

The layoffs, part of a companywide restructuring, span multiple departments at the climate-conscious neobank and include the firm’s chief of staff and chief administrative officer.

By Anna Hrushka • April 6, 2023

Acorns targets next generation of customers in GoHenry deal

A longer-term investing horizon, coupled with calls for increasing financial literacy among teens, make the youth market an attractive target for the investing fintech.

By Anna Hrushka • April 5, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

Dutch neobank Bunq applies for US bank license

Bunq CEO Ali Niknam said the neobank is expanding to the U.S. to serve European expatriates “with strong ties to both sides of the Atlantic.”

By Anna Hrushka • April 4, 2023

Republic First Bank CEO to customers, investors: We are not First Republic

What's in a name? Confusion, apparently.

By Gabrielle Saulsbery • April 3, 2023