Retail: Page 29
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Courtesy of Wells Fargo multimedia resources
Fix Wells Fargo 'once and for all,' senator tells CEO Scharf
Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.
By Robin Bradley • June 1, 2022 -
Jeff Swensen via Getty Images
PNC names new retail banking head
Karen Larrimer is stepping down after 27 years at the Pittsburgh-based financial institution.
By Anna Hrushka • June 1, 2022 -
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TrendlineTop 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 -
Courtesy of https://www.varomoney.com/press/
Varo Bank could run out of funds by year-end, filing shows
The bank reported $263 million in equity and a burn rate of $84 million in 2022's first quarter. It has cut 65 employees since the previous quarter. However, the bank doesn't need to raise more capital, its CEO said.
By Anna Hrushka • May 31, 2022 -
Neilson Barnard/Getty via WireImages
4 takeaways from Morgan Stanley's annual meeting
CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.
By Dan Ennis • May 31, 2022 -
Anna Hrushka/Banking Dive
Bank profits dip 6.5% in Q1 amid loan-loss reserve buildup: FDIC
Large banks added to their cushions during 2022's first three months — a reversal from a year earlier — as inflation soared, interest rates increased and Russia invaded Ukraine.
By Robin Bradley • May 25, 2022 -
Delmaine Donson via Getty Images
How banks might approach M&A amid regulatory revamp
Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.
By Anna Hrushka • May 25, 2022 -
Mark Wilson via Getty Images
CBDC would pull deposits away from banks, trade groups tell Fed
A U.S. digital dollar would take $720 billion in deposits out of banks even if the central bank were to cap accounts at $5,000 per "end user," the American Bankers Association wrote in a letter.
By Robin Bradley • May 24, 2022 -
Justin Sullivan / Staff via Getty Images
Bank of America boosts minimum wage to $22 per hour
The pay raise, coming seven months after a previous $1-per-hour boost, is the latest step in the bank's target to pay employees at least $25 per hour by 2025.
By Robin Bradley • May 23, 2022 -
Permission granted by Stretch
Neobank Stretch wants to bank individuals with a conviction history
Stretch is zeroing in on the struggles the formerly incarcerated face, pain points that are not adequately addressed in the mainstream banking system, Founder Yasaman Hadjibashi said.
By Anna Hrushka • May 19, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo taps former JPMorgan exec to head financial advisory unit
The firm selected Sol Gindi, a former C-suite executive for JPMorgan's wealth management and consumer banking businesses, to replace Jim Hays as the head of Wells Fargo Advisors.
By Robin Bradley • May 17, 2022 -
FG Trade via Getty Images
AmEx, Discover get top marks in direct banks survey
The No. 3 and No. 4 card companies, which also hold bank licenses, scored highly in customer satisfaction among online-only banks, J.D. Power found.
By Caitlin Mullen • May 16, 2022 -
Delmaine Donson via Getty Images
Regions names new chief transformation officer, head of consumer banking
The Birmingham, Alabama-based regional bank is shuffling its executive leadership team before revamping its core operating systems.
By Robin Bradley • May 16, 2022 -
H. Armstrong Roberts via Getty Images
Michigan credit union to buy Florida bank in 7th such deal of 2022
DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.
By Robin Bradley • May 13, 2022 -
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Neobank HMBradley launches search for 'honorary founder'
CEO Zach Bruhnke said the contest, which comes with a $25,000 prize, is a tongue-in-cheek nod to firms like JPMorgan or Goldman Sachs' Marcus, which derive their names from their founders.
By Anna Hrushka • May 12, 2022 -
Permission granted by Current
Current wades into embedded banking with launch of API platform
The neobank announced Plaid as its first partner, a tie-up the two firms said will enable Current’s customers to access more than 6,000 apps and services powered by the data aggregator’s network.
By Anna Hrushka • May 11, 2022 -
Permission granted by U.S. Bank
U.S. Bank lays out $100B community benefits plan tied to merger
U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.
By Robin Bradley • May 10, 2022 -
Courtesy of KeyBank
KeyBank buys student loan forgiveness fintech
Financial terms of the GradFin purchase were not disclosed, but the business dovetails with the bank's previous acquisition and tailoring of Laurel Road.
By Dan Ennis • May 10, 2022 -
Wall Street bonuses could crater up to 40% this year
Investment banking underwriters' bonuses could fall up to 40% from 2021, according to pay consultancy Johnson Associates. Fixed-income traders, however, could see bonuses jump 20%, the company said.
By Robin Bradley • May 6, 2022 -
Drew Angerer via Getty Images
Bank of America, JPMorgan, Goldman consider abortion travel policies
"With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.
By Anna Hrushka • May 6, 2022 -
OlyaSolodenko/iStock via Getty Images
Democratic senators zero in on overdraft fees at hearing
Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.
By Robin Bradley • May 5, 2022 -
Fotolia
Banking trade group CBA names next CEO
Lindsey Johnson will become the first woman to lead the group upon the retirement of longtime chief Richard Hunt this summer.
By Robin Bradley • May 4, 2022 -
David McNew via Getty Images
CFPB fines Bank of America $10M over illegal garnishments
The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.
By Anna Hrushka • May 4, 2022 -
Permission granted by Truist
Truist buys gamified finance app Long Game
Long Game, which uses prize-linked games to encourage smart financial habits, aims to help banks and credit unions with client retention and account growth, particularly among Gen Z and millennial customers.
By Anna Hrushka • May 3, 2022 -
Permission granted by U.S. Bank
U.S. Bank rolls out Spanish-language voice assistant for mobile app
The Minneapolis lender cites a study indicating 25% of Hispanic Americans are "smartphone-only" internet users — double the proportion of White adults.
By Robin Bradley • May 2, 2022 -
Permission granted by First Internet Bank
First Century Bank scraps First Internet deal
The Federal Reserve signed off on the combination April 29, but the banks couldn't close the tie-up by an April 30 deadline because of statutory waiting periods, and could not agree on extension terms, First Internet said.
By Dan Ennis • May 2, 2022
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