Retail: Page 39
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Cambridge Savings Bank launches digital bank to expand national reach
The Massachusetts-based bank said its "Ivy Bank" platform has been in the works for the past two years and will aim to compete with other digital-only banks in the marketplace.
By Anna Hrushka • July 19, 2021 -
Courtesy of Wells Fargo multimedia resources
Return to the officeWells Fargo lays out two-wave strategy for office return
Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.
By Dan Ennis • Updated July 27, 2021 -
Explore the Trendline➔
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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 -
Unsplash / Tech Daily
Sponsored by StatfloThe frictionless customer journey in banking starts with text messaging
Find out how to create the frictionless digital banking experience customers now expect.
July 19, 2021 -
Justin Sullivan via Getty Images
SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
By Anna Hrushka • July 16, 2021 -
Truist Financial
Truist reports 73% Q2 profit amid loan-loss reserve release
"To thrive in today's world requires a deep commitment to continuously re-evaluating yesterday's activities and expenses associated with that, so that we can afford to invest in new activities for today's demands," CEO Kelly King said.
By Anna Hrushka • July 15, 2021 -
Permission granted by U.S. Bank
U.S. Bank sees Q2 profit nearly triple to just under $2B
The bank released fewer loan-loss reserves than in the first quarter, dropping net income in the shorter term. But the push and pull of loans and deposits appeared to reveal a recovering consumer base.
By Dan Ennis • July 15, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo charges ahead to $6B Q2 profit
A $1.6 billion loan-loss reserve release — and an 8.3% drop in noninterest expenses, buoyed by a 5,000-person headcount cut — drove the bank's surge.
By Dan Ennis • July 14, 2021 -
David McNew via Getty Images
Bank of America's Q2 profit soars as low interest rates dent revenue
A $2.2 billion loan-loss reserve release buoyed the nation's second-largest bank as it anticipates an economic rebound from the COVID-19 pandemic.
By Anna Hrushka • July 14, 2021 -
Justin Sullivan via Getty Images
Citi's Q2 profit jumps more than fivefold, but revenue slumps
"While we have to be mindful of the unevenness in the recovery globally, we are optimistic about the momentum ahead," CEO Jane Fraser said Wednesday.
By Dan Ennis • July 14, 2021 -
Permission granted by Frost Bank
Overdraft alternativesFrost Bank gives direct deposit customers early paycheck access
The product follows an overdraft grace feature the bank rolled out in April that gives direct deposit enrollees protection when they overdraw their checking accounts on transactions up to $100.
By Anna Hrushka • July 13, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's Q2 profit more than doubles amid slight drop in revenue
The bank said its reserves for credit losses remain at $22.6 billion, an amount CFO Jeremy Barnum said reflects the remaining uncertainty around the COVID-19 pandemic and the shape of the economic recovery.
By Anna Hrushka • July 13, 2021 -
Mark Wilson via Getty Images
Deep Dive // Overdraft alternativesRethinking overdraft
While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.
By Anna Hrushka • July 12, 2021 -
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U.S. Bank boosts unit to advise local governments on asset management
The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.
By Dan Ennis • July 12, 2021 -
Retrieved from The White House/YouTube on January 29, 2021
Biden executive orders target bank mergers, financial data sharing
One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.
By Anna Hrushka • July 9, 2021 -
Szekely, Pedro. (2017). "Chicago Skyline" [Photograph]. Retrieved from Flickr.
Billie Jean King-backed de novo to open this fall
Chicago-based First Women's Bank said it raised more than $30 million through its private placement offering with the support of an investor group including Bank of America, Fidelity Investments and the tennis legend.
By Anna Hrushka • July 8, 2021 -
Chime customers file hundreds of CFPB complaints over locked accounts: report
In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.
By Anna Hrushka • July 7, 2021 -
Chime, Current lead US banking app downloads in first half of 2021: report
The top 10 digital-first banking apps in the U.S. recorded 16.33 million installs during the first half of 2021, according to a report that indicated European neobanks are lagging their U.S.-based competitors in market share gains.
By Anna Hrushka • July 6, 2021 -
Mark Wilson via Getty Images
Fintech Karat aims to become influencers' bank, raises $26M
The company plans to move beyond credit cards and offer a suite of tools, including bank accounts and tax preparation services, for the creator economy.
By Anna Hrushka • July 2, 2021 -
Alex Wroblewski via Getty Images
Column // Return to the office
Banks prepare for 2021's second act with office-return, banker-pay pledges
Like any good drama, last week provided a recap of several long-running narratives in banking before the industry launches into 2021's latter half.
By Dan Ennis • July 2, 2021 -
Justin Sullivan via Getty Images
Wealth management fintech gets boost from Florida community bank
A $2.5 million investment from Coral Gables-based Amerant Bank accounted for half of a Series A funding round for Marstone, whose CEO says the pandemic has accelerated every institution's digital roadmap.
By Anna Hrushka • June 30, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase eyes 3rd fintech acquisition in the past year
The latest tie-up follows a busy year of deal activity for the U.S.'s largest bank, which is also eyeing growth opportunities in the U.K. and Brazil.
By Anna Hrushka • June 29, 2021 -
Overdraft alternativesTD Bank introduces no overdraft-fee account, revises overdraft policy
The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.
By Anna Hrushka • June 28, 2021 -
Permission granted by Majority
Neobanks expand, add products for US immigrant market
Majority secured $19 million in seed funding to help it expand nationally. Remitly's Passbook debuted a series of new features. And Fair officially launched.
By Anna Hrushka • June 25, 2021 -
Chip Somodevilla via Getty Images
Overdraft alternativesTiming is right for overdraft legislation, lawmaker says
Rep. Carolyn Maloney, D-NY, who has introduced the Overdraft Protection Act every Congress since 2009, said the COVID-19 pandemic has highlighted the need for more transparency in banks' overdraft practices.
By Anna Hrushka • June 24, 2021 -
Matt Cardy/Getty via Getty Images
HSBC to sell French retail banking operations to Cerberus-backed entity
Europe's largest lender expects to take a $3 billion hit as part of the deal, which is set to close during the first half of 2023.
By Dan Ennis • June 21, 2021
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