Retail: Page 6
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Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
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Santander cuts roughly 320 US jobs: reports
Many of the layoffs are centered on the bank’s retail operations, ahead of the expected launch of a fully digital platform in the U.S. this summer.
By Dan Ennis • March 4, 2024 -
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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 -
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Investors back out of $35M deal with Republic First
The bank failed to meet the terms of their agreement by the deadline, Norcross-Braca Group said. The bank said it remains adequately capitalized.
By Gabrielle Saulsbery • March 1, 2024 -
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Wells Fargo faces new class-action suit over fake-accounts response
A complaint filed Thursday seeks $5 million for customers who received letters from the bank asking them to contact Wells Fargo about being enrolled in unwanted products.
By Rajashree Chakravarty • March 1, 2024 -
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Citi laying off 286 New York-based employees
The staff cuts, set to take effect before May 3, encompass 239 employees in Citi’s primary banking unit, 44 in its global markets broker-dealer and three in a technology unit, according to WARN notices filed with the state.
By Dan Ennis • Feb. 29, 2024 -
Courtesy of State Street
State Street to invest $100M in MDIs, CDFIs
South Carolina-based Optus Bank and North Carolina-based Mechanics & Farmers Bank, two of the oldest Black-owned banks in the nation, are State Street’s first deposit partners for the program.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Courtesy of Green Dot
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 28, 2024 -
Scott Olson via Getty Images
Fed denies TNB master account after 6 years
Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.
By Gabrielle Saulsbery • Feb. 27, 2024 -
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California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees
Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.
By Ken McCarthy • Feb. 26, 2024 -
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HTLF CEO to retire at year-end
Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.
By Dan Ennis • Feb. 26, 2024 -
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Zions Bank CEO to retire April 1
The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.
By Dan Ennis • Feb. 26, 2024 -
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Barclays rolls out reorganization, eyes £10B in shareholder returns
The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.
By Ken McCarthy • Feb. 20, 2024 -
Truist sells rest of insurance arm valued at $15.5B to private-equity firms
Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.
By Gabrielle Saulsbery • Feb. 20, 2024 -
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Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
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Fed unveils 2024 stress test scenarios
The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said.
By Ken McCarthy • Feb. 16, 2024 -
Justin Sullivan via Getty Images
Wells Fargo fake-accounts consent order lifted by OCC
The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.
By Rajashree Chakravarty • Feb. 16, 2024 -
Maks_Lab via Getty Images
HTLF sheds its Montana footprint
The Denver-based institution sold six of its branches in Big Sky Country to Kalispell-based Glacier Bank and three others to Miles City-based Stockman Bank.
By Ken McCarthy • Feb. 15, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC’s City National cuts about 100 employees
The job reductions come in addition to a 5% headcount trim the Los Angeles-based bank’s parent company put in place during the quarter that ended Oct. 31.
By Dan Ennis • Feb. 15, 2024 -
Mario Tama via Getty Images
Morgan Stanley to cut several hundred wealth management jobs: reports
Affected employees — mostly non-customer-facing employees and a number of roles made redundant by the E*Trade deal — could be notified this week, sources told The Wall Street Journal.
By Dan Ennis • Feb. 15, 2024 -
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PNC wants to open 100 new branches by 2028
The bank pledged to invest roughly $1 billion to open locations in cities such as Dallas, Denver and Houston, and to renovate existing branches.
By Rajashree Chakravarty • Feb. 14, 2024 -
Permission granted by Citizens Financial Group
Citizens taps JPMorgan vets to lead private bank
The Rhode Island-based lender opened its first private banking office in Boston and said it plans to open offices in Palm Beach, Florida, and Mill Valley, California, this year.
By Rajashree Chakravarty • Feb. 9, 2024 -
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Fed ends enforcement action against Farmington State Bank
The small Washington state-based bank was heavily tied to FTX before the crypto exchange's implosion.
By Gabrielle Saulsbery • Feb. 7, 2024 -
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JPMorgan wants to open 500 branches in next 3 years
The bank is looking to expand in areas such as Boston, Charlotte, Minneapolis, Philadelphia and Washington D.C. — but aims to close another 30 First Republic locations.
By Rajashree Chakravarty • Feb. 6, 2024 -
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Truist sells asset-management arm in $70M deal
Toronto-based Guardian Capital has agreed to buy Sterling Capital Management, which has roughly $76 billion in assets under management and advisement.
By Gabrielle Saulsbery • Feb. 5, 2024 -
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ColumnDive Deposits: Inside the ‘takeover attempt’ at a long-standing Black bank
An investment fund has sought since August to take control of Carver Federal Savings Bank. The bank finally fought back using its aggressor’s favorite weapon.
By Dan Ennis • Feb. 2, 2024
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