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The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB blasts 'junk fees' in new salvo against overdraft, other charges
The bureau is seeking comments from the public through March 31 concerning fees on bank accounts, credit cards and other financial products that may be seen as excessive or unexpected.
By Robin Bradley • Jan. 27, 2022 -
Drew Angerer via Getty Images
Bank of America to give restricted-stock bonuses to rank and file
Full-time U.S. employees making less than $500,000 a year will get 65 to 600 restricted stock units, which will vest over four years. The bank also bumped salaries by $100,000 for directors and managing directors in some silos.
By Robin Bradley • Updated Jan. 27, 2022 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
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 -
Sean Pavone/iStock/Getty Images Plus via Getty Images
Big banks gear up to return to office despite omicron variant
Citi, Goldman Sachs and others have set hard dates for when workers are expected to return, while Wells Fargo and Capital One are taking a wait-and-see approach.
By Robin Bradley • Jan. 25, 2022 -
Courtesy of Wells Fargo multimedia resources
US banks close 2,927 branches in 2021, a 38% jump
Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.
By Robin Bradley • Jan. 24, 2022 -
Alex Wroblewski via Getty Images
JPMorgan Chase boosts Dimon's compensation 9.5%, to $34.5M
With the package, Dimon would regain his place as the best-paid CEO among the U.S.'s top six banks. JPMorgan's board cited 2021's record profit and revenue, a 23% return on tangible common equity and numerous acquisitions.
By Dan Ennis • Jan. 21, 2022 -
Permission granted by U.S. Bank
U.S. Bank's Q4 profit jumps 10% on reserve release
This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.
By Robin Bradley • Jan. 19, 2022 -
Permission granted by Truist
Truist sees 24% jump in Q4 profit
CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.
By Dan Ennis • Jan. 18, 2022 -
Jeff Swensen via Getty Images
PNC reports 10% dip in Q4 profit
The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.
By Robin Bradley • Jan. 18, 2022 -
Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit
About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.
By Dan Ennis • Updated Jan. 18, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's Q4 profit skyrockets 86%
The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.
By Robin Bradley • Jan. 14, 2022 -
Alex Wroblewski via Getty Images
Dimon: 'We're not going to pay you not to work in the office'
JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."
By Robin Bradley • Jan. 11, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief risk officer to retire in June
"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.
By Robin Bradley • Updated Jan. 19, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander finds itself in a Citi moment with $175M error
In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.
By Dan Ennis • Jan. 5, 2022 -
Chris Hondros via Getty Images
JPMorgan to pay $200M in SEC, CFTC fines over record-keeping failures
The bank in June ordered staff to save relevant texts from as early as 2018 made on personal devices and on messaging platforms until the company's legal department said otherwise, Bloomberg reported.
By Anna Hrushka • Dec. 17, 2021 -
Permission granted by Customers Bank
Customers Bank plays up 'fintech-forward' focus in rebrand
The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."
By Anna Hrushka • Dec. 16, 2021 -
Jack Taylor / Stringer via Getty Images
Crypto custody firm Anchorage Digital raises $350M in $3B valuation
The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.
By Anna Hrushka • Dec. 15, 2021 -
Justin Sullivan via Getty Images
Citi levels up gender diversity in managing director class
Women comprise 34.6% of the 306 employees promoted Monday, an uptick of more than 5 percentage points over last year. But the figure falls short of a goal of 40% the bank pushed in 2018.
By Dan Ennis • Dec. 14, 2021 -
From Greenwood Energy (used with permission)
'Profit with a purpose': Mission-driven banks find value in partnerships
Balancing an environmental, social and governance mission with the pursuit of profit can present unique challenges for startup banks.
By Anna Hrushka • Dec. 13, 2021 -
Permission granted by Office of the Comptroller of the Currency
Crypto, cybersecurity and climate in focus in OCC risk report
"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.
By Anna Hrushka • Dec. 7, 2021 -
Courtesy of FDIC
Bank profits jump nearly 36% year over year in Q3, FDIC says
However, net income has fallen 1.2% from this year's second quarter, as banks release fewer loan loss reserves that had been set aside earlier in the COVID-19 pandemic.
By Robin Bradley • Dec. 1, 2021 -
Daniel Berehulak via Getty Images
UBS poaches next CFO from JPMorgan Chase
Sarah Youngwood, JPMorgan's CFO of consumer and community banking since 2016, will join the Swiss bank's executive board in March. Bori Cox will replace Youngwood at JPMorgan.
By Dan Ennis • Updated Dec. 22, 2021 -
Chris Hondros via Getty Images
UK fintech Thought Machine surpasses $1B valuation
The company raised $200 million in its most recent funding round, which it said will provide capital for the continued development of its SaaS product Vault, already in use by JPMorgan Chase.
By Robin Bradley • Nov. 29, 2021 -
Permission granted by Citigroup
Citi names crypto team chief, looks to hire 100 more in digital asset effort
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
By Robin Bradley • Nov. 23, 2021 -
Courtesy of KeyBank
KeyBank buys fintech XUP to streamline merchant payments business
The acquisition will help the bank address challenges regarding its legacy infrastructure, and help it create a singular experience for its merchant clients, KeyBank's head of commercial product and innovation said.
By Anna Hrushka • Nov. 23, 2021 -
Alex Wroblewski via Getty Images
JPMorgan to reimburse Hong Kong bankers up to $5K for quarantine costs
The funds are meant to mitigate the cost of the city's harsh COVID-19 restrictions and help bank employees finance personal trips.
By Robin Bradley • Updated Nov. 24, 2021
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