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

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

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M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

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

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

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

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

Banks, fintechs navigate market's appetite for crypto amid pending regulatory guidance

From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.

By Anna Hrushka • Nov. 22, 2021

OCC orders Chicago bank entangled in Manafort scandal to boost controls

Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.

By Robin Bradley • Nov. 19, 2021

U.S. Bank to buy travel and expense management fintech TravelBank

After a yearlong partnership, the Minneapolis lender opted to buy the fintech outright, in a deal reportedly worth $200 million.

By Robin Bradley • Nov. 17, 2021

Wall Street bankers, traders may see biggest bonus windfall since 2009

A flurry of deals and a fertile crop of initial public offerings have translated to bigger workloads for bankers and mounting concerns that talent may leave if the price isn't right, a pay consultancy said Tuesday.

By Dan Ennis • Nov. 16, 2021

Florida-based digital de novo gets FDIC approval

Locality's goal is to fill the gaps in community banking, said CTO Corey LeBlanc, adding the bank looks at problem solving through a "first-principle lens."

By Anna Hrushka • Nov. 16, 2021

Connecticut bank, fintech propose merger eyeing digital national lender

Stamford-based Patriot National Bank will pay $119 million to buy American Challenger Development Corp., a company that had been pursuing a de novo charter, in a deal announced Monday.

By Robin Bradley • Nov. 15, 2021

BM Technologies to buy Seattle community bank to 'accelerate earnings power'

The $23 million deal, set to close in the second half of 2022, will allow BM Technologies to supplement fee-based income with net interest income, CEO Luvleen Sidhu said.

By Anna Hrushka • Nov. 15, 2021

Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations

The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.

By Robin Bradley • Nov. 10, 2021

First Horizon poaches its next CFO from Truist

First Horizon's CEO said Hope Dmuchowski's merger experience gives her a "unique understanding." Dmuchowski had worked at BB&T before the 2019 Truist merger. First Horizon last year merged with IberiaBank.

By Dan Ennis • Nov. 10, 2021

Allegiance, CBTX eye merger to form $11B-asset bank

The all-stock deal between the two largest community banks in Houston is expected to close in the second quarter of 2022, the banks said Monday.

By Robin Bradley • Nov. 9, 2021

Hiring tech talent a 'major priority' for Chase, CIO says

As competition heats up in the hiring space, some large banks are leveraging flexibility in the form of hybrid work schedules and larger salaries.

By Robin Bradley • Nov. 8, 2021

Trade group calls for Congress to ease restrictions on hiring ex-offenders

The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.

By Anna Hrushka • Nov. 8, 2021

Toomey cautions against proposal to regulate stablecoin issuers as banks

"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.

By Anna Hrushka • Nov. 5, 2021

Digital bank Jiko accelerates banking-as-a-service strategy

The Jiko app is still available for consumers to download, and the company plans to keep enhancing its features, but its main use will serve as a "showroom" for Jiko's technology, CEO Stephane Lintner said.

By Anna Hrushka • Nov. 4, 2021

First Internet Bank to expand into payments with $80M First Century purchase

First Internet CEO David Becker said the deal solidifies the bank's position as a "growth-oriented financial services company," and First Century’s payments business will be a key source of revenue going forward.

By Anna Hrushka • Nov. 3, 2021

JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power

The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.

By Robin Bradley • Nov. 1, 2021

Citi makes COVID-19 vaccine mandatory for 65,000 US employees

In a LinkedIn post, the bank's HR chief cited compliance with a White House executive order. Employees who submit proof of vaccination by Dec. 8 will receive $200. Others have until Jan. 14 to get the jab, the bank said.

By Robin Bradley • Oct. 29, 2021

Valley Bank unveils payments app for cannabis businesses

Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.

By Anna Hrushka • Oct. 27, 2021

Citi agrees to undergo racial audit

The bank joins institutions such as BlackRock and Morgan Stanley in agreeing to such a probe. Shareholders held off on the prospect of a racial audit in April, with the motion gaining 38% approval.

By Robin Bradley • Oct. 25, 2021