First Citizens Bank, CIT announce $2.2B all-stock merger

The FDIC and Federal Reserve extended through Feb. 22 the public comment period concerning a deal that would create the nation's 19th-largest bank, with nearly $110 billion in assets.

By Dan Ennis • Updated Feb. 1, 2021

Truist posts $1.1B profit, continues merger-related job cuts and branch closures

The Charlotte, North Carolina-based bank cut 769 jobs during the third quarter and plans to close 104 branches in December and January, it said Thursday.

By Anna Hrushka • Oct. 15, 2020

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Top 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

Citi drops lawsuit against second Revlon creditor after $900M errant payment

The bank said it's "pleased" that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.

By Dan Ennis • Oct. 15, 2020

Wells Fargo fires up to 125 employees over misuse of EIDL aid

The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program's funds, though dozens shouldn't have.

By Dan Ennis • Oct. 15, 2020

Bank of America profit tumbles 16% despite consumer spending rebound

Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.

By Suman Bhattacharyya • Oct. 14, 2020

PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'

After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.

By Anna Hrushka • Oct. 14, 2020

U.S. Bank confirms branch closure acceleration

The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.

By Ken McCarthy • Oct. 14, 2020

Wells Fargo rebounds with $2B Q3, tempered by jump in expenses

The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.

By Dan Ennis • Oct. 14, 2020

JPMorgan's Q3 profit buoyed by 30% jump in trading revenue

The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.

By Anna Hrushka • Oct. 13, 2020

Sharp drop in set-asides pushes Citi to $3.2B net income

While net income has fallen 34% compared with this time last year, it's more than double what the bank reported last quarter. 

By Dan Ennis • Oct. 13, 2020

Values-based Climate First Bank seeks Florida de novo charter

"I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that," said founder Ken LaRoe. "I just wanted there to be more meaning to life than that."

By Anna Hrushka • Oct. 9, 2020

JPMorgan Chase pledges $30B to fight racial wealth gap

The bank said it would spend $8 billion to originate 40,000 mortgages for Black and Latinx households over the next five years, and provide $14 billion in loans and investments to create 100,000 affordable rental units.

By Anna Hrushka • Oct. 8, 2020

Morgan Stanley to buy fund manager Eaton Vance for $7B

The bank's second multibillion-dollar acquisition this year — after its purchase of E*Trade — nearly doubles its assets under management, hitting a goal CEO James Gorman set in 2018 in less than half his timeline.

By Dan Ennis • Oct. 8, 2020

How Bank of America's decentralized innovation approach conceives the future

The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."

By Anna Hrushka • Oct. 7, 2020

Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation

Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.

By Dan Ennis • Oct. 5, 2020

Bank of America invests in 7 minority-owned institutions

The investments, which are part of a $50 million commitment to MDIs and CDFIs, will go toward lending, housing, neighborhood revitalization and other banking services.

By Anna Hrushka • Oct. 5, 2020

As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow

Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.

By Dan Ennis • Updated Oct. 2, 2020

Azlo launches subscription-based banking service

The account is the main thrust of revenue diversification the challenger bank is introducing this year, CEO Cameron Peake said.

By Anna Hrushka • Sept. 29, 2020

Citi taps Morgan Stanley exec as new controller, accounting chief

The bank's latest executive hire comes as it tries to improve its risk management and controls, and follows reports that regulators have been pushing the bank for years to make such improvements.

By Anna Hrushka • Sept. 28, 2020

How Citi's innovation lab is tackling COVID-19 challenges

The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.

By Anna Hrushka • Sept. 23, 2020

Biden tax plan could cost top 10 banks $7B per year, report finds

The plan would raise the corporate tax rate from 21% to 28%, partially rolling back changes enacted under the 2017 Tax Cuts and Jobs Act.

By Anna Hrushka • Sept. 17, 2020

Deutsche extends remote option until July 2021 for NY-area employees

The bank laid out a tiered approach in calling its U.S. investment bankers back to the office. Risk takers "involved in committing the firm's capital" will likely return full time "Client-facing" staff can work remotely one day a week.

By Dan Ennis • Updated June 3, 2021

Citi's Fraser paves the way, but more needs to be done, experts say

Banks need to do more than just hope that female leadership will create a "trickle-down" effect on organizational culture, one consultant said.

By Anna Hrushka • Sept. 14, 2020

FinCEN business loan fraud reports jump 84% for 4th straight monthly record

Financial institutions filed 1,922 suspicious-activity reports in August, up from 1,044 in July and about 14 times the monthly average since the watchdog's database was established in 2014. July's total itself was more than double June's 489.

By Anna Hrushka • Updated Sept. 25, 2020

Citi taps Jane Fraser to be CEO when Corbat retires in February

Fraser will become the first woman to lead a major U.S. bank. Before stepping into Citi's No. 2 role last October, she served as CEO of the bank's Latin American operations.

By Anna Hrushka • Sept. 10, 2020