Commercial: Page 52
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BlackRock sale boosts PNC's Q2 profit to $3.7B
PNC's CEO said the company still plans to pursue "bank-like acquisitions" with the capital gained from the BlackRock sale, and is reevaluating its branch strategy in light of changing customer behavior.
By Anna Hrushka • July 15, 2020 -
Permission granted by Truist
Truist settles trademark suit with North Carolina credit union
The bank divulged in a May court document that it would cost $34 million — and take six to nine months and a shareholder vote — to change its name again.
By Dan Ennis • July 15, 2020 -
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 -
U.S. Bank sees 62% drop in net income despite loan, deposit growth
The second quarter marked the first full three-month span to show the pandemic's impact. But also, the bank, more than most, felt reverberations from the May 25 killing of George Floyd in its hometown, Minneapolis.
By Dan Ennis • July 15, 2020 -
JPMorgan profit drops 51% as bank braces for loan losses
Record trading revenue from the bank's investment arm, however, helped minimize balance sheet impact from COVID-19.
By Anna Hrushka • July 14, 2020 -
Citi profit falls 73% as bank sets aside $7.9B over loan concerns
A 68% jump in fixed-income trading balanced out a 24% drop in credit card spending for the world's largest card issuer.
By Dan Ennis • July 14, 2020 -
Wells Fargo CEO wants to slash $10B from bank's costs
Cutting consultancies could save the bank $1 billion to $1.5 billion per year. "The things that we rely on outside people to do is beyond anything that I've ever seen," CEO Charlie Scharf said.
By Dan Ennis • Updated Aug. 6, 2020 -
ColumnMain Street's measured approach could help it avoid PPP pitfalls
It's unclear what the Boston Fed will get from publishing its lender list, but the attempt at transparency is at least starting early.
By Dan Ennis • July 13, 2020 -
Permission granted by Office of the Comptroller of the Currency
Don't use coronavirus as excuse to close branches, OCC says
Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.
By Anna Hrushka • July 13, 2020 -
JPMorgan, Bank of America, Wells Fargo, Goldman Sachs back launch of climate finance center
Banks are increasingly seeing the value — not just in optics but in revenue — of environmentally responsible investment.
By Dan Ennis • July 10, 2020 -
Wells Fargo donates $400M in PPP fees to help Black-owned businesses
A June report from the National Bureau of Economic Research found COVID-related conditions eliminated 41% of Black small-business owners between February and April.
By Dan Ennis • July 9, 2020 -
Getty
Deep DiveHow community banks plan to keep their new PPP customers
Community banks participating in the PPP have pulled their weight among some of their larger competitors while showcasing flexibility, technology and personal touch during the pandemic.
By Anna Hrushka • July 9, 2020 -
Kendall Davis/HR Dive
Colorado credit union adds lending to pot banking effort
The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.
By Anna Hrushka • July 8, 2020 -
Courtesy of KeyBank
Q&AKeyBank's digital strategy: Let the client choose
The Cleveland-based bank has spent the past decade strategizing how it can digitize its products to provide remote self-service capabilities for its clients while maintaining in-person options.
By Anna Hrushka • July 7, 2020 -
Column
German banks are having a moment right now
The proposed resignations of Commerzbank's CEO and board chairman come little more than a week after the collapse of the country's biggest challenger bank and amid restructuring by its largest lender.
By Dan Ennis • Updated Aug. 4, 2020 -
Courtesy of Kabbage Media
Kabbage nearly doubles customer count through PPP participation
The Atlanta-based online lender said it approved $5.8 billion in loans under the program for 209,000 customers — 97% of whom are new to its platform.
By Anna Hrushka • July 2, 2020 -
Permission granted by BBVA USA
BBVA brings 'banker bar' to new branches in Texas expansion
The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.
By Anna Hrushka • July 1, 2020 -
Senate passes PPP extension as Fed chair cites middling Main Street demand
The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.
By Dan Ennis • Updated July 6, 2020 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo cuts dividend to level it will reveal July 14
Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.
By Dan Ennis • June 30, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
Courtesy of Ally Financial
Inside Ally Financial's technology strategy
The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.
By Naomi Eide • June 30, 2020 -
Fotolia
PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says
More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.
By Dan Ennis • June 26, 2020 -
Permission granted by Office of the Comptroller of the Currency
Community groups sue OCC over anti-redlining revamp
The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.
By Anna Hrushka • June 25, 2020 -
Wells Fargo signs multiyear solar energy deal with Shell
The 150-megawatt purchase boosts Wells' green profile, even if the other party is an oil company. The Rainforest Action Network blasted the bank for financing $198 billion for fossil fuel companies and projects since 2015.
By Dan Ennis • June 24, 2020 -
Mastercard to buy Finicity for $825M in open banking play
The Justice Department's approval of the tie-up stands in sharp contrast to the legal action it has undertaken to stop chief competitor Visa's proposed $5.3 billion acquisition of data aggregator Plaid.
By Anna Hrushka • Updated Nov. 19, 2020 -
Anna Hrushka/Banking Dive
Main Street Lending Program doesn't live up to its name, community banker says
Businesses with up to 15,000 employees or $5 billion in revenue are eligible to participate in the program. But certain requirements, while well-intentioned, are neither attractive nor attainable for most of her clients, one banker says.
By Anna Hrushka • June 23, 2020
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