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

Eastern Bank to go public as pandemic accelerates need for tech

"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.

By Anna Hrushka • June 22, 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

Banking by appointment could stick as a post-COVID-19 customer habit

"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.

By Anna Hrushka • June 19, 2020

BV Financial to buy Delmarva Bancshares in merger of Maryland banks

BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.

By Dan Ennis • June 18, 2020

Wells Fargo ties diversity efforts to executive pay

Goldman Sachs and HSBC have also laid out diversity goals. However, in a sustainability report, Goldman reported Black people comprise about 3.2% of the bank's top level of management — well below its 7% representation target.

By Dan Ennis • Updated April 20, 2021

Former Citi executive's AI platform identifies bias in banking

Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.

By Anna Hrushka • June 18, 2020

HSBC resumes 35K job-cut plan, ending COVID 'pause'

"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"

By Dan Ennis • Updated Aug. 4, 2020

Morgan Stanley's ex-diversity chief sues bank, claiming race discrimination

Marilyn Booker says the bank cut her budget by 71% and made little effort to retain Black managers, adding the CEO's messaging since race has taken a national focus is hypocritical.

By Dan Ennis • June 17, 2020

Bank earnings drop 70% in Q1, FDIC report finds

Banks set aside $52.7 billion during the quarter — a 280% increase from the previous year — to prepare for potential loan losses and the implementation of CECL standards.

By Anna Hrushka • June 17, 2020

JPMorgan Chase, PNC join banks closing early for Juneteenth

Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.

By Dan Ennis • Updated June 18, 2020

JPMorgan Chase holds off on returning Ohio employees to office

The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.

By Dan Ennis • Updated July 8, 2020

PPP forgiveness process constrains lenders, small businesses, bankers say

In a letter Friday, 47 senators bemoaned the 11-page document as unwieldy as banks repurpose staff for the next stage of coronavirus relief.

By Anna Hrushka • June 15, 2020

How Mambu plans to expand in North America's core banking market

"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.

By Anna Hrushka • June 15, 2020

Goldman, Amazon to launch credit line for small businesses

The deal marks the second time in a year that the investment bank has partnered with one of the big four tech giants, following the August launch of the Apple Card.

By Anna Hrushka • June 11, 2020

Goldman Sachs to begin US office return June 22

The incremental rollout begins in the bank's New York, Jersey City, Dallas and Salt Lake City offices. "Rest assured, returning is entirely voluntary," CEO David Solomon and other execs wrote in a memo posted online Wednesday.

By Dan Ennis • June 11, 2020

Truist's BB&T app tops J.D. Power mobile banking satisfaction study

The award comes as the company builds an app that combines the best features from BB&T and SunTrust's legacy products, Truist's chief digital and client experience officer told Banking Dive.

By Anna Hrushka • June 10, 2020

PNC eyes deal to boost asset size past $700B, CEO says

Bank chief William Demchak said he would hedge toward buying a bank with higher concentrations of commercial and industrial lending and real estate rather than consumer loans that risk being lost in an economic downturn.

By Dan Ennis • June 10, 2020

3 in 4 bankers think AI will separate 'winners from losers,' survey finds

Nearly 60% of respondents in a Temenos survey agreed branch banking would be dead by 2025, as AI enables banks to experience customer service, safety and security benefits.

By Anna Hrushka • June 9, 2020

Bank of America, U.S. Bank, PNC and others pledge millions toward racial equality

The nation's second-largest bank added $250 million — and another year — to its previous commitment, fueled by a focus to counteract anti-Asian hatred.

By Anna Hrushka • Updated March 31, 2021

Varo secures $241M in funding as it prepares to become a bank

The challenger is undergoing a pre-opening examination with the OCC, which means the bank could launch in 60 days or less.

By Suman Bhattacharyya • June 3, 2020

COVID-19 lockdowns threaten banking system's stability, OCC says

"Requiring businesses to remain closed decreases businesses' ability to service their debt, thus increasing default risk in the banking system," the regulator's acting chief said.

By Anna Hrushka • June 2, 2020

Brex lays off 62 employees amid 'restructuring'

"Three months in, it's clear that the impact of COVID-19 won't be short-lived," Brex's co-founders wrote in a blog post. "We know that the pace of growth won't be what we expected for the foreseeable future."

By Anna Hrushka • June 1, 2020

U.S. Bank branch closures could accelerate amid pandemic

A 17% to 35% jump in digital activity would have occurred in branch before the coronavirus outbreak took hold, CEO Andy Cecere said.

By Anna Hrushka • May 29, 2020

Citi aims to bring 5% of US employees back to offices July 1

The bank plans to maintain that level of staffing through Labor Day, assess the results, then increase capacity toward 30%, a person with knowledge of the plan told Bloomberg.

By Dan Ennis • Updated June 11, 2020

House passes bill to ease PPP payroll rule, triple spending period

The legislation, which also extends the time recipients have to repay the loan from two to five years, heads to the Senate, which reconvenes Monday.

By Anna Hrushka • May 28, 2020