Commercial: Page 57
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HSBC makes Quinn’s CEO role permanent
The bank's failure to quickly revive growth in Asia led HSBC Chairman Mark Tucker to dismiss Quinn’s predecessor in August. Now the new CEO must right the ship amid a global pandemic and Brexit woes.
By Dan Ennis • March 18, 2020 -
The novel coronavirus impact on the banking industry
The banking industry is central to the global economy's stability. Follow Banking Dive's coverage of the pandemic here.
Updated March 18, 2020 -
Trendline
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 -
Major US banks halt share buybacks in response to coronavirus pandemic
The forum called the COVID-19 pandemic “an unprecedented challenge for the world and the global economy,” and said the U.S.’s largest banks have an “unquestioned ability and commitment” to support the nation.
By Anna Hrushka • March 16, 2020 -
FDIC to issue proposed rulemaking on ILCs at next board meeting
While the FDIC has not approved an ILC applicant in more than a decade, Square Capital and Japanese e-commerce company Rakuten have pending applications with the FDIC.
By Anna Hrushka • March 13, 2020 -
Fed injects $1.5T into Wall Street as regulators, lawmakers respond to coronavirus
Some analysts welcomed the move, but said a fiscal stimulus from Congress is also needed.
By Anna Hrushka • March 13, 2020 -
Former Wells Fargo board members defend scandal response in House hearing
Betsy Duke and James Quigley said they were shocked and troubled when they first learned of the bank’s misconduct, but both told the panel they had done all they could to steer the bank in the right direction.
By Anna Hrushka • March 11, 2020 -
Wells Fargo's long, winding path to recovery
March 11, 2020 -
Maxine Waters calls for DOJ probe into former Wells Fargo CEO's 'false statements'
Tim Sloan, who led the scandal-plagued bank from October 2016 to March 2019, resigned shortly after testifying at a House hearing over the bank’s widespread consumer abuses.
By Anna Hrushka • March 11, 2020 -
Wells Fargo board members Duke, Quigley resign following House report
Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.
By Anna Hrushka • March 9, 2020 -
House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank
The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."
By Anna Hrushka • March 5, 2020 -
Fed announces rate cut as US banks respond to coronavirus threat
As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.
By Anna Hrushka • Updated March 3, 2020 -
FDIC, Fed, Treasury IGs and OCC probe AmEx sales tactics
Investigators are looking into whether payment network employees misled or cowed Costco small-business cardholders into signing up with AmEx when the retailer ended its partnership with the company.
By Dan Ennis • Updated Jan. 8, 2021 -
Spike in fintech M&A shows industry is maturing
Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention.
By Anna Hrushka • Feb. 28, 2020 -
Vote on pot banking bill is months away, Sen. Gardner says
Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.
By Anna Hrushka • Feb. 27, 2020 -
Consumer data-sharing debate highlights bank, fintech divide
Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.
By Anna Hrushka • Feb. 27, 2020 -
Financial services industry stands to lose $1T in climate change-related costs
The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.
By Anna Hrushka • Feb. 25, 2020 -
Q&A
LendingClub, Radius execs talk regulation, tech integration ahead of merger
In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.
By Anna Hrushka • Feb. 24, 2020 -
Wells Fargo to pay $3B to settle fake accounts scandal
The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.
By Anna Hrushka • Feb. 21, 2020 -
Morgan Stanley to buy E*Trade for $13B in largest bank takeover since financial crisis
The acquisition represents a monumental shift for the investment bank as it focuses on smaller customers, not just high net worth clients.
By Anna Hrushka • Updated Oct. 1, 2020 -
Lawmakers call out big banks for lack of leadership diversity
"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."
By Sheryl Estrada • Feb. 20, 2020 -
Opinion
3 ways community banks can harness the changing definition of 'community'
Catering to a group that shares an affinity such as a local sports team can help a community bank strengthen its bond with potential customers, writes Dondi Black, a senior manager of payment services at FIS.
By Dondi Black • Feb. 19, 2020 -
Republican-backed bill targets banks who refuse to do business with ICE
The bill addresses a trend that has drawn fire from GOP lawmakers, as banks increasingly make business decisions related to social issues.
By Anna Hrushka • Feb. 18, 2020 -
JPMorgan Chase invests $75M to prepare youth for money-making careers
"[B]usinesses, government and communities must work together to prepare young people for the future of work," a company spokesperson said.
By Sheryl Estrada • Feb. 18, 2020 -
Deep Dive
Keeping the banking desert at bay in rural America
As big banks concentrate their branches in cities, smaller financial institutions and digital companies find ways to irrigate in abandoned markets.
By Anna Hrushka • Feb. 18, 2020 -
HSBC to cut 35K jobs in major restructuring
The London-based bank said it will scale back its presence in the U.S. and mainland Europe, reduce the size of its investment bank and invest more in its Asian and Middle Eastern operations.
By Anna Hrushka • Feb. 18, 2020