Wells Fargo says it 'misinterpreted customers' intentions' in some forbearance cases

Reports that Wells Fargo took action on accounts without customer consent is a troubling look for the bank, which is still working to repair an image damaged by a series of consumer abuse scandals.

By Anna Hrushka • July 24, 2020

Kabbage launches small-business checking account

The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.

By Anna Hrushka • July 22, 2020

Explore the Trendline➔

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

Wells Fargo dips into BNY Mellon's pool to hire its next CFO

BNY Mellon CFO Mike Santomassimo will join the San Francisco-based lender in the fall, following the retirement of 22-year veteran John Shrewsberry.

By Jane Thier • July 21, 2020

Congress should consider forgiving all 'small' PPP loans, Mnuchin says

The treasury secretary's comments come as trade groups, including some representing the nation's largest banks, have called for blanket forgiveness for PPP loans under $150,000.

By Anna Hrushka • July 20, 2020

Houston man charged with investing PPP loan money in crypto

A GAO report last month said the number of loans approved, the speed with which they were processed, and PPP's limited safeguards leave it open to "significant risk" of fraud.

By Dan Ennis • July 17, 2020

Truist reports $958M Q2 profit as pandemic speeds cost savings timeline

CFO Daryl Bible said the bank can achieve 40% of its goal by the fourth quarter this year rather than 30%.

By Anna Hrushka • July 16, 2020

Bank of America's Q2 profit falls 52% despite fixed-income trading swell

The bank set aside $5.1 billion during the quarter — less than half JPMorgan Chase's figure — sparking questions as to whether it reserved enough.

By Dan Ennis • July 16, 2020

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

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

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

Main 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

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

How 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

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

KeyBank'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

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

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

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

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