Commercial: Page 58
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JPMorgan gives fintechs July deadline to sign new data access agreements
The move shows the nation's largest bank is following through on its plan to tighten security around customer data.
By Anna Hrushka • Feb. 14, 2020 -
Wells Fargo ends mandatory arbitration for workplace sexual harassment
Companies use mandatory arbitration clauses to resolve disputes outside of the court system. Critics say the practice helps keep complaints from coming to light.
By Anna Hrushka • Feb. 13, 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 -
Wells Fargo splits wholesale, consumer banking units
The restructuring marks Wells Fargo's first overhaul under CEO Charlie Scharf, who has prioritized regaining regulatory trust and repairing the bank’s damaged image.
By Anna Hrushka • Feb. 12, 2020 -
Report: JPMorgan to merge blockchain unit Quorum with ConsenSys
JPMorgan Chase uses Quorum to power its blockchain-based Interbank Information Network, which aims to speed up cross-border transactions.
By Anna Hrushka • Feb. 11, 2020 -
Truist seeks more time to reach $1.6B post-merger net savings goal
The nation's sixth-largest bank reported a 7% decrease in net income in its first earnings call after the merger of BB&T and SunTrust.
By Anna Hrushka • Jan. 31, 2020 -
Deutsche takes $5.8B loss but sees hope in bond-trading jump
Germany's largest lender made several recent changes to compensation. It's delaying pay raises by three months and cutting its bonus pool. But top execs may take home at least a portion of their bonuses.
By Dan Ennis • Jan. 30, 2020 -
Goldman Sachs Investor Day: 'Embracing the bank model,' but which bank?
Ambitious goals. New revenue streams. Cost cutting. The bank's first-of-its-kind event delivered a little of everything — except excitement.
By Dan Ennis • Jan. 30, 2020 -
Otting's defense of CRA revamp ignites partisan rift at hearing
House Democrats questioned the comptroller's willingness to cooperate, while Republicans praised his efforts to modernize the low-income lending rule.
By Anna Hrushka • Jan. 30, 2020 -
Sallie Mae reverses course on personal loan origination
The student loan giant isn't the only company to pump the brakes on personal loans. Goldman Sachs said this month it drastically reduced its own personal loan originations during the Apple Card rollout last year.
By Dan Ennis • Jan. 28, 2020 -
Morgan Stanley muscles in on traditional bank accounts with CashPlus
The shift in strategy comes after the investment bank announced it's cutting 1,500 jobs and reducing bonuses.
By Dan Ennis • Jan. 24, 2020 -
OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal
Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.
By Anna Hrushka • Jan. 23, 2020 -
Regulator prepping civil charges against ex-Wells Fargo managers
The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.
By Anna Hrushka • Jan. 23, 2020 -
OCC's CRA plan will move forward regardless of Fed, Otting says
"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."
By Anna Hrushka • Jan. 22, 2020 -
Cannabis, banking trade groups urge Crapo to advance SAFE Act
The letter to the Senate banking panel chair echoes arguments advocates have made for years: lack of access to financial services for marijuana-related businesses is a public safety issue.
By Anna Hrushka • Jan. 22, 2020 -
Deep Dive
HSBC whistleblower says Iran sanctions could bring AML into sharper focus
"The laws that are about to come out of this ... are going to be unreal," says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.
By Anna Hrushka • Jan. 21, 2020 -
PNC credits market expansion for its Q4 loan growth
The bank has expanded into 10 new cities, and isn't afraid to play the long game to embed itself in the community, CEO Bill Demchak said.
By Anna Hrushka • Jan. 15, 2020 -
Bank of America eyes 'momentum' in loans, deposits after a Q4 in transition
Profit fell 4% at the nation's second-largest bank, but a trading surge and a 10% jump in active mobile users have executives looking on the bright side.
By Dan Ennis • Jan. 15, 2020 -
Wells Fargo's $1.5B legal charge drives net income to 9-year low
In CEO Charlie Scharf's first earnings call, the company revealed profits plummeted 53% compared with a year ago. Scharf has emphasized resolving the lender's regulatory issues in his three months at the helm.
By Dan Ennis • Jan. 14, 2020 -
JPMorgan's record earnings buoyed by strong trading unit
The bank's corporate and investment bank generated record Q4 revenue, rebounding from what CEO Jamie Dimon called "a challenging prior year."
By Anna Hrushka • Jan. 14, 2020 -
Citi beats Q4 goals with trading surge, continued card growth
Citigroup shares jumped to their best year in two decades in 2019, increasing 53%. Those gains outpaced rivals JPMorgan Chase, Wells Fargo and Bank of America.
By Dan Ennis • Jan. 14, 2020 -
Wells Fargo ordered to pay $102.8M in mobile deposit patent case
Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.
By Dan Ennis • Jan. 13, 2020 -
Citi wants to hire 2,500 coders in trading, investment banking
Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
By Dan Ennis • Jan. 6, 2020 -
Former Wells Fargo execs could face criminal charges, sources say
It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.
By Anna Hrushka • Jan. 6, 2020 -
Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019 -
Pot banking bill suffers blow as Senate panel chair opposes it
Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
By Anna Hrushka • Dec. 19, 2019