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

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

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

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

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

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

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