Citigroup to cut hundreds of jobs, reports say

The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.

By Anna Hrushka • July 30, 2019

Japanese online merchant Rakuten files for Utah bank charter

The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.

By Anna Hrushka • July 29, 2019

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Women pay 18% more in bank fees per year, study shows

The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.

By Dan Ennis • July 29, 2019

2020 election: Where the candidates stand on banking

Biden running mate Sen. Kamala Harris introduced a bill to give states the authority to enforce their laws against nationally chartered banks. She also negotiated with banks to compensate homeowners after the 2007-08 crisis.

By Banking Dive staff • Updated April 8, 2020

Lawmakers press BB&T, SunTrust execs on merger's impact

Executives defended the proposed $66 billion merger Wednesday, saying the combination will boost the new entity's investment in technology. 

By Anna Hrushka • July 25, 2019

Pot hearing reveals confidence gap in banking a budding industry

Bank and credit union executives showed support for the SAFE Act at Tuesday's Senate hearing, but federally regulated bodies may want more guidance than what FinCEN provides.

By Anna Hrushka • July 24, 2019

ICBA calls for national data privacy standard

Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.

By Anna Hrushka • July 23, 2019

Senate panel poised to hear pot banking challenges

Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.

By Anna Hrushka • July 22, 2019

Rabobank takes on US agriculture's lending gap as large banks exit

While farm-loan portfolios of the nation's top 30 banks have declined 17.5% since 2015, Rabo AgriFinance's lending has grown 7% during the same period.

By Anna Hrushka • July 19, 2019

FASB's delay of credit-loss standard not enough, banks say

Banks and credit unions want FASB to do more than just delay new CECL accounting standards; they want the standards revisited.

By Robert Freedman • July 17, 2019

New bill would increase access to loans for small manufacturers

Reps. Tim Ryan, D-Ohio, and Tom Reed, R-N.Y., introduced the legislation this week saying it will make loans more available for manufacturers and provide incentives for them to grow.

By Matt Leonard • July 17, 2019

BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing

News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.

By Anna Hrushka • July 17, 2019

2 bank openings highlight de novo splurge

Piermont Bank's New York opening marks the second bank opening in a week — a sign of new energy in a banking sector that has seen few de novos this decade.

By Dan Ennis • July 16, 2019

Banks face higher reserves for some lot development loans

Banks have to maintain 150% risk-weighted reserve for residential lot development loans under a rule proposed Monday.

By Robert Freedman • July 16, 2019

Banking industry expected to invest $387B in IT in 2019

Gartner predicts a 7.8% increase in software investment year-over-year.

By Anna Hrushka • July 15, 2019

Top banks trimming farm-loan portfolios

The farm-loan portfolios of the nation's top 30 banks declined 17.5%, or $3.9 billion, to $18.3 billion, between their peak in December 2015 and March 2019, a Reuters report finds.

By Anna Hrushka • July 12, 2019

More banks, credit unions to cover pot-related businesses

The product's federal designation as a Schedule 1 drug has limited banking options for cannabis dispensaries and the industries' ancillary businesses.

By Anna Hrushka • July 11, 2019

Small-bank exemption from Volcker Rule made final

Unlike large, systemically important banks, community banks can use deposits to make trades on their own accounts, known as proprietary trading. 

By Robert Freedman • July 10, 2019

'Shifting justifications' prompt 9th Cir. to overturn Wells Fargo summary judgment

An email from a supervisor undercut the bank's argument that the plaintiff was fired because her position was eliminated in restructuring.

By Lisa Burden • July 10, 2019

Top US banks join over 200 corporations to sign LGBTQ rights amicus brief in SCOTUS cases

Lambda Legal described it as a "landmark brief" with more corporate signers than any other previous brief supporting the LGBTQ community.

By Valerie Bolden-Barrett • July 9, 2019

SunTrust joins wave of banks cutting ties with private prison industry

The bank said the decision was made "after extensive consideration of the views of our stakeholders on this deeply complex issue."

By Anna Hrushka • July 9, 2019

Bankers brace as Deutsche Bank begins 18K staff cuts

Big staff cuts, long predicted, take effect to begin a "fundamental rebuilding" of the bank. 

By Robert Freedman • July 8, 2019

Banks take wait and see approach to ROI on AI deployment

Gartner's Moutusi Sau said the banking industry as a whole still waits to see actual value from their current AI projects before committing more resources to the emerging tech.

By Anna Hrushka • July 8, 2019

Citi first major US bank to join UN sustainability initiative

The U.N. says the principles are meant to align banks with the organization’s Sustainable Development Goals and the Paris Climate Agreement.

By Anna Hrushka • July 3, 2019

Deutsche Bank to meet July 7, staff cuts could total 20K

Bankers who work for the bank's U.S. equities business likely face the biggest cut.              

By Robert Freedman • July 3, 2019