Retail: Page 10
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Republic First is seized, assets sold to Fulton Bank
The first bank failure of 2024 punctuates the discord that has brewed at Republic First for more than two years. Fulton, meanwhile, will double its Philadelphia presence through the deal.
By Dan Ennis • April 26, 2024 -
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DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
By Caitlin Mullen • April 26, 2024 -
Explore the Trendline➔
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TrendlineM&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 -
Permission granted by First Internet Bank
First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
By Caitlin Mullen • April 24, 2024 -
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ColumnDive Deposits: Moynihan, Pick are loosening up earnings calls, with words
Seven comments from executives and officials show varying degrees of unexpected boldness during banks’ most straight-laced period.
By Dan Ennis • April 24, 2024 -
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Fintech One offers BNPL at Walmart stores: report
The move presents competition for BNPL provider Affirm, which has partnered with the retail giant since 2019.
By Caitlin Mullen • April 23, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman sells Marcus Invest accounts to Betterment
When accounts transition in June, Goldman's three-year robo-advisory experiment will end, and the bank will shed another piece of its once-nascent consumer-banking business.
By Dan Ennis • April 23, 2024 -
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For Capital One and Discover, the 4th time may have been the charm
Discover rebuffed three Capital One pitches before agreeing to a deal, and talks halted for seven weeks, an SEC filing indicates.
By Dan Ennis • April 22, 2024 -
Truist CIO, chief audit officer leave bank
The bank, meanwhile, has added new leaders in its payments business and logged $70 million in restructuring charges in the first quarter, CEO Bill Rogers said Monday.
By Caitlin Mullen • April 22, 2024 -
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15 AGs put BofA on notice for ‘de-banking’ conservatives
“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” Kansas Attorney General Kris Kobach wrote.
By Gabrielle Saulsbery • April 18, 2024 -
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Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
Drew Angerer / Staff via Getty Images
TD names head of US consumer banking
Matt Boss will continue to oversee all consumer product teams, including credit cards and residential lending, which he’s done since 2020.
By Gabrielle Saulsbery • April 17, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
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JPMorgan’s Dimon follows through on million-share sale
The CEO offloaded 178,222 shares of the bank, JPMorgan disclosed Monday, after selling 821,778 in February. The move underscores the ticking timeline toward Dimon's eventual handoff of power.
By Dan Ennis • April 16, 2024 -
Zhanna Hapanovich
Wintrust to buy Michigan’s Macatawa Bank in $510M deal
The transaction, set to close in the second half of this year, would push the Illinois bank holding company's branch total to near 200 and its assets to the brink of $60 billion.
By Dan Ennis • April 16, 2024 -
Mario Tama / Staff via Getty Images
Q&ABofA evolves AI-powered assistant toward deeper digital integration
Six years into the Erica era, customers are taking advantage of the tool's insights as often as they're asking questions of it, said Nikki Katz, the bank's head of digital.
By Caitlin Mullen • April 15, 2024 -
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Provident, Lakeland deal gets final regulatory approval
Upon completion, the new Provident will be the 83rd largest insured depository firm in the U.S.; and the 7th largest in New Jersey, where it will represent approximately 4.1% of total deposits in the state.
By Gabrielle Saulsbery • April 12, 2024 -
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
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Goldman treasurer Berlinski to leave bank for hedge fund
The bank named Carey Halio, its chief strategy officer and head of investor relations, as its next treasurer, effective June 1. That adds a woman to Goldman’s C-suite.
By Caitlin Mullen • April 11, 2024 -
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Citi snags BlackRock vet as CMO
Some big banks, such as Bank of America and Wells Fargo, have retired the chief marketing role in recent years. Others, like Truist, have combined it with other functions.
By Caitlin Mullen • April 10, 2024 -
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Utah Ponzi scheme case envelops bank executive
Bank of Utah’s vice president and senior trust officer knowingly disregarded fraudulent activity and divulged protected financial information, a lawsuit asserts.
By Gabrielle Saulsbery • April 9, 2024 -
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Varo’s new CFO aims for ‘path to profitability’
Zillow alum Allen Parker is focused on “ensuring finance can play a role in how we prioritize our investments,” he said.
By Grace Noto • April 9, 2024 -
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Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by Frost Bank
Frost Bank faces proposed overdraft fee class action
Two plaintiffs filed a lawsuit last week accusing the Texas lender of having a “routine policy and practice of charging its customers Overdraft Fees on transactions that did not overdraw an account.”
By Gabrielle Saulsbery • April 8, 2024 -
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Wyoming bank sheds fintech program
The Kansas City Fed hit Mode Eleven Bancorp with a cease-and-desist following an inspection in September.
By Gabrielle Saulsbery • April 5, 2024 -
Permission granted by BancorpSouth
Cadence consolidates its executive circle
The bank's president is adding chief credit officer to his title, and the CFO will also oversee mortgage lending and wealth in a move to eliminate layers of management.
By Dan Ennis • April 5, 2024
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