Truist plans ‘sizable reductions’ in jobs, unveils $750M in cost savings

The bank wants to save $200 million by 2025 through reducing tech spend. It also plans to consolidate certain business lines, scale back its brick-and-mortar presence and cut four division heads by next quarter.

By Anna Hrushka • Sept. 12, 2023

Ripple makes its 2nd acquisition of 2023

The crypto firm on Friday agreed to buy Fortress Trust, a regulatory and technology infrastructure provider for blockchain companies. Ripple in May bought crypto custody company Metaco.

By Gabrielle Saulsbery • Sept. 11, 2023

Explore the 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

Barclays set to cut hundreds in two-pronged effort: reports

The bank will trim roughly 450 roles in its U.K. retail unit, a labor union said. Barclays could also dismiss up to 5% of client-facing staff in its trading division, according to Bloomberg.

By Dan Ennis • Sept. 11, 2023

Goldman may cut 450 or more employees in October: report

Managers across the bank have drafted lists of bottom performers in preparation for a cut of between 1% and 5% of workers, sources told the Financial Times, but numbers are not final.

By Dan Ennis • Sept. 8, 2023

First Citizens folds SVB Private into wealth-management unit

Michael Wilson, who has led First Citizens Wealth for the past decade, will take over SVB Private, the private-banking and wealth-management unit that once belonged to the failed Silicon Valley Bank.

By Anna Hrushka • Sept. 8, 2023

Goldman’s strategy retreat leaves GreenSky in limbo

The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

By Anna Hrushka • Sept. 7, 2023

Finotta uses gamification to increase banks’ user engagement

The embedded fintech says its personalized financial guidance platform has helped boost user engagement on banks’ mobile apps.

By Rajashree Chakravarty • Sept. 6, 2023

USAA notches latest mobile-deposit victory with Discover deal

The agreement lets Discover access 130 USAA patents and continue offering remote deposit capture technology. USAA has notched nine-figure court wins against Wells Fargo and PNC over similar patents.

By Anna Hrushka • Sept. 6, 2023

Average overdraft fee falls 11% to near-two-decade low: survey

The average nonsufficient funds fee, meanwhile, plunged 25% over the past year, Bankrate found. But ATM fees reached a record high. 

By Rajashree Chakravarty • Sept. 5, 2023

Ex-Wells Fargo exec Tolstedt should serve prison time, prosecutors say

Carrie Tolstedt, the only Wells Fargo executive charged in connection to the 2016 fake-accounts scandal, pleaded guilty to obstructing a bank examination in March.

By Gabrielle Saulsbery • Sept. 5, 2023

Florida credit union buys local bank in 8th such deal of 2023

Innovations Financial Credit Union agreed to buy First National Bank Northwest Florida, months after a deal for the bank — also involving a credit union — fell apart.

By Gabrielle Saulsbery • Aug. 31, 2023

Goldman Sachs sells financial planning arm

Independent wealth manager Creative Planning purchased Personal Financial Management for an undisclosed sum, the firms announced Monday.

By Gabrielle Saulsbery • Aug. 29, 2023

Burke & Herbert to buy West Virginia bank for $371M

The deal would create a bank with $8.1 billion in assets — tripling Burke & Herbert’s brick-and-mortar footprint and giving it a presence in Kentucky, West Virginia and Maryland’s Eastern Shore for the first time.

By Rajashree Chakravarty • Aug. 28, 2023

TD discloses DOJ probe of bank’s AML compliance

The Canadian lender laid out losses Thursday from its failed First Horizon deal, adding — without detail — that it expects further penalties.

By Dan Ennis • Aug. 25, 2023

Wells Fargo to pay $35M for overcharging on advisory fees

The bank negotiated reduced advisory fees with thousands of account holders but sometimes forgot to enter the lower rate, the SEC said.

By Rajashree Chakravarty • Aug. 25, 2023

Citi gives accounts relationship tiers in retail-banking revamp

Beginning next year, the bank aims to convert customers into a structure that gives them added perks, such as waived fees and access to financial planning, as their balance increases.

By Suman Bhattacharyya • Aug. 24, 2023

RBC could cut 1,800 jobs next quarter

The bank has slowed hiring and, so far, credited attrition for its lower headcount. But expenses — particularly, a 17% year-over-year jump in salaries — are outpacing revenue growth.

By Dan Ennis • Aug. 24, 2023

Savi Financial gets FDIC approval for Washington state de novo charter

Orca Bank, set to serve Whatcom County, is expected to open in the first quarter of 2024, pending Federal Reserve approval, the company said.

By Rajashree Chakravarty • Aug. 23, 2023

JPMorgan’s lawsuit against Frank execs on ice through criminal trial

Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.

By Gabrielle Saulsbery • Aug. 21, 2023

Citi may break up commercial unit into 3 pieces

The thinking comes weeks after the bank announced Paco Ybarra, its Institutional Clients Group chief, is leaving. Wells Fargo in 2020 similarly broke up its wholesale and consumer units.

By Dan Ennis • Aug. 21, 2023

Fed orders wind-down of FTX-associated Farmington State Bank

The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

By Gabrielle Saulsbery • Aug. 18, 2023

Digital-only Ivy beats deposit expectations, Cambridge Savings says

Ivy Bank’s deposit numbers exceeded the bank’s annual goal for 2022 by 64%, according to Cambridge Savings Bank, which launched the digital-only platform in 2021.

By Anna Hrushka • Aug. 17, 2023

Citizens Bank of Edmond launches digital bank for military recruits

The new platform, called Roger, aims to reach entry-level recruits, many of whom enter basic training without bank accounts, CEO Jill Castilla said.

By Anna Hrushka • Aug. 15, 2023

PayPal names Intuit exec as CEO

The digital payments pioneer tapped Intuit’s Alex Chriss to lead the company, starting next month, as Dan Schulman heads for an exit.

By Lynne Marek • Aug. 14, 2023

Wells Fargo launches down-payment grants for underserved homebuyers

The $10,000 grants are available to homebuyers who earn a combined 120% or less of the area median income in the county where the property is located.

By Anna Hrushka • Aug. 11, 2023