Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023

17 AGs push back on language in JPMorgan’s Epstein settlement

Language in the settlement limits governments from seeking damages from sex trafficking, New Mexico Attorney General Raul Torrez wrote. Similar language is not included in Deutsche Bank's agreement.

By Dan Ennis • Oct. 24, 2023

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

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

Fed approves Banc of California’s PacWest acquisition

The deal, now set to close by the end of the year, would nearly quadruple the Santa Ana-based lender's asset total and create the third-largest California-based commercial bank.

By Dan Ennis • Oct. 23, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

CFPB unveils open banking proposal

The rule will make it easier for consumers to share deposit account and credit card data with fintechs, the CFPB said. Future rulemaking may also include mortgage, auto loan and student loan data, the bureau said.

By Anna Hrushka • Oct. 19, 2023

Santander to infuse $250M into investment bank

The Spanish lender will use the money to expand its corporate and investment bank in the next two years, the Financial Times reported. Several other banks have pulled back on investment banking this year.

By Gabrielle Saulsbery • Oct. 16, 2023

Citi shed 2,000 positions in Q3, but tech hires offset them

The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.

By Dan Ennis • Oct. 16, 2023

LendingClub to cut 172 jobs

The round of cuts, LendingClub’s second this year, is expected to save the firm as much as $35 million in compensation and benefits annually as it navigates macroeconomic headwinds, the company said.

By Anna Hrushka • Oct. 13, 2023

PNC could cut more than 2,400 employees: report

The bank began a 4% headcount trim last week, Bloomberg reported. PNC will take a $150 million charge in the fourth quarter, but it expects personnel expenses to drop $325 million in 2024.

By Dan Ennis • Oct. 13, 2023

Goldman to sell GreenSky to Sixth Street-led group

The deal, which marks the latest step in Goldman’s retreat from the mass market, will result in a hit of 19 cents per share to the firm’s third-quarter earnings.

By Anna Hrushka • Oct. 12, 2023

Ally CEO to step down

Jeffrey Brown will leave in January, after nine years at the helm, to become president of the nation's largest privately held auto retailer.

By Gabrielle Saulsbery • Oct. 12, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

SpringFour helps banks link customers to financial aid

The social impact fintech points customers in need of financial assistance to nonprofit and government resources to help them get back on their feet.

By Rajashree Chakravarty • Oct. 11, 2023

Fed’s Waller pushes back on criticism of FedNow’s adoption rate

“We have got more in the pipeline and there are various estimates that could range from 250 to 350 by the end of the year, and they just continue to grow as banks do it,” the central bank governor said.

By Rajashree Chakravarty • Oct. 10, 2023

Truist in talks to sell the rest of its insurance arm for $10B: report

The potential buyer, Stone Point Capital, acquired 20% of Truist Insurance Holdings in February. But Truist, since then, has launched a cost-savings effort and is facing higher capital requirements.

By Dan Ennis • Oct. 10, 2023

Citi to sell its China wealth management portfolio to HSBC

The deal, which confirms speculation from last month, marks Citi’s effort to withdraw from consumer franchises across the globe as HSBC continues to fortify its foothold in Asia.

By Rajashree Chakravarty • Oct. 9, 2023

Barr: Capital proposal will have ‘limited’ impact on lending costs

Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.

By Anna Hrushka • Oct. 9, 2023

Metro Bank gets £925M lifeline

The package follows weeks of challenges, which began when regulators turned down the bank’s request that capital requirements for its mortgage business be lowered.

By Gabrielle Saulsbery • Oct. 9, 2023

7 personnel moves that spotlight Truist’s reorganization

The bank’s CMO is out, its Foundry unit is shuttered, and a CIO has jumped to Wells Fargo, according to reports.

By Dan Ennis • Oct. 9, 2023

Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

Monzo names US CEO in renewed push to capture American market

Conor Walsh, who served six years as head of global product at Cash App, replaces Carol Nelson, who stepped down last year, shortly after the U.K. fintech withdrew its application for a U.S. bank charter.

By Anna Hrushka • Oct. 5, 2023

Fed, OCC should probe Wells Fargo’s response to union efforts: Brown

Allegations of retaliation against employees should factor into regulators' assessments of the bank's safety and soundness, the Senate Banking Committee chair said.

By Dan Ennis • Oct. 5, 2023

Ally layoffs could affect more than 500 employees: report

The Detroit-based bank began an effort Monday to shrink headcount by less than 5%, an Ally spokesperson told Bloomberg.

By Dan Ennis • Oct. 4, 2023

Wells Fargo to close South Carolina office, but is doubling down on Chicago

As many as 525 employees may be affected by the closure. The bank, meanwhile, aims to invest $175 million in Chicago, growing its presence to 30 branches from seven.

By Rajashree Chakravarty • Oct. 3, 2023