Capital One acquires digital concierge service Velocity Black

The bank’s “entrepreneurial spirit and customer-first, tech-led culture align beautifully” with Velocity Black, the startup’s CEO said.

By Rajashree Chakravarty • June 7, 2023

JPMorgan Chase to close 21 First Republic branches

Roughly 100 employees will be offered six-month transition assignments, Reuters reported. About 60% of First Republic branches are a five-minute walk from a Chase location, according to Bloomberg.

By Dan Ennis • June 1, 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

Wells Fargo ex-exec Tolstedt to pay $5M to SEC

Tolstedt publicly endorsed Wells Fargo’s “cross-sell metric” as a measure of success, including at investor conferences, despite knowing figures were distorted by bankers opening unauthorized accounts, the agency said.

By Dan Ennis • May 31, 2023

Asia’s pushing in. Europe’s pulling out. Mizuho and Citi show it’s not that simple

Japanese banks are doubling down on M&A, as U.S. and European banks forgo retail for wealth.

By Dan Ennis • May 30, 2023

TD plans to open 150 US branches by 2027, focus on Southeast

The bank is targeting South Florida, Atlanta and North Carolina — where it would have grown through First Horizon. “In the U.S., we are still a relatively young bank,” CFO Kelvin Tran said. “We have a lot of white spaces there.”

By Dan Ennis • May 26, 2023

First Citizens cuts hundreds of SVB veterans

First Citizens Bank acquired Silicon Valley Bank following SVB's collapse in March. Wednesday's layoffs reportedly affect “select SVB corporate functions, not client-facing positions.”

By Gabrielle Saulsbery • May 25, 2023

Citi abandons sale of Mexico retail unit

The bank will pursue an IPO for its consumer, small-business, and middle-market banking operations, with a launch expected in 2025.

By Dan Ennis • May 24, 2023

Wells Fargo to pay $1B in fake-accounts class-action settlement

Prior leadership at the bank distorted how quickly it was addressing and fixing risk management systems that allowed sales staff to open millions of phony accounts, plaintiffs alleged.

By Gabrielle Saulsbery • May 16, 2023

Banking industry turmoil could spur M&A, experts say

Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.

By Anna Hrushka • May 12, 2023

6 strategies revealed in FDIC’s disclosure of SVB bids

PNC and Citizens each bid for the failed bank's assets, as one might expect. So did two Canadian banks, investment behemoths and even a $2.8 billion-asset Maine-based lender.

By Dan Ennis • May 11, 2023

MoneyLion to add ChatGPT-powered search to its marketplace

MoneyLion CEO Dee Choubey believes tools like the popular text generator will eventually become table stakes in the finance sector.

By Anna Hrushka • May 10, 2023

Bonuses at regional banks could plunge 20%, consultant finds

Retail and commercial bankers at the U.S.’s global banks could see bonuses jump by 10% to 20%, creating a “have and have-not” scenario. But not all regionals are suffering. First Citizens saw its profit jump 30-fold.

By Dan Ennis • May 10, 2023

Concerns over TD’s AML practices sunk First Horizon deal: report

TD’s five-year, $50 billion community benefits agreement has also become a casualty of the failed tie-up.

By Anna Hrushka • May 9, 2023

PacWest or Pacific West?: Curbing name confusion, Take 2

An Oregon lender distances itself from the troubled regional with two website notices and a press release.

By Dan Ennis • May 5, 2023

Goldman in talks to settle gender discrimination suit: reports

The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.

By Rajashree Chakravarty • May 4, 2023

TD, First Horizon terminate $13.4B merger

TD will pay First Horizon $200 million in cash, in addition to a $25 million fee reimbursement. TD blamed “uncertainty” as to when the deal might gain regulatory approval.

By Dan Ennis • May 4, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

Greenwood acquires neobank Kinly

The acquisition merges two neobanks that share a similar mission. Both fintechs launched in 2020 with the goal to help underserved communities build generational wealth.

By Anna Hrushka • May 2, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.

By Grace Noto • May 1, 2023

Global Payments to replace CEO

CEO Jeff Sloan will step down June 1 and be replaced by the payment processor’s president and chief operating officer, Cameron Bready.

By Caitlin Mullen • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Santander poaches Deutsche’s US chief Riley

The move is part of a management shake-up that came a day before the German bank announced it was shedding 800 senior back-office jobs.

By Dan Ennis • April 27, 2023

OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023

Banker leaves Citi after report of Epstein meetings

Citi opened an investigation last week after executives learned that Paul Barrett, while at JPMorgan Chase, scheduled at least five meetings with the now-late convicted sex offender between 2014 and 2017.

By Dan Ennis • April 26, 2023

Binance.US abandons $1.3B Voyager acquisition

It's the second time a deal to buy Voyager has fallen through since it filed for bankruptcy last summer.

By Gabrielle Saulsbery • April 26, 2023