Retail: Page 25

  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Goldman Sachs to pare back consumer ambitions: report

    The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.

    By • Oct. 10, 2022
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    Disappearing sand billboard pushes Bank of the West’s climate message

    The San Francisco-based lender partnered with a nonprofit on a kelp forest-focused campaign meant to be washed away on the day it was created.

    By • Oct. 10, 2022
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    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
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    Bank of America to pay $1.84B to settle last Countrywide case

    The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.

    By • Oct. 7, 2022
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    FDIC approves first new US mutual bank in 50 years

    New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.

    By • Oct. 6, 2022
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    M&T pledges to rectify People’s United account access issues

    The bank’s pledge, in response to letters of concern from five senators and Connecticut’s attorney general, came during a week when M&T disclosed 325 layoffs in the Nutmeg State.

    By • Oct. 3, 2022
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    Banks turn to automation to realize efficiency gains

    Automation will increasingly support customer experience improvements, product releases and other client-relations objectives, analysts said.

    By • Sept. 30, 2022
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    CFPB sues MoneyLion, alleging Military Lending Act violations

    The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.

    By • Sept. 30, 2022
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    Lakeland Bank to pay $13M in DOJ redlining settlement

    The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.

    By • Sept. 29, 2022
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    CFPB fines Regions $191M on overdraft practices

    The bureau demanded Regions pay $141 million in redress to customers and a $50 million penalty over “authorized-positive” fees the bank charged related to the order in which it posted transactions.

    By • Sept. 28, 2022
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    JPMorgan’s UK retail bank hits 1M customers, aims to double staff by 2024

    JPMorgan said it plans to introduce new features and enhancements to the current Chase U.K. account, including new savings options and lending products, such as a Chase credit card.

    By • Sept. 28, 2022
  • The concept of the word M&A on cubes on a beautiful green background. Business concept
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    NJ’s Provident, Lakeland to merge in $1.3B deal

    The transaction, set to close in the second quarter of 2023, aims to give the Garden State a “super-community bank” at the $25 billion-asset level, filling a gap that opened when Citizens acquired Investors Bancorp.

    By • Sept. 27, 2022
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    PNC buys restaurant point-of-sale firm Linga

    The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.

    By • Sept. 27, 2022
  • Bank CEOs sit in front of the Senate Banking Committee.
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    Bank CEOs defend Zelle in Senate hearing

    Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.

    By • Sept. 23, 2022
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    Citi proposes UK retail exit

    The move wouldn’t materially affect the bank. Citi has one U.K. retail branch and intends to ask qualifying clients to use the bank’s private banking services.

    By • Sept. 23, 2022
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
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    Republicans grill bank CEOs on handling of new merchant gun code

    GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

    By • Sept. 22, 2022
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    Chicago mayoral candidate proposes public bank

    The bank would start with $500 million in assets, with half coming from the city’s “cash on hand.” The rest could come from federal stimulus funds, or the Illinois General Assembly could be asked to “match funds.”

    By • Sept. 21, 2022
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    PNC gears up for Round 3 in USAA patent dispute

    Lawyers for PNC asked a judge for a new trial in a $218 million case days after a jury found the bank should pay USAA another $4.3 million in a related matter.

    By • Sept. 21, 2022
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    Diversity, inflation, payments fraud to take center stage at hearings

    Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

    By • Sept. 20, 2022
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Column

    Goldman grows where it can — but may have just started its cull

    The bank leans into an expansion in transaction banking and a new card partnership while cutting at least 25 bankers in Asia.

    By • Sept. 20, 2022
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    M&T-People’s United conversion issues draw AG scrutiny

    Some customers have been unable to access online banking following M&T’s conversion of People’s United accounts over the Labor Day weekend, Connecticut's attorney general wrote last week in a letter.

    By • Sept. 19, 2022
  • Woman stands under TD Bank sign.
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    TD to expand in Charlotte area, with 15 new branches

    At least 25% will be in majority-nonwhite or LMI areas, TD said, in perhaps an olive branch to community advocates concerned over the impact of the bank’s pending acquisition of First Horizon.

    By • Sept. 16, 2022
  • A person uses a red Bank of America ATM.
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    Bank of America to offer paid sabbaticals starting next year

    Employees who have served 15 years at the bank can take four weeks, with an extra week for 20-year vets, and a sixth for those with 30.

    By • Sept. 15, 2022
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    Citizens to buy college planning platform College Raptor

    The deal will give Citizens, which already has several student lending products, greater access to the college student market, the bank’s executive vice president and head of student lending said.

    By • Sept. 15, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Column

    How big of a deal is Q2’s deposit decline?

    Deposits had seen an unsustainable 35% jump since 2020, and banks were pushing their capital limits. The real tell of consumer health from FDIC data may be a 25% spike in early delinquencies.

    By • Sept. 15, 2022
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    Majority raises $37M as neobank expands immigrant outreach

    The neobank, which declined to share its current valuation or number of users, has raised $83.5 million to date.

    By • Sept. 14, 2022