Fed’s Barr urges banks to ‘eradicate’ discrimination

Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

By Rajashree Chakravarty • Feb. 8, 2023

Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

“Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

By Anna Hrushka • Feb. 8, 2023

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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

Truist cuts dozens in investment banking: report

The layoffs, encompassing 5% of the division, came in late January, Bloomberg reported. Affected employees will get priority consideration for other roles within the company, a bank spokesperson said.

By Dan Ennis • Feb. 8, 2023

Florida woman sues MidFlorida Credit Union over alleged race discrimination

A 70-year-old retired teacher was arrested after an issue stemming from a $600 ATM deposit. However, the lawsuit and police report paint vastly different portraits of the incident.

By Gabrielle Saulsbery • Feb. 7, 2023

Huntington aims new mortgage product at underserved borrowers

The new product aligns with the bank’s five-year Strategic Community Plan, a more than $40 billion effort to address social, racial, environmental and economic inequities in the regions where it operates.

By Anna Hrushka • Feb. 6, 2023

Bank of America trims CEO Moynihan’s pay to $30M for 2022

The CEO’s 6.3% pay cut comes as the bank’s profit fell 14% last year and its stock price tumbled 26%. No top-six U.S. bank has yet given its chief executive a pay boost for last year.

By Dan Ennis • Feb. 6, 2023

USAA slashes 130 jobs in mortgage unit

The move marks at least the second round of cuts in the home-lending unit in the past year, and the third at the company. The cuts come as the firm’s real estate loan portfolio has shrunk by half over the past three years.

By Anna Hrushka • Feb. 3, 2023

Houston digital-asset firm LevelField to acquire Chicago’s Burling Bank

Burling will continue to serve as a bank for the trading community, but the combined firm will market itself nationwide to customers seeking to monetize their digital assets.

By Rajashree Chakravarty • Feb. 2, 2023

A front-runner emerges in the race for Citi’s Mexico retail unit

Grupo Mexico, best known for its mining and railway operations, has secured a $5 billion debt package tied to a proposed acquisition that would value Banamex at $7 billion to $8 billion, Reuters reported.

By Dan Ennis • Feb. 2, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

JPMorgan plans to launch digital bank in Germany by 2025: report

The bank has been hiring in Berlin to support the effort and plans to make the city its base of EU consumer operations, Bloomberg reported.

By Dan Ennis • Feb. 1, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Marqeta names new CEO, makes $275M deal

The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

By Gabrielle Saulsbery • Jan. 30, 2023

Goldman Sachs cuts CEO Solomon’s pay by 28.6%

The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

By Dan Ennis • Jan. 27, 2023

The crypto world is sending mixed signals

Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

By Gabrielle Saulsbery • Jan. 27, 2023

Wells Fargo holds CEO Scharf’s pay steady at $24.5M

The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

By Dan Ennis • Jan. 27, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

Mexico’s largest department store now offers banking services to Mexican Americans

Customers can use their government-issued Mexican ID to set up a Coppel Access account, which provides access to a digital and physical debit card and convenient remittance services.

By Gabrielle Saulsbery • Jan. 25, 2023

Inside Jenius Bank’s plan to tap the US consumer market

Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

By Anna Hrushka • Jan. 24, 2023

Big banks to launch digital wallet operated by Zelle parent: report

The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

By Anna Hrushka • Jan. 23, 2023

Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M

The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.

By Dan Ennis • Jan. 23, 2023

Capital One cuts 1,100 tech jobs

The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.

By Anna Hrushka • Jan. 20, 2023

JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M

The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.

By Dan Ennis • Jan. 20, 2023

Bank of America institutes partial hiring freeze: report

The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.

By Anna Hrushka • Jan. 19, 2023