Retail: Page 28
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Citi to wind down China retail presence
The move will affect 1,200 employees, but the cost is not expected to be material, the bank said. Citi now has an exit strategy in place for all but one of the markets mentioned in its April 2021 strategy refresh.
By Dan Ennis • Dec. 19, 2022 -
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Goldman layoffs could stretch to 4,000
Managers have been asked to identify low performers for a cull that could cut 8% of the bank’s staff. Marcus employees, the target of many of the 400 cuts estimated earlier, are also at high risk.
By Dan Ennis • Dec. 16, 2022 -
Explore the Trendline➔
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TrendlineM&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 -
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NYDFS lays out crypto guidance for banks
State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.
By Rajashree Chakravarty • Dec. 16, 2022 -
Chime made two offers up to $2B to buy DailyPay: report
DailyPay, which was founded in 2015 by Jason Lee, may be content to wait for a better offer, or perhaps lean on its track record of successful fundraising going forward.
By Anna Hrushka • Dec. 16, 2022 -
Permission granted by Citigroup
Citi employees can work remotely for the balance of 2022
Their only restriction? That they stay in their country of employment. Hello, Hawaii.
By Gabrielle Saulsbery • Dec. 15, 2022 -
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M&T hires ex-Truist CFO Bible
Bible’s leadership through the BB&T-SunTrust merger may come in handy as M&T sorts out its tie-up with People’s United. M&T’s current CFO, Darren King, will take a role overseeing several business silos.
By Dan Ennis • Dec. 15, 2022 -
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Apex, Unifimoney partner on digital investment solutions for banks
Oklahoma-based First Fidelity Bank is the first customer to go live with the services offered by the partnership.
By Rajashree Chakravarty • Dec. 14, 2022 -
Permission granted by Current
How Current pivoted to free
"We had a lever that other people didn't have, which was we can actually cut costs sufficiently that we don't need to fill that hole with a subscription fee,” said Trevor Marshall, the company's CTO.
By Suman Bhattacharyya • Dec. 14, 2022 -
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BNY Mellon gives stock bonuses to its rank and file
TD and Bank of America offered similar stock awards last year. BNY’s move is notable for its timing — as banks consider trimming bonuses. BNY Mellon also bumped up its parental leave policy Wednesday.
By Anna Hrushka • Dec. 14, 2022 -
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Goldman to cut 400 jobs, end Marcus consumer loans: reports
The staff cuts would come amid a reorganization that would split Marcus. It also follows reports that the bank is reinstating annual performance reviews, which may guide headcount-reduction decisions.
By Anna Hrushka • Dec. 13, 2022 -
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Warren, Toomey unite on bill to make Fed more transparent
The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.
By Rajashree Chakravarty • Dec. 12, 2022 -
Courtesy of Wells Fargo multimedia resources
OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs
The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.
By Rajashree Chakravarty • Dec. 8, 2022 -
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Morgan Stanley slashes 1,600 jobs
The move comes on a day when Goldman Sachs CEO David Solomon warned of "bumpy times ahead" and Bank of America chief Brian Moynihan said his firm would slow hiring.
By Dan Ennis • Dec. 7, 2022 -
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Newtek gets OCC green light to acquire NBNYC
The approval comes 16 months after Newtek proposed to reposition itself as a bank holding company. The acquisition should strengthen Newtek’s foothold as the third-largest lender in the SBA’s 7(a) program.
By Rajashree Chakravarty • Dec. 6, 2022 -
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Fed’s Barr calls for stricter capital requirements
The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.
By Rajashree Chakravarty • Dec. 5, 2022 -
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10 top reads from Banking Dive
If you're new, welcome. Here's a chance to catch up on some of our best work.
By Dan Ennis • Dec. 4, 2022 -
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Wells Fargo adds hundreds to mortgage-lending cull
The bank's CFO has said the segment, which has seen dips of more than 50% in revenue and origination amid elevated interest rates, would "remain challenging in the near term."
By Dan Ennis • Dec. 2, 2022 -
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TD, BMO adjust their timelines for First Horizon, Bank of the West deals
TD now aims to wrap its transaction by April and give First Horizon stockholders an extra $0.65 per share. BMO said its deal is “rounding third base,” on track for a first-quarter close.
By Dan Ennis • Dec. 2, 2022 -
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UBS chair rules out M&A for its US growth strategy
“The message in the States is organic growth, no optionality, no distractions, no M&A,” Colm Kelleher said two months after a $1.4 billion deal to buy Wealthfront collapsed.
By Dan Ennis • Nov. 30, 2022 -
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RBC to buy HSBC’s Canada unit for $10B
The transaction, expected to close in late 2023, would bolster Canada’s largest lender with a further $99.6 billion in assets and 130 branches. It may also ease investor pressure on HSBC to divest its foreign footprints.
By Dan Ennis • Nov. 29, 2022 -
BMO unveils $40B community benefits plan
The five-year effort aims to boost homeownership and small-business growth for borrowers of color and in LMI areas. It also comes ahead of BMO’s one-year deadline to close its Bank of the West acquisition.
By Rajashree Chakravarty • Nov. 29, 2022 -
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Banks discuss refund rule for Zelle customer fraud: report
Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.
By Anna Hrushka • Nov. 28, 2022 -
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PayPal counts on its digital app for gains
The digital payments pioneer is scouting for new ways to increase customer use of its digital wallet, including plans to add a new Venmo teen account.
By Lynne Marek • Nov. 28, 2022 -
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Barclays CEO Venkat diagnosed with cancer
Doctors called Venkat’s prognosis “excellent,” the CEO wrote in a letter. Treatment will last 12 to 16 weeks, during which the CEO will work from home and not be able to travel. Barclays has not appointed an interim chief.
By Dan Ennis • Nov. 28, 2022 -
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Neobank GloriFi shuts down following turbulent launch
The Dallas-based fintech attributed the shutdown to “startup mistakes, reputation attacks, the declining economy, and multiple negative media stories.”
By Anna Hrushka • Nov. 22, 2022
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