Retail: Page 31
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House panel's overdraft hearing shows partisan divide
House Financial Services Committee Chair Maxine Waters, D-CA, unveiled a draft bill Thursday requiring banks with $10 billion or more in assets to offer accounts without overdraft or declined-transaction charges.
By Robin Bradley • April 1, 2022 -
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ColumnJamie Dimon, U.S. Bank and BMO show value is a buyer-led construct
JPMorgan Chase reported it gave its CEO a stock award worth more than double what it estimated in 2018. But as M&A has shown, value isn't always one-for-one.
By Dan Ennis • March 31, 2022 -
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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 -
Anna Hrushka/Banking Dive
FDIC unveils guidance for banks to navigate climate-related risks
The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).
By Robin Bradley • March 31, 2022 -
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Citi agrees to sell its India retail footprint to Axis Bank for $1.6B
About 3,600 Citi employees will transfer to Axis in the deal, which is expected to close in the first half of 2023.
By Dan Ennis • March 30, 2022 -
Serial acquirer Seacoast moves on Miami with $168.3M buy of Apollo Bank
The deal, set to close in the fourth quarter, would add five Miami-Dade County branches to Seacoast's footprint and take Apollo off the market. A credit union's bid for Apollo was terminated in the COVID-19 pandemic's early days.
By Dan Ennis • March 30, 2022 -
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Sponsored by FinastraIf collaboration is key to BaaS, how can we nurture new partnerships?
More than one-third of distributors expect to increase their BaaS offerings by more than 15% per year over the next three years.
By Jeff Manghillis, Lead Client Partner, BaaS at Finastra • March 28, 2022 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps." [Video]. Retrieved from https://financialservices.house.gov/videos/?VideoID=Sf5D9BprcXg.
House panel wants deeper details of banks' business activities in Russia
Rep. Maxine Waters, D-CA, asked 31 trade groups to survey their members to find out what they are doing to exit or phase out business with Russia or, conversely, defend why they would continue those ties.
By Robin Bradley • March 25, 2022 -
Permission granted by Citizens Financial Group
Fed approves Citizens' $3.5B acquisition of Investors Bancorp
The deal, expected to give Citizens an additional 154 branches — mostly in the New York City area — marks the second big new revenue stream for the bank in a little over a month.
By Robin Bradley • March 23, 2022 -
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The Marcus-to-JPMorgan pipeline appears to be reopened
Goldman Sachs' consumer arm lost its fourth managing director to Chase in the past year, spawning a question of whether the latest move spotlights a vulnerability in the bank's talent retention strategy.
By Dan Ennis • March 22, 2022 -
Chris Hondros via Getty Images
Goldman's general counsel gets a 75% raise over her predecessor
$7.5 million is a popular pay boost for the bank. That's the amount by which CEO David Solomon, President John Waldron and General Counsel Kathy Ruemmler saw their compensation jump last year.
By Robin Bradley • March 21, 2022 -
Mario Tama / Staff via Getty Images
BNY Mellon expects to lose $200M in Russia pullback
The custody bank Thursday said it would halt new banking business in Russia and suspend investment management purchases of Russian securities in a move that aligns it with the likes of Citi, Goldman Sachs and JPMorgan Chase.
By Dan Ennis • March 18, 2022 -
Permission granted by Truist
Huntington poaches Truist retail banking chief
Truist, meanwhile, promoted its chief digital officer to lead the Charlotte, North Carolina-based bank's retail and community banking and marketing efforts.
By Robin Bradley • March 18, 2022 -
Retrieved from Consumer Financial Protection Bureau.
CFPB expands enforcement of unfair discrimination
The agency on Wednesday unveiled an updated exam manual for evaluating unfair practices in the world of consumer finance.
By Robin Bradley • March 17, 2022 -
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JPMorgan Chase drops ban on unvaccinated new hires
The bank, in a memo Monday, said it will stop mandatory twice-weekly testing of unvaccinated employees April 4, and no longer require unvaccinated workers to wear face masks, effective immediately.
By Robin Bradley • March 15, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo gives CEO Scharf a 20% pay boost to $24.5M
The compensation package makes him the fifth-best-paid chief executive among the six largest U.S. banks — trailing all but Citi's Jane Fraser.
By Dan Ennis • March 15, 2022 -
Zhanna Hapanovich via Getty Images
Arizona deal marks 5th credit union purchase of bank in 2022
At the current pace, 26 credit union-bank tie-ups could be in the works by the end of the year, far surpassing 2019's record.
By Robin Bradley • March 14, 2022 -
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Capital One's general counsel wears 2 new hats
The McLean, Virginia-based bank has seen two other high-profile exits from its legal department in the past two weeks.
By Robin Bradley • March 11, 2022 -
Mario Tama / Staff via Getty Images
BNY Mellon CEO Todd Gibbons to retire Aug. 31
Robin Vince, a 26-year Goldman Sachs veteran who joined BNY Mellon in 2020, will take the bank's top role.
By Robin Bradley • March 10, 2022 -
Permission granted by U.S. Bank
U.S. Bank looks to assuage community advocates at merger hearing
CEO Andy Cecere said the bank intends to invest $100 billion over five years into the communities it touches and vowed not to desert any low- to moderate-income areas in California by acquiring MUFG Union Bank.
By Dan Ennis • March 9, 2022 -
Permission granted by Huntington Bank
Huntington to cut overdraft fees from $36 to $15 starting in July
The Columbus, Ohio-based bank is also launching a feature next month to give users immediate access to up to $500 from check deposits.
By Dan Ennis • March 9, 2022 -
Justin Sullivan via Getty Images
Citi names next chief compliance officer
Tom Anderson, who now serves as chief compliance officer for the bank's personal banking and wealth management division, returned to Citi last year after stints at American Express and JPMorgan Chase.
By Robin Bradley • Updated May 12, 2022 -
Stacking up bank CEO pay in Canada vs. the US
Chief executives at the top five Canadian banks saw a 28.2% raise, on average, that exceeds their U.S. counterparts. However, American CEOs average more than three times the compensation.
By Dan Ennis • March 8, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander's US consumer lending arm discloses accounting errors
The auto lender miscategorized cash flows in 2021, owing to a "material weakness" in the company’s financial reporting.
By Robin Bradley • March 7, 2022 -
As branches dwindle, larger bank offices are harder to offload
Bank branches under 4,000 square feet are selling at a higher price than 2015, whereas branches larger than 4,000 feet are selling at their 2015 level or lower, tax services provider Ryan found.
By Robin Bradley • March 4, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's brand management chief is leaving May 1
Barri Rafferty's "innovative approach to communications" helped the bank achieve "enhanced favorability, trust and ... media sentiment," Bill Daley, the bank's vice chairman of public affairs, wrote in a memo.
By Robin Bradley • March 3, 2022
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