Retail: Page 33
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Big banks gear up to return to office despite omicron variant
Citi, Goldman Sachs and others have set hard dates for when workers are expected to return, while Wells Fargo and Capital One are taking a wait-and-see approach.
By Robin Bradley • Jan. 25, 2022 -
Courtesy of Wells Fargo multimedia resources
US banks close 2,927 branches in 2021, a 38% jump
Wells Fargo, with 267, reported more net closures than any other bank in the U.S., followed by U.S. Bank at 257. However, Huntington Bank saw 16% brick-and-mortar shrinkage, the most for a bank its size, S&P Global found.
By Robin Bradley • Jan. 24, 2022 -
Explore the Trendline➔
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TrendlineTop 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 -
Permission granted by H&R Block
H&R Block launches challenger bank Spruce
The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.
By Robin Bradley • Jan. 21, 2022 -
U.S. Bank, Truist scale down overdraft fees
U.S. Bank is increasing from $5 to $50 the amount by which accounts can go negative before triggering an overdraft fee and is instituting a 24-hour grace period. Truist, meanwhile, is unveiling two overdraft-free accounts this summer.
By Robin Bradley • Jan. 20, 2022 -
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Bank of America sees 28% Q4 profit jump
The bank earned 78.8% more throughout 2021 than it did a year earlier. CFO Alastair Borthwick, meanwhile, said "stubborn COVID costs" would drop throughout 2022, in a further hint of branch de-emphasis.
By Dan Ennis • Jan. 19, 2022 -
Permission granted by U.S. Bank
U.S. Bank's Q4 profit jumps 10% on reserve release
This time last year, the bank refused to release its pandemic safety net. But, as the global economic outlook improved in 2021, those reserves propelled the Minneapolis-based lender to double-digit percentage-point profit gains.
By Robin Bradley • Jan. 19, 2022 -
Permission granted by Truist
Truist sees 24% jump in Q4 profit
CEO Bill Rogers said costs related to the 2019 merger that created the bank will wrap up in 2022. Truist reported $212 million in charges related to the merger and restructuring in the fourth quarter.
By Dan Ennis • Jan. 18, 2022 -
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PNC reports 10% dip in Q4 profit
The bank's total revenue, however, increased 22%; deposits jumped 25%; and loans climbed 19% year over year — in large part stemming from the acquisition of BBVA USA, which closed in June.
By Robin Bradley • Jan. 18, 2022 -
Neilson Barnard/Getty via WireImages
It's the new year, and banks are opening their wallets
JPMorgan Chase is boosting first-year investment-banking analyst pay to $110,000, Bloomberg reported Wednesday. Second-year analysts, meanwhile, will make at least $125,000, and third-year compensation will start at $135,000.
By Dan Ennis • Updated Jan. 19, 2022 -
Citi restructures, sticks to its vaccine deadline and reports 26% Q4 drop in profit
About 150 Citi employees were being placed on leave for not meeting the bank's Jan. 14 COVID-19 vaccine reporting deadline, The Wall Street Journal reported Saturday.
By Dan Ennis • Updated Jan. 18, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's Q4 profit skyrockets 86%
The San Francisco-based firm topped analyst estimates, and released $875 million in loan-loss reserves.
By Robin Bradley • Jan. 14, 2022 -
JPMorgan smashes yearly profit record despite 14% Q4 dip
The bank's M&A advisers saw an 86% fourth-quarter uptick in fees. However, fixed-income trading fell 16%. JPMorgan Chase reported an 11% jump in operating expenses, which it credited to compensation boosts.
By Dan Ennis • Jan. 14, 2022 -
Permission granted by Citigroup
Citi to exit retail banking in Mexico
Santander has emerged as a potential bidder for the business, which represents $44 billion in assets and Citi's largest branch network, Bloomberg reported. Citi will hold on to its institutional business in the country.
By Dan Ennis • Jan. 12, 2022 -
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Bank of America, Wells Fargo pivot away from overdraft fees
Wells said Tuesday it would eliminate non-sufficient fund fees and provide a 24-hour grace period on overdrafts. Bank of America earlier in the day said it would cut overdraft fees to $10 from $35.
By Robin Bradley • Jan. 12, 2022 -
Alex Wroblewski via Getty Images
Dimon: 'We're not going to pay you not to work in the office'
JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."
By Robin Bradley • Jan. 11, 2022 -
Drew Angerer via Getty Images
Column
Bank of America's bonus do-over
A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.
By Dan Ennis • Jan. 10, 2022 -
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Neobank Starling halts advertising on Facebook, Instagram
The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.
By Robin Bradley • Jan. 7, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo's chief risk officer to retire in June
"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.
By Robin Bradley • Updated Jan. 19, 2022 -
5 banking trends to watch in 2022
A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.
By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022 -
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Citi spins off its Philippine retail presence
About 1,750 employees will transfer to Union Bank of the Philippines, which agreed Thursday to take on the American bank's footprint in a deal set to close in 2022's second quarter.
By Dan Ennis • Dec. 23, 2021 -
Permission granted by Dave
Banks are 'missing the mark' on overdraft revamps, Dave CEO says
"Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.
By Anna Hrushka • Dec. 21, 2021 -
Delmaine Donson via Getty Images
Community banks form payments network to compete with Zelle: report
Community bank innovation consortium Alloy Labs Alliance will manage the network in partnership with Payrailz, a digital payments company, Forbes reported.
By Anna Hrushka • Dec. 20, 2021 -
Pascal Le Segretain via Getty Images
BMO to buy Bank of the West from BNP Paribas for $16.3B
The Canadian bank would merge Bank of the West into BMO Harris to create the 13th-largest U.S. bank in a deal expected to close by the end of 2022.
By Dan Ennis • Dec. 20, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banking group drops OCC suit after Figure updates charter application
"We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.
By Anna Hrushka • Updated Jan. 14, 2022 -
Mark Wilson via Getty Images
Capital One tops customer satisfaction survey among national banks
On average, the national banks included in J.D. Power's 2021 customer satisfaction survey scored five points lower than in 2020.
By Robin Bradley • Dec. 17, 2021
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