Retail: Page 37
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Bank deposits could decrease for the first time in 80 years
Businesses and consumers alike have been depositing at a greater clip since the COVID-19 pandemic began. And, according to a Barclays analysis, the banking industry has $8.5 trillion more in deposits than loans.
By Robin Bradley • April 12, 2022 -
Permission granted by Step
Neobank Step to launch crypto, stock investing product for users under 18
The teen-focused challenger bank claims the new offering will make it the first financial app to enable customers under the age of 18 to buy, sell, hold and receive crypto.
By Anna Hrushka • April 12, 2022 -
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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 -
Courtesy of Wells Fargo multimedia resources
NYC halts new account openings with Wells Fargo, citing mortgage race gap
The city removed Wells from its designated banking list in 2017 over concerns about the bank’s lending practices but re-added it last year after its CRA rating improved.
By Robin Bradley • April 11, 2022 -
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AGs: Why can’t you be more like Citi (on overdrafts)?
Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.
By Dan Ennis • April 7, 2022 -
Citi spins off Bahrain retail-banking footprint
Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.
By Dan Ennis • April 5, 2022 -
Stefan Zaklin via Getty Images
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 -
Alex Wroblewski via Getty Images
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 -
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 -
Justin Sullivan via Getty Images
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 -
(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 -
Chris Hondros via Getty Images
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
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