Retail: Page 38
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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 -
Permission granted by Citigroup
At investor day, Citi makes a plea for time
The bank warned of $4 billion in potential losses and an uptick in expenses from tech investments and hiring. But it also adjusted expectations for a return on tangible common equity.
By Dan Ennis • March 3, 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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Longtime United Bank CEO Richard Adams to leave top role
Adams, who has led the bank for nearly 47 years, will become executive chair of its board April 1, when his son succeeds him as CEO.
By Robin Bradley • March 2, 2022 -
Citi has a $9.8B Russia headache
In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.
By Dan Ennis • March 1, 2022 -
Drew Angerer / Staff via Getty Images
TD to acquire First Horizon in $13.4B deal
The transaction, expected to close in the fall, would expand the Canadian bank's Southeast footprint, adding $55 billion in loans and $75 billion in deposits to its balance sheet and making it the U.S.'s sixth-largest retail bank.
By Robin Bradley • Feb. 28, 2022 -
Citi becomes largest US bank to eliminate overdraft fees
The bank is set to supplant Capital One over the summer as the largest U.S.-based financial institution to do away with the fees.
By Robin Bradley • Feb. 25, 2022 -
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Citi calls vaccinated workers back to office March 21
The bank's human resources chief credited a steady decline in the COVID-19 caseload and decreased risk for vaccinated workers in the decision to place employees on site at least two days a week.
By Dan Ennis • Feb. 24, 2022 -
Ex-Goldman banker's 1MDB trial paused over late-breaking evidence
Prosecutors said they learned Tuesday night that a Justice Department unit did not share with them or Roger Ng's defense lawyers 15,500 documents belonging to the government's star witness in the case.
By Dan Ennis • Feb. 24, 2022 -
Permission granted by SoFi
SoFi to buy banking software firm Technisys for $1.1B
The deal would give the newly minted bank control of its platform's back-end technology. The transaction could generate $800 million in additional revenue by 2025, the company said.
By Robin Bradley • Feb. 22, 2022 -
Mario Tama / Staff via Getty Images
BNY Mellon poaches treasury services CEO from JPMorgan
Jennifer Barker, a 19-year JPMorgan veteran, takes on a role held until August by Paul Camp, who left BNY Mellon for Wells Fargo.
By Robin Bradley • Feb. 17, 2022 -
Paul Morigi via Getty Images
ColumnA new, understated Goldman tweaks its strategy
The bank updated its targets for return on tangible common equity, consumer banking revenue and asset management in a less splashier fashion than its 2020 investor day.
By Dan Ennis • Feb. 17, 2022 -
Permission granted by Citigroup
Citi pays Fraser $22.5M in her first year as CEO
Fraser's compensation ranks well below Morgan Stanley and Goldman Sachs' CEOs. But it is 31.2% above what she made as Citi's No. 2 executive in 2020 — on par with the raise Bank of America gave its CEO last year.
By Dan Ennis • Feb. 15, 2022 -
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TD freezes $1.1M in donations to Canada protesters
The bank idled two personal accounts after GoFundMe said it would return millions meant to cover food, fuel and expenses for activists snarling traffic in the name of cross-border truckers bemoaning COVID vaccine mandates.
By Robin Bradley • Feb. 14, 2022 -
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Small loan offerings mark 'watershed' in pivot from overdraft: Pew
"Concerns about providing liquidity for consumers should be met with actual small credit," Pew analysts wrote. "January's developments prove that scenario is becoming an industry norm."
By Robin Bradley • Feb. 11, 2022 -
OlyaSolodenko/iStock via Getty Images
Subprime lender Elevate to pay more than $3.75M to end D.C. interest rate suit
The lender, which was flagged to the FDIC by consumer advocates last week, along with its partner banks, also agreed to waive more than $300,000 in past-due interest fees owed by D.C.-based customers.
By Dan Ennis • Feb. 9, 2022 -
Spencer Platt via Getty Images
M&T Bank to slash overdraft fee from $36 to $15
The Buffalo, New York-based bank also plans to eliminate non-sufficient fund fees and charges for overdraft protection transfers starting in this year's second quarter.
By Robin Bradley • Feb. 9, 2022 -
Anna Hrushka/Banking Dive
FDIC's acting chief lays out priorities as advocates demand action
The agency's new leader stressed an interagency CRA revamp, climate risk and attention to bank mergers as 15 groups sought to quash partnerships between fintechs and banks that skirt state-imposed interest rate caps.
By Robin Bradley • Feb. 7, 2022 -
ColumnBank of America CEO sees 30.6% pay bump to land him in the $30M club
The raise comes as profits at the Charlotte, North Carolina-based lender jumped 78% in 2021 and shareholders saw a 47% boost in the bank's stock price over the year.
By Dan Ennis • Feb. 7, 2022 -
Pablo Blazquez Dominguez via Getty Images
Santander to wind down US mortgage lending
Santander wants to focus on more profitable silos in the U.S., such as auto loans. U.S. banking accounted for 22% of the Spanish bank's profits in 2021 — more than triple the 7% it comprised in 2019.
By Dan Ennis • Feb. 4, 2022 -
TD to let customers overdraw by $50 without fee
The bank, which took 8.9% of its operating revenue from deposit service charges between July 2020 and June 2021, is also instituting a 24-hour grace period this year.
By Dan Ennis • Feb. 1, 2022 -
OlyaSolodenko/iStock via Getty Images
Fees make customers twice as likely to switch banks, study finds
Moving "from a punitive, carrot-and-stick approach suggests that retail banks are recognizing [they must] evolve beyond service provider [to] more of a hub of financial advice and guidance," J.D. Power researchers wrote.
By Robin Bradley • Feb. 1, 2022 -
Paul Morigi via Getty Images
Column
Goldman hikes Solomon's pay to keep up with the Morgans
The bank also gave restricted-stock packages to roughly three dozen senior executives after shareholders asked why the CEO and COO were singled out for awards in October.
By Dan Ennis • Jan. 31, 2022 -
Permission granted by Citigroup
Citi sells Taiwan retail presence to Singapore giant DBS
DBS will pay a premium of roughly $704.2 million on the assets, which the bank said will accelerate its growth strategy in the market by at least 10 years.
By Dan Ennis • Jan. 28, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB blasts 'junk fees' in new salvo against overdraft, other charges
The bureau is seeking comments from the public through March 31 concerning fees on bank accounts, credit cards and other financial products that may be seen as excessive or unexpected.
By Robin Bradley • Jan. 27, 2022 -
Drew Angerer via Getty Images
Bank of America to give restricted-stock bonuses to rank and file
Full-time U.S. employees making less than $500,000 a year will get 65 to 600 restricted stock units, which will vest over four years. The bank also bumped salaries by $100,000 for directors and managing directors in some silos.
By Robin Bradley • Updated Jan. 27, 2022
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