New York Community Bank to buy Flagstar in $2.6B all-stock deal

The combined bank will have over $87 billion in assets and operate nearly 400 branches in nine states and 87 loan production offices across a 28-state footprint.

By Anna Hrushka • April 26, 2021

Marcus starts its rebuilding year

Goldman Sachs's digital bank rehires its former risk chief and promotes others on its "deep" bench as rumors swirl surrounding the parent company's investment in U.K. startup Starling.

By Dan Ennis • April 23, 2021

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Top 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

JPMorgan faces reputation 'cleanup' ahead of UK digital bank launch

"We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future," a JPMorgan spokesperson said Friday. "We will learn from this."

By Anna Hrushka • Updated April 23, 2021

JPMorgan expects July rotating return for US employees

"We know that many of you are excited to come back, but we also know that for some, the idea of coming in on a regular basis is a change through which you'll need to manage," the bank's operating committee wrote in a memo Tuesday.

By Dan Ennis • Updated April 27, 2021

JPMorgan-backed European Super League unravels

The biggest U.S. bank agreed to underwrite up to $4.8 billion in the endeavor. Backlash has been harsh in the U.K., where the lender plans to launch a digital platform. The bank's corporate sustainability rating has even taken a hit.

By Anna Hrushka • April 21, 2021

Policy questions remain as global governments explore CBDCs

Bank Policy Institute's chief examines the impact and drawbacks of various models of digital coin as the Fed and other countries forge ahead.

By Anna Hrushka • April 19, 2021

Webster Bank to buy Sterling in $5.1B all-stock deal

The transaction, set to close in the fourth quarter, would create a bank with about $63 billion in assets. The CEOs of both banks will serve two-year alternating terms in the new entity's top roles.

By Dan Ennis • April 19, 2021

PNC reports $1.8B Q1 profit, forges ahead with BBVA deal

PNC CEO Bill Demchak said the bank is on track to complete its acquisition of the Spanish lender's U.S. arm by midyear, adding he thinks the current economic environment will give rise to more acquisition opportunities.

By Anna Hrushka • April 16, 2021

Barclays drops its role as lead underwriter in prison bond sale

Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.

By Dan Ennis • Updated April 19, 2021

Truist sees Q1 boost over insurance acquisitions, investment-banking boon

Truist's Insurance Holdings division reported a 400% increase in net income for the quarter — to $131 million from $26 million in 2020's comparable three-month span.

By Anna Hrushka • April 15, 2021

Bank of America's Q1 profits double as it reinstates pre-COVID credit standards

The bank released $2.7 billion in loan loss reserves, but saw a 15% jump in noninterest expenses, driven by COVID-19-related costs, including incentive changes, real estate charges and compensation boosts for associates.

By Suman Bhattacharyya • April 15, 2021

Citi looks to exit 13 retail markets, hire 2,300 in Asia wealth push

The bank's effort to boost its assets under management in Asia to $450 billion by 2025 means the segment would have to grow at about triple the rate Citi has seen there since 2015.

By Dan Ennis • Updated April 19, 2021

Another Marcus exec flees — this time, to JPMorgan Chase

The departure of the digital bank's head of product is being followed closely by that of Goldman's communications chief, who is leaving after nine years.

By Dan Ennis • Updated April 16, 2021

JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release

During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.

By Anna Hrushka • April 14, 2021

Wells Fargo profits jump nearly sevenfold amid signs of economic recovery

The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.

By Suman Bhattacharyya • April 14, 2021

PNC's 'low cash mode' gives users 24-hour overdraft buffer

The feature lets customers choose which payments will be processed if an overdraft is imminent. Tests of the product have helped users reduce insufficient-funds fees by more than 60%, the bank said.

By Anna Hrushka • April 13, 2021

With neobank purchase, Avant mirrors SoFi's path

Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.

By Dan Ennis • April 13, 2021

BancorpSouth to buy Cadence Bank in $2.8B all-stock deal

The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.

By Anna Hrushka • April 12, 2021

Banks decide their place on the Citi-Goldman spectrum

Wells Fargo is giving its analysts $10,000 bonuses spread out over six months, while its associates will get a financial allowance of $20,000 — figures that align closely with a Bank of America perk.

By Dan Ennis • Updated April 20, 2021

Niche banking could safeguard challengers, incumbents from big tech, retail threat

In his annual shareholder letter, JPMorgan CEO Jamie Dimon said the strengths of Amazon, Apple, Facebook, Google and Walmart are "extraordinary, with ubiquitous platforms and endless data."

By Anna Hrushka • April 9, 2021

Membership-based neobank Fair would target immigrants, unbanked

Houston entrepreneur Khalid Parekh, who founded the tech firm Amsys Group, said the platform's portfolio of services will help differentiate it from neobanks already serving the space.

By Anna Hrushka • April 8, 2021

Walmart's trademark filing may offer clues to fintech startup

The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.

By Dan Ennis • April 8, 2021

Eastern cements Boston footprint with $642M Century Bank acquisition

Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.

By Dan Ennis • April 8, 2021

California bill would create free banking services for state's residents

The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.

By Anna Hrushka • April 7, 2021

Chance for early feedback spurs banks to join FedNow pilot program

More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

By Anna Hrushka • April 6, 2021