Retail: Page 42
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ColumnNo profit worries? Earnings week still served up drama
BNPL, crypto, bonuses, regulatory woes and even office layout bubbled up as subplots among Wall Street's heavy hitters.
By Dan Ennis • Oct. 18, 2021 -
Truist Financial
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
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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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PNC sees double-digit boon in revenue, deposits and loans
The bump comes during the first full quarter during which BBVA USA assets were included. The bank converted systems and branches in seven states this month to the PNC brand.
By Robin Bradley • Oct. 15, 2021 -
Permission granted by Citigroup
Citi's profit climbs 48% for Q3 as it releases $1.6B in reserves
The bank's global consumer banking revenue fell by 13% as it shed its Australia operations, but investment banking revenue saw a 39% jump.
By Robin Bradley • Oct. 14, 2021 -
Drew Angerer via Getty Images
Bank of America sees 58% Q3 profit jump
The Charlotte, North Carolina-based lender reported a 23% jump in investment-banking fees, record consumer deposits, and a $1.1 billion release of loan-loss reserves Thursday.
By Dan Ennis • Oct. 14, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo reports 59% profit bump amid $1.7B release in reserves
CEO Charlie Scharf said he thinks the bank is "making significant progress" against the bank's regulatory hurdles, "though we may continue to have setbacks along the way."
By Anna Hrushka • Oct. 14, 2021 -
Alex Wroblewski via Getty Images
JPMorgan's $2.1B reserve release drives 24% profit spike
The bank's $2.1 billion release of credit reserves this quarter eclipses the $569 million it unlocked in the prior year.
By Anna Hrushka • Oct. 13, 2021 -
Umpqua, Columbia to merge in $5.2B, all-stock deal
The transaction, slated to close in mid-2022, would create a $50 billion-asset bank that would operate branches in California, Idaho, Nevada, Oregon and Washington.
By Robin Bradley • Oct. 12, 2021 -
Permission granted by Citizens Financial Group
Overdraft alternativesCitizens Bank launches feature to reverse overdraft
Customers who overdraw would have until 10 p.m. Eastern time the next business day to transfer enough funds to make the account balance positive. The bank added the offering to all of its checking accounts Oct. 1.
By Dan Ennis • Oct. 8, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff
Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.
By Robin Bradley • Oct. 7, 2021 -
Liberty Bank's Tri-State acquisition to form largest Black-owned bank in US
The deal, which will form an institution with more than $1 billion in assets, will allow Liberty Bank to expand its loan limit for qualified borrowers from about $1.2 million to $5 million, the bank said.
By Anna Hrushka • Oct. 7, 2021 -
Green Dot
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America, BMO Harris boost their minimum wages
Bank of America's nudge to $21 per hour pushes it toward its goal of $25 by 2025. BMO's bump — to $18 hourly from $15 — parrots a move PNC Bank announced in August.
By Robin Bradley • Oct. 6, 2021 -
David McNew via Getty Images
Bank of America's Life Plan reaches more than 5M users
The bank said the digital feature is driving more interaction with bank staff and led to 1 million follow-up appointments — both in-person and virtually.
By Anna Hrushka • Oct. 6, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Emma Cosgrove/Banking Dive
Postal banking pilot brings check cashing, bill pay in 4 areas
The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.
By Robin Bradley • Oct. 4, 2021 -
David Paul Morris via Getty Images
Google abandons plans to offer Plex checking accounts
The tech giant's decision to scrap its Plex checking accounts comes after a series of project delays and the March departure of Caesar Sengupta, the Google Pay executive who headed the project.
By Anna Hrushka • Oct. 4, 2021 -
Justin Sullivan via Getty Images
First Citizens, CIT extend timeline for $2.2B merger over Fed delay
The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.
By Dan Ennis • Oct. 1, 2021 -
Mark Wilson via Getty Images
Overdraft alternativesRegions unveils overdraft alternative
The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.
By Robin Bradley • Oct. 1, 2021 -
LendingClub
Why becoming a bank is paying off for LendingClub
With its 2020 deal to acquire Radius Bank, LendingClub gained a banking charter — and also a means to cut costs, grow revenue and position itself to offer tailored products.
By Suman Bhattacharyya • Sept. 30, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America poaches Citi's consumer-banking CMO
In taking a role as BofA's head of consumer and small-business products, Mary Hines Droesch becomes at least the second Citi marketing executive since July to leave for a Wall Street competitor.
By Robin Bradley • Sept. 29, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
Permission granted by Bank of Marin
Bank of Marin CEO calls it a career after 2 extra years
The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."
By Dan Ennis • Sept. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Ex-Marcus chief Talwar to leave Goldman Sachs in October
Omer Ismail took over day-to-day oversight of Goldman's consumer bank late last year, but he left to join Walmart's fintech startup, sparking an unexpected return to duty for Talwar.
By Dan Ennis • Sept. 24, 2021 -
Alex Wroblewski via Getty Images
JPMorgan Chase buys college financial planning platform Frank
The deal opens the bank to 5 million students Frank serves. It also cashes in on JPMorgan CEO Jamie Dimon's 2020 pledge to be "much more aggressive with acquisitions across the board."
By Robin Bradley • Sept. 22, 2021
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