Retail: Page 45
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JPMorgan Chase
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
By Anna Hrushka • Jan. 15, 2021 -
Citi's net income jumps 44% in Q4 over previous quarter
The bank released $1.5 billion in credit loss reserves, after setting aside $436 million in the third quarter and $253 million a year ago.
By Suman Bhattacharyya • Jan. 15, 2021 -
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 -
PNC sees 6% jump in Q4 net income ahead of BBVA acquisition
Deposits at the Pittsburgh-based lender grew 25% year over year.
By Robert Freedman • Jan. 15, 2021 -
Wells Fargo posts $1.1B in restructuring and remediation, sees 4% rise in Q4 profit
Despite the bump in Wells Fargo's bottom line, the bank saw double-digit percentage-point declines, or close, in net interest income and revenue.
By Dan Ennis • Jan. 15, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman, Marqeta partner to launch Marcus checking accounts this year
The bank is considering growing Marcus through acquisitions, Reuters reported, though executives have ruled out any tie-ups that involve taking on bank branches.
By Dan Ennis • Jan. 15, 2021 -
Permission granted by Upgrade
Upgrade adds mobile banking to credit, lending platform
The checking account's debit card lets users earn 2% cash back on gas, groceries and recurring payments. The company also is offering up to 20% lower rates on loans to qualified customers who open a bank account.
By Anna Hrushka • Jan. 14, 2021 -
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
LMI lender Aura closes amid pandemic, funding woes
The loss of the CDFI leaves one less borrowing option for its mostly Latino clientele and adds to a growing list of financial institutions, including digital banks Simple and Azlo, that have shuttered in 2021's early days.
By Dan Ennis • Jan. 12, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
By Anna Hrushka • Jan. 12, 2021 -
Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Bank leaders, trade groups condemn insurrection at US Capitol
"We have to begin reinvesting in our democracy," Goldman Sachs CEO David Solomon said in a LinkedIn post, adding that the country has "squandered" its "reservoir of goodwill around the world."
By Anna Hrushka • Jan. 7, 2021 -
Courtesy of Green Dot
Green Dot launches GO2bank to compete with challenger banks
"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."
By Anna Hrushka • Jan. 6, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
Ally offers New Year's Eve babies a $250 head start in savings accounts
Parents and legal guardians will have from Jan. 15 to July 31 to enroll their child in the account.
By Anna Hrushka • Dec. 18, 2020 -
Yelp deposits $10M into 3 Black-owned banks
The move follows an increase in banks and corporations earmarking funds for minority-owned depository institutions and racial equality initiatives following the May killing of George Floyd at the hands of police.
By Anna Hrushka • Dec. 17, 2020 -
FDIC releases final rule on controversial ILC charters
The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.
By Anna Hrushka • Dec. 16, 2020 -
Courtesy of BioNTech
Bank tellers, loan officers should be in second group vaccinated, ABA says
The trade group wrote to the CDC, saying customer-facing front-line bank employees should be allowed to get the COVID-19 vaccine after healthcare workers and long-term care facility residents.
By Anna Hrushka • Dec. 15, 2020 -
US has lost 4,407 bank branches since 2017, study finds
Capital One, Truist, Huntington, U.S. Bank, KeyBank and Wells Fargo are among banks that shed 10% or more of their brick-and-mortar presence in that time, according to the National Community Reinvestment Coalition.
By Dan Ennis • Dec. 15, 2020 -
Huntington, TCF agree to all-stock merger
The Columbus, Ohio-based bank will close all 97 of its branches located inside Meijer grocery stores in Michigan, and plans to shutter 198 overlapping branches in the state after the deal closes.
By Dan Ennis • Updated Jan. 25, 2021 -
Courtesy of Fifth Third
Fifth Third pledges $2.8B toward racial equity, inclusion
The bank aims to increase its mortgage lending by 31% while achieving parity in its top eight markets where Black Americans reside, and is targeting a 25% increase in small-business lending in majority-minority communities.
By Anna Hrushka • Dec. 11, 2020 -
Banks could face deadline for board diversity requirements
While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.
By Anna Hrushka • Dec. 10, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Permission granted by Citizens Bank of Edmond
Dive Awards
Executive of the Year: Jill Castilla, Citizens Bank of Edmond
"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.
By Anna Hrushka • Dec. 9, 2020 -
Permission granted by Gohenry
Gohenry targets US expansion after closing $40M funding round
The bulk of the funding will be used to expand the British challenger's marketing efforts in the U.S. and to grow the company's U.S.-based team, gohenry CEO Alex Zivoder said.
By Anna Hrushka • Dec. 8, 2020
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