Retail: Page 47
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Pandemic could accelerate de novos' profitability timeline, experts say
Customers' increased adoption of digital banking amid the pandemic, and the realization banks can operate with less physical space, have enabled de novos to tailor their operating models to a new normal, one attorney said.
By Anna Hrushka • Oct. 30, 2020 -
Bank of America ends $200 pandemic pay for front-line workers
The nation's second-largest bank will continue to give employees $100 per day for child or elder care. The move comes as TD Bank promises $500 bonuses to about 90,000 workers for their pandemic efforts.
By Anna Hrushka • Updated Oct. 30, 2020 -
Explore the Trendline➔
Permission granted by O’Malley Hansen Communications
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 -
Permission granted by SoFi
SoFi gets OCC's preliminary approval for bank charter, launches credit card
The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.
By Anna Hrushka • Oct. 29, 2020 -
Truist Financial
Truist's new CMO looks to 'meet the moment where it is'
A big challenge is ensuring the bank's tone and narrative "fits where all of us are as a community," said Vinoo Vijay, who previously held marketing roles at H&R Block, TD Bank, Ally Financial, Bank of America and FedEx.
By Anna Hrushka • Oct. 27, 2020 -
Courtesy of Fifth Third
Fifth Third names president, sparking succession speculation
Impending retirements and health crises among top executives at two of the nation's four largest banks have made succession top of mind in the past year.
By Dan Ennis • Oct. 27, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
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Fotolia
Banks moving into branchless towns amp up community ties
From sponsoring Little League and Girl Scouts initiatives to helping a local library recover from a fire, small banks show deep roots when moving into banking deserts.
By Ken McCarthy • Oct. 26, 2020 -
Fintechs hopeful as CFPB seeks to modify data access rule
Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.
By Anna Hrushka • Oct. 23, 2020 -
Courtesy of FDIC
Regulators finalize rule requiring big banks to keep year's worth of liquidity
Most of the nation's 20 largest banks already meet the rule's demands, regulators said. However, at least one bank — unidentified — needs to come up by 8%.
By Anna Hrushka • Oct. 21, 2020 -
Pandemic could reverse uptick in banked households, FDIC says
"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.
By Anna Hrushka • Oct. 20, 2020 -
Retrieved from Unsplash.
Regulators close Florida's First City Bank, 2020's 3rd bank failure
The bank's chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.
By Anna Hrushka • Oct. 19, 2020 -
Permission granted by Varo Money
Varo Bank launches small-dollar loan product
Varo's new product follows Bank of America's rollout this month of Balance Assist, and comes as regulators have encouraged banks to issue small-dollar loans amid the ongoing coronavirus pandemic.
By Anna Hrushka • Oct. 16, 2020 -
Permission granted by Truist
Truist posts $1.1B profit, continues merger-related job cuts and branch closures
The Charlotte, North Carolina-based bank cut 769 jobs during the third quarter and plans to close 104 branches in December and January, it said Thursday.
By Anna Hrushka • Oct. 15, 2020 -
TD Bank files motion to dismiss Plaid case
A U.S. district court set a June 7 deadline to rule on the motion, but TD's filing did not give any details on the settlement between the Canadian lender and the data aggregator.
By Dan Ennis • Updated May 3, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
By Anna Hrushka • Oct. 15, 2020 -
Wells Fargo fires up to 125 employees over misuse of EIDL aid
The terminations come a month after fellow banking titan JPMorgan Chase launched an internal investigation that found more than 500 of its employees accessed the program's funds, though dozens shouldn't have.
By Dan Ennis • Oct. 15, 2020 -
Bank of America profit tumbles 16% despite consumer spending rebound
Profit has fallen 15% or more for the third straight quarter at the nation's second-largest bank, but loan-loss set-asides, at $1.4 billion, are down 73% from three months earlier.
By Suman Bhattacharyya • Oct. 14, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
U.S. Bank confirms branch closure acceleration
The Minneapolis-based lender originally sought to reduce its footprint by 10% to 15% by early 2021. Now the bank wants to close an additional 15% of its branches, on top of the 10% it has shuttered, in the same time frame.
By Ken McCarthy • Oct. 14, 2020 -
Wells Fargo rebounds with $2B Q3, tempered by jump in expenses
The bank set aside $961 million for customer remediation and $718 million for restructuring charges, mostly severance, as it resumed job cuts that might number in the tens of thousands.
By Dan Ennis • Oct. 14, 2020 -
JPMorgan's Q3 profit buoyed by 30% jump in trading revenue
The bank set aside $611 million in credit reserves in the third quarter — a precipitous drop for a figure that stood at $10.4 billion three months earlier.
By Anna Hrushka • Oct. 13, 2020 -
Sharp drop in set-asides pushes Citi to $3.2B net income
While net income has fallen 34% compared with this time last year, it's more than double what the bank reported last quarter.
By Dan Ennis • Oct. 13, 2020 -
LendingClub
LendingClub exits peer-to-peer loan space
Before its acquisition of Radius Bank closes, the P2P pioneer is pivoting toward institutional investing, discontinuing its Notes platform Dec. 31.
By Dan Ennis • Oct. 12, 2020 -
Fotolia
New bank CEOs come of age amid coronavirus trial by fire
Net interest margin is so 2019. Bankers taking top roles during the pandemic have found branch cleanliness and small-business lending just as crucial.
By Ken McCarthy • Oct. 12, 2020 -
Values-based Climate First Bank seeks Florida de novo charter
"I wanted to do something that would give back and not just make a bunch of people a bunch of money again, even though I have no opposition to that," said founder Ken LaRoe. "I just wanted there to be more meaning to life than that."
By Anna Hrushka • Oct. 9, 2020
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