Retail: Page 58
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Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019 -
Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions
The bank pledged to reach net-zero greenhouse-gas emissions in its finance activities by 2050, and said in a blog post it has put $156 billion toward its $750 billion green goal over the past 15 months.
By Dan Ennis • Updated March 5, 2021 -
Trendline
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 -
Regulators find shortcomings in 6 US banks' 'living wills'
Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
By Anna Hrushka • Dec. 18, 2019 -
Truist's post-merger hurdle: Blending two cultures
BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
By Anna Hrushka • Dec. 17, 2019 -
PNC directs customers to Zelle after security upgrade blocks Venmo
Although many banks and fintechs have found ways to work together, the Venmo-PNC tiff is an example of how access to customers' financial data can become a point of friction.
By Anna Hrushka • Dec. 16, 2019 -
TD Bank tops J.D. Power customer satisfaction survey
Wells Fargo ranks most improved among America's largest banks. JPMorgan Chase suffered the steepest drop, but the result still gave it a tie for second place with PNC.
By Dan Ennis • Dec. 13, 2019 -
Regulators retool CRA to reflect digital banking footprint
The Office of the Comptroller of the Currency and the FDIC on Thursday proposed expanding assessment areas covered under a 1977 law to protect lower-income borrowers.
By Anna Hrushka • Dec. 13, 2019 -
Fintech incubators find breathing room, backing in branding's gray area
Deutsche Bank, like Goldman Sachs and Wells Fargo, hopes arm's-length endorsement gives innovators the right combination of space and strength.
By Dan Ennis • Dec. 12, 2019 -
BB&T completes acquisition of SunTrust to form Truist
The deal creates the nation's sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 9, 2019 -
Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase
The nation's biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
By Anna Hrushka • Dec. 9, 2019 -
Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
Dec. 9, 2019 -
Challenger bank Chime valued at $5.8B, a nearly fourfold jump from March
Chime CEO Chris Britt plans to use the capital to develop new products and double the bank's employee count by the end of 2020, sources said. The bank will also consider acquiring other fintechs.
By Anna Hrushka • Dec. 6, 2019 -
Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
By Anna Hrushka • Dec. 3, 2019 -
Banks eye a bigger helping of holiday retail point-of-sale pie
Citi, JPMorgan Chase and Mastercard have expanded their loan options this year to fend off upstarts and entice interest-averse buyers.
By Hillary Richard • Dec. 3, 2019 -
Opinion
Think globally: 4 tips for payment success
Keeping up with innovation and limiting cross-border friction can be crucial to growth, writes BlueSnap CEO Ralph Dangelmaier.
By Ralph Dangelmaier • Dec. 2, 2019 -
Bank branch closures leave deeper void in rural counties, Fed says
Most of the 39 rural counties that lost half or more of their bank branches from 2012 to 2017 have lower median incomes and a higher share of African-Americans, according to the report.
By Kate Patrick • Nov. 27, 2019 -
JPMorgan Chase files blockchain patent to track vehicle inventory
The technology is meant to prevent double flooring, which happens when a dealership pledges a vehicle as collateral in two separate contracts to different banks.
By Anna Hrushka • Nov. 26, 2019 -
62% of Americans would try banking with tech companies, survey says
Banking loyalty can be hard to track. Departing customers may not completely cut ties but may keep an open account while doing business with disruptors, according to Bain & Company.
By Dan Ennis • Nov. 25, 2019 -
Bank of America CEO: People still want regulation, security amid tech competition
"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."
By Anna Hrushka • Nov. 25, 2019 -
Deep Dive
In fintech partnerships, should banks' brands be out front or in background?
Banks that stay behind the scenes risk being relegated to a commodity. But fintechs that take the lead may be looking for something more.
By Anna Hrushka • Nov. 22, 2019 -
Q&A
5 questions with Bill Budde, ATM manufacturer Hyosung's VP of product marketing
"Banking is still a very in-person business for a lot of customers," Budde said at the Future Branches conference in Austin, Texas. "Customers still choose their bank based on the proximity of a bank branch."
By Anna Hrushka • Nov. 21, 2019 -
Fed, FDIC approve BB&T-SunTrust merger
The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.
By Anna Hrushka • Nov. 19, 2019 -
PNC eyes ‘aggressive’ consolidation as customer behavior shifts
The 2008 purchase of National City adds to the bank's urgency to make "tough decisions" about branches, says Dawn Fabian, PNC's retail transformation manager.
By Anna Hrushka • Nov. 19, 2019 -
American Express offers merchants up to $450K sign-on bonus to boost acceptance
Businesses often cite AmEx's higher interchange fee as a reason to stick with Mastercard and Visa, but the company is on a years-long mission to catch up with other payment networks by the end of the year.
By Dan Ennis • Nov. 19, 2019 -
Amazon abandons plan for checking accounts
The tech giant told JPMorgan Chase, one of its potential partners in the initiative, it was concerned it would be subject to banking regulations, according to a report from The Information.
By Dan Ennis • Nov. 18, 2019