Retail: Page 66
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Wells Fargo earnings suffer on $1.6B legal charge
The nation's fourth-largest bank is in transition, with a new CEO stepping in Oct. 21.
By Dan Ennis • Oct. 15, 2019 -
JPMorgan Chase jumps to record revenue on consumer banking gains
Profit for the bank’s consumer unit, which includes home loans, auto loans and consumer credit cards, rose 5% to $4.27 billion.
By Anna Hrushka • Oct. 15, 2019 -
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Natalie Meepian via Getty Images
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 -
Most Americans still have reservations on going cashless, survey finds
Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.
By Anna Hrushka • Oct. 14, 2019 -
Digital bank eyes US immigrant market with unlimited money transfers
Remittance fees for Majority's customers are covered in its $5 monthly membership fee.
By Anna Hrushka • Oct. 11, 2019 -
Matt Cardy/Getty via Getty Images
HSBC to cut 10K jobs: report
The staff reduction comes amid conflicting reports regarding the future of the bank's French retail arm, and after HSBC announced in August that it was shedding 4,700 positions.
By Anna Hrushka • Oct. 7, 2019 -
Wells Fargo CEO pick marks crucial step to restoring confidence
Charlie Scharf's stint at BNY Mellon shows he has the gravitas and experience to turn around a bank that has hemorrhaged consumer trust, an analyst tells Banking Dive.
By Anna Hrushka • Oct. 3, 2019 -
Community banks won't survive without tech innovation, FDIC chair says
The agency's Tech Lab aims to collaborate with smaller financial institutions on how to deploy technology to better serve customers.
By Anna Hrushka • Oct. 2, 2019 -
Wells Fargo names BNY Mellon's Charlie Scharf CEO
The appointment ends a six-month search that began after former CEO Tim Sloan resigned from the scandal-plagued bank in March.
By Anna Hrushka • Sept. 27, 2019 -
House OKs landmark cannabis banking bill
If the Senate also passes the SAFE Banking Act, it would be a major win for the cannabis industry and banks that want a piece of a market that could grow to $41 billion by 2025, according to data firm Nielsen.
By Anna Hrushka • Sept. 26, 2019 -
Kabbage founders aim to connect small businesses, gig influencers
Drum has the potential to serve as a pipeline for startups to which Kabbage could lend.
By Dan Ennis • Sept. 24, 2019 -
Walmart
Capital One, Walmart rolling out 2 cards offering 5% back
The cash-back offers — some time-limited — improve upon the retailer's previous deals through Synchrony, and help Walmart keep pace with competitors Amazon and Target.
By Dan Ennis • Sept. 19, 2019 -
CFPB investigating possible fake accounts at Bank of America
The CFPB's civil investigation stems from the fallout of the 2016 Wells Fargo account scandal, where employees opened more than 3.5 million unauthorized accounts to meet sales goals.
By Anna Hrushka • Sept. 18, 2019 -
Wells Fargo tests blockchain waters with internal settlement service
Wells Fargo's renewed interest in blockchain comes at a time when banks are still gauging the technology's benefits.
By Anna Hrushka • Sept. 17, 2019 -
HSBC seeks buyer for French retail arm, contradicting earlier report
The bank sent an overview of the business to potential buyers, including Credit Agricole, BNP Paribas, according to Bloomberg. A union representative told Reuters in September that selling the unit was not on the table.
By Anna Hrushka • Updated Jan. 13, 2020 -
Wikipedia
California lawmaker pulls cannabis banking bill ahead of vote
The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.
By Anna Hrushka • Sept. 11, 2019 -
JPMorgan Chase's WePay launches same-day deposits
The free service gives Chase an edge on fintech competitors such as Stripe and Square, which both charge fees for faster processing.
By Anna Hrushka • Sept. 10, 2019 -
BB&T, SunTrust branch sales could mark opportunity as merger nears
The banks have said the merger would result in 740 branches located within two miles of one another, a prospect that has drawn concern from lawmakers.
By Anna Hrushka • Sept. 6, 2019 -
Wells Fargo would benefit from a female CEO, headhunter says
News of a woman breaking the industry's glass ceiling may help solve an image problem for a bank reeling from numerous scandals.
By Anna Hrushka • Sept. 6, 2019 -
U.S. Bank launches Spanish-language option on revamped app
50% of the bank's customers now use mobile banking, compared with 44% during the same period last year, per its second-quarter earnings report.
By Anna Hrushka • Aug. 30, 2019 -
Trustar Bank
Q&A6 questions with Trustar Bank CEO Shaza Andersen
Executive launched the Great Falls, Virginia-based community bank in July, after selling WashingtonFirst Bank to Sandy Spring Bank.
By Anna Hrushka • Aug. 29, 2019 -
Wells Fargo inks $6.5M settlement with Navajo Nation over 'predatory' tactics
The settlement is the latest attempt by Wells Fargo to make amends after a series of public missteps that have hurt the bank’s reputation and stock.
By Anna Hrushka • Aug. 27, 2019 -
Dollar Photo
More than half of credit-card users don't understand their benefits
Regional issuers such as BB&T and PNC Bank outpaced national brands such as Capital One and Chase in a J.D. Power credit-card customer satisfaction study released Thursday.
By Dan Ennis • Aug. 23, 2019 -
Advocates seek 'unified voice' from regulators on small-dollar loans
U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.
By Anna Hrushka • Aug. 23, 2019 -
Wells Fargo may want to consider changing name, image adviser says
Consumers gave the bank a 91% negative rating long after its fake-accounts scandal. Plummeting stocks, a lengthy CEO search and a "mea culpa" campaign aren't helping.
By Anna Hrushka • Aug. 22, 2019 -
Capital One buys robo-adviser United Income
The acquisition comes a year after Capital One took a 10% stake in the wealth management platform.
By Anna Hrushka • Aug. 19, 2019
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