Truist to close 72 locations by March

Truist CEO Bill Rogers announced plans to consolidate the bank’s branch network in September, part of a $750 million cost-cutting effort. The 72 branches make up about 3.5% of the bank's footprint.

By Anna Hrushka • Jan. 4, 2024

Bank groups flag concerns with CFPB’s open banking proposal

The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.

By Anna Hrushka • Jan. 3, 2024

Explore the 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

It may be loose-end season at BNP Paribas

France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.

By Dan Ennis • Jan. 3, 2024

Big banks cut 62K positions in 2023: report

UBS, perhaps unsurprisingly, led with 13,000, according to a tally by the Financial Times. But Wells Fargo, at 12,000, wasn't far behind — and said it set aside up to $1 billion more for severance.

By Dan Ennis • Jan. 2, 2024

Provident, Lakeland extend merger agreement

The deal, originally projected to close earlier this year, has been extended through March.

By Gabrielle Saulsbery • Dec. 22, 2023

Canada approves RBC’s $10B deal for HSBC unit

The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.

By Dan Ennis • Dec. 22, 2023

Citi to shutter distressed-debt business: reports

Exiting the space would affect 20 positions, Bloomberg reported. The move comes roughly a week after Citi chose to wind down its municipal business by the end of March.

By Anna Hrushka • Dec. 21, 2023

Neobank Bunq rolls out customer-facing gen AI tool

The new tool, called Finn, replaces the search function on Bunq’s app, allowing consumers to plan their finances, budget, navigate the platform and find transactions.

By Anna Hrushka • Dec. 20, 2023

Many Americans surprised by overdraft fees, CFPB says

Only 22% of households that were charged an overdraft fee or nonsufficient fund fee within the past year expected their most recent overdraft, the consumer watchdog said in a report Tuesday.

By Anna Hrushka • Dec. 20, 2023

Fifth Third shakes up executive suite

The Cincinnati lender is getting a new COO, CFO and treasurer, all from the inside.

By Gabrielle Saulsbery • Dec. 20, 2023

Don’t know what a digital wallet is? We’ve got you covered.

This primer fills in the gaps on how digital wallets work, what companies compete to provide such payment tools and what to expect from them in the future.

By James Pothen • Dec. 20, 2023

Citi to exit municipal business

The business is “no longer viable given our commitment to increase the firm’s overall returns,” the bank told staff Thursday in a memo.

By Anna Hrushka • Dec. 15, 2023

Truist names Ally exec as chief legal officer

Scott Stengel will join the lender on Dec. 26 to oversee the bank’s legal and government relations. He will succeed Ellen Fitzsimmons, who will retire at year's end.

By Rajashree Chakravarty • Dec. 14, 2023

Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says

The neobank and personal finance app this month launched DaveGPT, a gen AI-driven chatbot that can respond to customer inquiries in real-time.

By Anna Hrushka • Dec. 13, 2023

TD exec tapped as Discover’s next CEO

Michael G. Rhodes, previously the group head for Canadian personal banking at TD, will take the helm at Discover in March.

By Caitlin Mullen • Dec. 12, 2023

Citi cuts group CFO roles as part of broad restructuring

Before the shake-up, CFO Mark Mason had regional CFOs under him and CFOs for institutional clients, personal banking and wealth management. “Those businesses are now sitting at my table," he said.

By Suman Bhattacharyya • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

Cross River bolsters Best Egg relationship with $150M credit facility

The funds will support Best Egg's Flexible Rent product, which allows renters to break up their rent into smaller chunks aligned with their cashflow.

By Gabrielle Saulsbery • Dec. 6, 2023

CFPB’s MoneyLion suit paused for Supreme Court funding ruling

MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

By Anna Hrushka • Dec. 6, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

WaFd, Luther Burbank extend merger deadline to February

Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

By Gabrielle Saulsbery • Dec. 5, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

How empathetic debt collections can boost revenue and enhance consumer loyalty

See how leading financial institutions are combining digital solutions with empathy to create a customer-centric collections experience.

By Mamta Rodrigues, Global President of Banking, Financial Services and Insurance at Teleperformance • Dec. 4, 2023