Risk: Page 26
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Permission granted by Greenwood
Greenwood taps fintech veteran to head compliance, risk
Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.
By Anna Hrushka • Feb. 16, 2021 -
David McNew via Getty Images
Citi, Bank of America cut CEOs' compensation
Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.
By Dan Ennis • Feb. 16, 2021 -
Explore the Trendline➔
Permission granted by Smriti Shakargaye
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 -
Kali-Extracts
House lawmaker continues push to include cannabis banking in COVID relief bill
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
By Anna Hrushka • Feb. 5, 2021 -
Gemini launches crypto-based savings product offering up to 7.4% yield
Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.
By Dan Ennis • Feb. 3, 2021 -
4 largest US banks join BMO to offer paid time off for COVID-19 vaccine
Wells Fargo is also offering free COVID-19 testing for employees at its 25 largest locations.
By Dan Ennis • Updated March 5, 2021 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo CEO Scharf sees 12% cut in compensation to $20.3M
Beyond financial performance, Wells' board weighed the bank's liquidity throughout the pandemic, its progress on enforcement actions and Scharf's introduction of new diversity goals.
By Dan Ennis • Feb. 1, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC halts controversial fair access rule
Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.
By Anna Hrushka • Jan. 28, 2021 -
Biggest banks pledge to boost diverse hiring, or make it more transparent
Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.
By Dan Ennis • Jan. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman cuts CEO Solomon's compensation by 36% in 1MDB clawback
The bank also slashed President John Waldron and CFO Stephen Scherr's pay packages by $6 million and $7 million, respectively, after a year in which Goldman saw its revenue grow by 22%.
By Dan Ennis • Jan. 27, 2021 -
Fotolia
Raises at top 6 US banks average fraction of a percentage point
JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.
By Dan Ennis • Jan. 22, 2021 -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 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 Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
Synchrony CEO Keane to step down April 1
Margaret Keane guided the credit-card provider through a rebranding, an IPO and a spinoff from GE. Shares gained 60% in that time, but she said she may be proudest of the company's "north star" — its culture.
By Dan Ennis • Jan. 13, 2021 -
Courtesy of State Street
State Street doubles down on ESG pledge, while HSBC’s comes under scrutiny
Europe's largest lender staved off a shareholder revolt when it announced it would phase out by 2030 its financing of companies that deal in coal-fired power and thermal coal mining in developed countries, and by 2040 elsewhere.
By Dan Ennis • Updated March 11, 2021 -
Gender breakdown of Citi promotions shows incremental pace of change
About 29% of the people the bank promoted to managing director in 2020 are women — a company record, but far off the 40% proportion it intends to achieve by 2021.
By Dan Ennis • Dec. 22, 2020 -
Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks
Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.
By Dan Ennis • Updated Nov. 19, 2021 -
Column
Jamie Dimon and others find their 'winter filter'
December and January bring the kind of fatigue and restlessness that yield uncharacteristically blunt talk and actions from executives. Goldman ex-President Gary Cohn opting for charity over clawback? Winter filter.
By Dan Ennis • Dec. 11, 2020 -
Citi's 'six eyes' come under fire as trial begins over $900M error
Bank employees testify on Citi's system of checks and balances, their discovery of the mistaken transfer, and the resistance creditors displayed when asked to return the money.
By Dan Ennis • 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 -
How Bank of America's small-business strategy laid groundwork for PPP efforts
A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.
By Suman Bhattacharyya • Dec. 8, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC proposal prohibits banks from denying lending to oil, gun companies
The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.
By Dan Ennis • Nov. 23, 2020 -
Courtesy of Wells Fargo multimedia resources
IT leaders' input must be part of risk management plan, Wells Fargo exec says
"It really is about who's got the strongest strategy, and if you don't innovate and continually improve ... you will be the one that will be hit the hardest," Mandy Norton, the bank's chief risk officer, said Wednesday at a summit.
By Katie Malone • Nov. 19, 2020 -
Kendall Davis/HR Dive
Montana banks prepare to navigate regulatory haze upon legalizing pot
"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.
By Anna Hrushka • Nov. 18, 2020 -
Carlos Alvarez via Getty Images
BBVA’s Sabadell merger talks reveal other end of PNC pendulum
The lender and its larger Spanish rival, Santander, have launched simultaneous efforts in the past week to expand and contract.
By Dan Ennis • Nov. 17, 2020
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