4 takeaways from Morgan Stanley's annual meeting

CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

By Dan Ennis • May 31, 2022

State regulators push to include pot banking in manufacturing bill

Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.

By Anna Hrushka • May 27, 2022

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

The week the banking industry's climate chasm widened

An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

By Dan Ennis • May 25, 2022

BNY Mellon to pay $1.5M to SEC over ESG misstatements

A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

By Jim Tyson • May 23, 2022

JPMorgan brightens its forecast at investor day

The bank boosted its estimates for net interest income and return on tangible common equity, said it intends to hire 1,300 more wealth-management advisers and teased a bigger commitment to home equity lines of credit.

By Dan Ennis • May 23, 2022

Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Judge dismisses Wells Fargo commercial lending class-action suit

Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

By Robin Bradley • May 9, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

JPMorgan Chase sees 42% drop in Q1 profit

The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

By Dan Ennis • April 13, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

Citi spins off Bahrain retail-banking footprint

Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.

By Dan Ennis • April 5, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

Wells Fargo names its first chief sustainability officer

Robyn Luhning will ensure transparency in the bank's environmental, social and governance disclosures. Wells Fargo said it aims to set interim financed emission targets for its oil, gas and power portfolios by the end of 2022.

By Dan Ennis • April 5, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

House bill would put CBDC alternative in Treasury's hands

Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.

By Lynne Marek • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

Barclays may have the inside track on 2022’s nine-figure ‘oops’

The bank said it would delay its share-buyback program after taking a loss of roughly £450 million. The bank oversold its limit on two exchange-traded notes by roughly 75%.

By Dan Ennis • March 28, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022