HSBC, Deutsche take divergent paths in resuming overhauls

Britain's leading lender stresses urgency in demanding more radical restructuring, while Germany's largest bank courts employee buy-in.

By Dan Ennis • May 27, 2020

Why BFS Capital chose to sit out PPP

Concerns about back-end liquidity and sudden changes to the SBA's loan program pushed the company to focus on a pivot to incorporate real-time changes to lending criteria.

By Hillary Richard • May 26, 2020

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

2018 asset cap has cost Wells Fargo $220B in market value

The bank's biggest competitors have seen a swell in deposits during the pandemic, as customers flee smaller banks for more security. But Wells Fargo's deposit bump was much smaller in the first quarter, by comparison.

By Dan Ennis • May 19, 2020

JPMorgan's Gemini, Coinbase play is a crypto industry 'roadmap,' analyst says

While concerns over fraud and money laundering have made banks hesitant to link up with crypto firms, the regulatory gains Gemini and Coinbase have made could signal those risks are diminishing.

By Anna Hrushka • May 15, 2020

JPMorgan extends banking services to crypto exchanges Coinbase, Gemini

The nation's largest bank continues to warm up to crypto technology, despite CEO Jamie Dimon's historic position as an outspoken bitcoin detractor.

By Dan Ennis • May 12, 2020

Lawmakers look to tweak PPP as loan processing stalls

Backlogs have cleared up. Duplicate applications have been stripped from the process. But backlash from PPP's shortcomings leave Congress pitching new solutions.

By Dan Ennis • May 11, 2020

Varo CEO: Pandemic can be 'brand-defining' for digital banks

"If we're going to be living in a world of more isolation ... we've got to help (consumers) navigate through this, give them that steady drumbeat of assurance," Colin Walsh said.

By Hillary Richard • May 5, 2020

Credit Karma cites virus in slashing pay ahead of Intuit deal

Employees face salary reductions of 15% to 50% depending on seniority. Workers who won't comply are eligible for buyouts worth six weeks' pay.

By Dan Ennis • May 4, 2020

Capital One hires away Goldman's CISO to help with breach response

Goldman hired a former Morgan Stanley exec as its next permanent CISO. Twenty-year bank veteran Phil Venables, who served as Goldman's interim CISO, is headed to Google Cloud.

By Dan Ennis • Updated Dec. 18, 2020

Coronavirus delays $1.1B deal for Santander's Puerto Rico branches

The transaction is hardly the first delayed by the outbreak. First Horizon Bank's acquisition of 30 Truist branches is being pushed to the third quarter. And CalWest and Bank of Southern California are renegotiating their merger.

By Dan Ennis • May 4, 2020

LendingClub lays off its president, cuts 460 jobs

The layoffs come two months after the online lender announced plans to buy Radius Bank for $185 million. Since then, the coronavirus crisis has slashed demand for personal loans.

By Dan Ennis • April 22, 2020

JPMorgan profits plunge as bank reserves funds for 'severe recession'

The bank attributed the massive earnings drop to a $6.8 billion addition to its credit reserves, a move it said it took in response to a potential economic downturn.

By Anna Hrushka • April 14, 2020

Banks loosen purse strings as coronavirus hits their home turf

Square, Goldman Sachs, Barclays and HSBC rolled out hefty donations as the U.S. became the epicenter of impact and Britain housed the world's most powerful patient.

By Dan Ennis • Updated June 16, 2020

Morgan Stanley CEO Gorman recovered from coronavirus

The investment bank's top executive was ill, it turns out, when he wrote a memo pledging no layoffs for the year. But his diagnosis raises questions about when companies should disclose health conditions to regulators.

By Dan Ennis • April 13, 2020

Crush of demand, hurried timeline plague SBA program launch

The $350 billion Paycheck Protection Program rolled out hours after the agency issued more guidance. The setup leaves banks reallocating resources and questioning risk.

By Dan Ennis • April 3, 2020

Standard Chartered pledges $1B toward pandemic relief, freezes hiring

The bank's backing will come in the form of loans to drug companies, health care providers and non-medical firms that have volunteered to make ventilators, face masks, sanitizers and protective equipment.

By Dan Ennis • March 31, 2020

BofA CEO: Capital levels allow us to focus on operations amid crisis

"It’s much different than walking down 6th Avenue in 2007-08 and being worried about risk," said Brian Moynihan. "Now it’s much more about how do we operationalize and help the economy get back on its feet?"

By Anna Hrushka • March 30, 2020

Robinhood accused of using $75 credits to hush class-action suit

A federal judge won't block Robinhood from reaching out to users because the plaintiff "failed to establish a clear record of abusive communications by Defendants," according to court documents released Tuesday.

By Dan Ennis • Updated April 1, 2020

Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while European lenders such as HSBC and Deutsche Bank, which were planning layoffs, put them on hold.

By Dan Ennis • March 27, 2020

Santander chair, CEO give half of their pay to bank's virus-related medical fund

The bank's canceled dividends free up $97 billion to lend to coronavirus-affected businesses. "We need maximum flexibility so that we can do even more for the communities in the months ahead," Chairman Ana Botín said.

By Dan Ennis • Updated April 3, 2020

JPMorgan freezes hiring as coronavirus impact felt industrywide

Managers have been told to pull non-immediate job postings, and the company has delayed bringing new recruits into the bank until April 20, Bloomberg reported. Units such as home lending are exempt from the freeze.

By Dan Ennis • March 24, 2020

Banks should double down on personal touch despite coronavirus fears

Financial institutions should be taking extra steps to help their senior customers use digital tools, NBH Bank's Whitney Bartelli and Patrick Sobers write. 

By Whitney Bartelli and Patrick Sobers • March 23, 2020

Truist, PNC, Fifth Third, KeyBank lay out virus-influenced branch restrictions

Meanwhile, Citi and Wells Fargo suggest staggered log-in and meeting times so workers don't overtax remote access or teleconferencing systems.

By Dan Ennis • March 20, 2020

Wells Fargo cancels ex-CEO Sloan's $15M bonus

The bank considered the timing of Sloan's resignation, the company's performance and the status of its risk management objectives and outstanding regulatory matters in its decision, according to a proxy filing.

By Dan Ennis • March 18, 2020

The novel coronavirus impact on the banking industry

The banking industry is central to the global economy's stability. Follow Banking Dive's coverage of the pandemic here.

Updated March 18, 2020