Goldman loses 4 executives in 3 days as Walmart fintech poaches Marcus chief

The bank's general counsel and asset-management co-head are also reported to be leaving.

By Dan Ennis • Updated March 3, 2021

Goldman CEO pushes to end remote-work 'aberration' sooner than later

"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.

By Dan Ennis • Feb. 24, 2021

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

Wells Fargo sells its asset-management unit for $2.1B

The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.

By Dan Ennis • Feb. 23, 2021

HSBC confirms its aim to sell US retail footprint

The bank wants to invest an additional $6 billion over the next five years in Asia. It also is negotiating with Cerberus to sell its French retail unit. Discussions may take weeks, an executive said.

By Dan Ennis • Updated March 18, 2021

M&T Bank to buy People’s United in $7.6B all-stock deal

The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.

By Dan Ennis • Feb. 22, 2021

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

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

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

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

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

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

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

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

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

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

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

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

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