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https://www.bankingdive.com/news/td-bank-150m-insurance-cost-reductions-ai-chun-salom/813637/
TD eyes $150M in cost reductions – with help from AI | Banking Dive
A core tenet of the bank’s AI strategy is to “build once and use many times,” CEO Raymond Chun said.
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https://www.bankingdive.com/news/state-street-invest-100-million-minority-depository-institutions-cdfis/708843/
State Street to invest $100M in MDIs, CDFIs | Banking Dive
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https://www.bankingdive.com/news/wells-fargo-consumer-deposit-growth-branches-digital/811974/
Wells Fargo charts consumer growth after ‘tear-down’ | Banking Dive
The once-limited lender aims to grow consumer deposits faster than the market, and better branch productivity will become a more meaningful contributor in that...
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https://www.bankingdive.com/news/dimon-jpmorgan-aba-regulators-retailers-time-to-fight-back/731364/
Dimon swipes at regulators, large retailers: ‘Time to fight back’ | Banking Dive
The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you...
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https://www.bankingdive.com/news/fed-signs-off-on-mt-peoples-united-deal/619936/
Fed signs off on M&T-People’s United deal | Banking Dive
The nonprofit Better Markets called out the central bank's late-Friday approval, citing what it labeled a "disturbing pattern" of releasing crucial news at...
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https://resources.industrydive.com/why-its-time-to-modernize-your-ach-operations
Why it’s time to modernize your ACH operations | Banking Dive
ACH may be the backbone of U.S. payments—but legacy systems are buckling under the pressure of modern demands.
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https://www.bankingdive.com/news/hsbc-us-retail-banking/589796/
HSBC considers leaving US retail banking | Banking Dive
The London lender has closed 79 of its U.S. branches this year. Sacrificing the rest in a pivot to Asia may not be too great a loss. The U.S. arm's $62 billion...
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https://www.bankingdive.com/news/hsbc-chair-retire-years-end/746890/
HSBC chair to retire by year’s end | Banking Dive
Mark Tucker, who joined the bank in 2017, will step down from his role in the next seven months after a successor is selected.
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https://www.bankingdive.com/news/pension-fund-investor-sues-jpmorgan-dimon-staley-erdoes-epstein-reputation-javice-costs/649936/
Investor sues JPMorgan, execs over Epstein ties | Banking Dive
A pension fund said the bank “has suffered and will continue to suffer substantial monetary and reputational harm” for its failure to report suspicious...
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https://www.bankingdive.com/news/hsbc-scotiabank-whatsapp-spoofing-penalties-sec-cftc/650290/
HSBC, Scotiabank to pay CFTC, SEC more than $100M in fines | Banking Dive
The penalties mark the return of WhatsApp-related regulatory action. Additionally, HSBC settled spoofing-related charges. The British bank warned of both...
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https://www.bankingdive.com/news/the-average-cost-of-bank-overdraft-fees-jumps-to-3358-record/608675/
Overdraft fees jump to $33.58 record average | Banking Dive
The average surcharge for using out-of-network ATMs, however, fell to a 10-year low, according to a Bankrate survey.
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https://www.bankingdive.com/news/trump-nominates-kevin-warsh-federal-reserve-chair-jerome-powell/810943/
Trump nominates Kevin Warsh as next Fed chair | Banking Dive
The former Federal Reserve governor was a candidate to lead the central bank in 2017, but the president chose Jerome Powell.
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https://www.bankingdive.com/news/barclays-2000-job-cuts-lloyds-2500-hsbc-online-mobile-service-outage-black-friday/700658/
Did British banks just clinch the award for worst week? | Banking Dive
Barclays is reportedly considering cutting 2,000 positions. Lloyds may slash up to 2,500. And some HSBC users couldn't access the bank's online and mobile...
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https://www.bankingdive.com/news/truist-names-jpmorgan-wells-vet-next-cio/723737/
Truist names JPMorgan, Wells vet as next CIO | Banking Dive
Steve Hagerman spent 17 years and five years at JPMorgan and Wells Fargo, respectively. He will replace interim CIO Brad Bender in October.
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https://www.bankingdive.com/news/august-recess-toomey-fed-maxine-cfpb-equifax-emmer-sec-chopra-warren-occ-sherrod-us-bank/629349/
August recess means lawmakers are catching up on their writing | Banking Dive
Sen. Pat Toomey, R-PA, pushes to force the Fed into more transparency. Rep. Maxine Waters, D-CA, asks the CFPB for help with Equifax. And a number of...
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https://www.bankingdive.com/news/bank-of-america-bny-epstein-victim-lawsuit-sar/802995/
Bank of America, BNY sued by alleged Epstein victim | Banking Dive
In a complaint, Jane Doe recalls opening an account at BofA at the direction of the late financier’s then-accountant. Doe alleged she received rent money and...
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https://www.bankingdive.com/news/royal-bank-canada-mckay-three-four-office-days-week-covid-19-hybrid-employees-balance-rbc-work-rto/645658/
7 months later, RBC puts a number on its RTO policy | Banking Dive
The bank, starting May 1, aims to have hybrid workers in the office three to four days a week, it said Tuesday. That likely gives employees at Canada's largest...
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https://www.bankingdive.com/news/neobank-current-sued-discrimination-stuart-sopp-fintech-isabelle-mitura/647132/
Current’s ex-head of talent sues neobank in alleged discrimination | Banking Dive
Isabelle Mitura, a tech recruiter, alleges Current’s head of people demeaned her in front of colleagues on multiple occasions, referring to her as "an old...
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https://www.bankingdive.com/news/capital-one-discover-public-hearing-fed-occ-fairbank-ncrc-van-tol-waters/721919/
Capital One-Discover deal critics, supporters sound off | Banking Dive
Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators...
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https://www.bankingdive.com/news/capital-one-to-acquire-healthcare-investment-bank-tripletree/608397/?ref=thisweekinfintech.com
Capital One to acquire healthcare investment bank TripleTree | Banking Dive
Capital One's latest move puts the $423 billion-asset bank in the company of several other lenders, including KeyBank and JPMorgan, which have made recent...
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https://www.bankingdive.com/news/ubs-credit-suisse-quarterly-loss-headcount-wealth-assets-tuna-ermotti-kelleher-shadow-bank-job-cuts/698976/
UBS reports first quarterly loss since 2017 | Banking Dive
The bank paid out $500 million to retain key Credit Suisse staff, moved $5 billion in managed assets to a wind-down unit and cut headcount by 3,000. But wealth...
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https://www.bankingdive.com/news/jpmorgan-dimon-shareholder-letter-ai-basel-credit-inflation/816722/
JPMorgan’s Dimon bemoans parts of Basel, G-SIB proposals | Banking Dive
While the bank CEO backs a “timely finalization” of the proposals, the latest iterations “are still very flawed in a few specific areas,” Jamie Dimon wrote in...
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https://www.bankingdive.com/news/morgan-stanley-pledges-no-job-cuts-2020/575021/
Morgan Stanley pledges no job cuts in 2020 — and several banks follow | Banking Dive
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...
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https://www.bankingdive.com/news/circle-cfo-fox-geen-step-down-december-ipo-crypto/831576/
Circle CFO to step down following $1.05B IPO | Banking Dive
Jeremy Fox-Geen will leave the stablecoin issuer after five years as its top finance officer helping to drive growth and usher the company through its...
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https://www.bankingdive.com/news/chime-files-for-ipo-sec-nasdaq-chym/748152/
Chime files for IPO | Banking Dive
Chime submitted its paperwork to go public Tuesday in a widely expected move, stressing that it “is a technology company, not a bank.”
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https://www.bankingdive.com/news/moneylion-doubles-down-on-ai-to-bolster-customer-experience/721009/
MoneyLion doubles down on AI to bolster customer experience | Banking Dive
The fintech aims to facilitate 25% of all financial product purchasing decisions through its platform within three years.
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https://www.bankingdive.com/news/virginia-253m-deal-john-marshall-bank-of-clarke-eagle-financial/829909/
Virginia banks to combine in $253M deal | Banking Dive
A tie-up with Eagle Financial Services would nearly triple John Marshall Bancorp's branch footprint and almost double its assets.
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https://www.bankingdive.com/news/citi-banamex-grupo-mexico-mifel-hsbc-barclays-debt-deal-fraser-amlo-7b-8b-5b/641877/
A front-runner emerges in the race for Citi’s Mexico retail unit | Banking Dive
Grupo Mexico, best known for its mining and railway operations, has secured a $5 billion debt package tied to a proposed acquisition that would value Banamex...
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https://www.bankingdive.com/news/truist-ceo-lyons-rogers-fiserv/822878/
Truist taps Fiserv chief Lyons as next CEO | Banking Dive
Mike Lyons, who until last year served as president of PNC, starts in his new role at Truist Sept. 1. He replaces Bill Rogers, who will become executive chair...
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https://www.paymentsdive.com/news/stripe-georgia-special-banking-charter-credit-card-payments/744613/
Stripe seeks Georgia special banking charter | Payments Dive
If approved, the charter would give Stripe the ability to process credit card transactions without a bank partner.
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