Consumer banking
Key advocacy organizations are negotiating a community benefits agreement with Minneapolis-based U.S. Bancorp. Until a deal is reached, they are vowing not to back approval of the $8 billion acquisition.
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The Columbus, Ohio, bank plans to cut the price to consumers who spend more than they have from $36 to $15. In another change designed to help customers who live paycheck to paycheck, it will start offering instant access to check deposits.
March 8 -
The misclassification of certain cash flows in 2021 was a “material weakness,” according to a securities filing. Management restated the relevant financial statements and promised to lay out a “plan to remediate” the issue.
March 4
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At the bank’s investor day, CEO Jane Fraser and other top executives outlined where they are investing, how they are reorganizing and what it will all cost.
March 2 -
Titi Cole will run the megabank’s legacy franchises division, which contains consumer businesses that Citi is looking to sell or wind down in other countries. The exits are part of CEO Jane Fraser’s efforts to reshape the bank.
March 2 -
The New York bank recently converted 3 million GM Rewards cardholders to its Marcus app, the next phase of its plans to offer more banking services in unexpected places.
March 1 -
Customers who have access to suitable credit and other offerings and know how to use them appropriately can seize economic opportunities, open businesses and contribute to the collective success of communities, F.N.B. chief Vincent Delie Jr. argues.
February 28 -
The Federal Reserve and the FDIC are weighing changes to their policies for reviewing mergers and acquisitions, and that’s creating a sense of urgency among bankers to cinch deals now.
February 25 -
The $2.3 trillion-asset company plans to scrap the charges by this summer. It joins Capital One and Ally in doing away with the fees, which face pressure from Biden-era regulators.
February 24 -
Banks flush with liquidity are likely to keep deposit yields low even as the rates they earn on loans widen, which should result in higher net interest income. One industry analyst predicts “NII to the sky.”
February 23
