Branch banking

Truist Financial is raising the low end of its pay scale to $22 an hour, while JPMorgan Chase is implementing a floor of between $20 and $25. The wage hikes will likely put pressure on smaller banks to take similar steps to stay competitive.

Workers Credit Union installed a life-size hologram of “Olivia” in specialized locations to offload some mundane customer service tasks. It’s also catching the attention of passersby.

Consolidation results in harms such as higher prices, reduced worker bargaining power and increased barriers to competition. Because of that, regulators must carefully vet these deals.

The Dallas bank is joining the branch-consolidation trend that has accelerated during the pandemic, announcing plans to shutter 22 branches in Michigan, Texas and California.

Constraining consolidation will only hurt the goal of expanding consumers' access to banking services and credit.

Despite high inflation and a tight labor market, median compensation at certain banks hasn’t budged much, according to a new report from a left-leaning group. “We can give people a more fair reward for their labor,” one of the co-authors said.

Proactively checking in on your customers lets them know who is on their side.

Bank of America is moving three months early on its most recent plan to raise its hourly base pay. “Until the labor market eases, the weight of wage growth is going to be strong,” CEO Brian Moynihan said during a CNBC interview.

Kinecta Federal and Hawaii State Federal are launching smaller, high-efficiency branches and creatively managing real estate to better meet members where they are as well as cater to a younger demographic.

The Cincinnati bank was targeted for the second time since 2018 when an armed man took hostages at a branch in suburban Chicago this week. Security experts say traditional robbery training may have to be expanded as active-shooter situations become more common.

The acquisition of locations owned by HomeStreet Bank will mark the Idaho bank's entry into the Evergreen State.

The Minneapolis company announced $100 billion in investments, including substantial spending in California, over the next five years. The agreement with groups that previously withheld their support removes a major hurdle in winning regulatory approval for the $8 billion deal.

The San Antonio bank is preparing to offer all customers — not just those with direct deposit — a break on overdraft charges. But CEO Phillip Green explained in an interview why he’s not prepared to step away from the fees altogether.

Bruce Van Saun, the Rhode Island bank’s CEO, previewed a branch-light strategy in new markets like South Florida and Washington, D.C. Citizens recently closed acquisitions of Investors Bancorp and much of HSBC’s U.S. retail banking business.

Metaverse aversion, car chargers at Chase branches and more in banking news this week.

The benefits Alabama One Credit Union is seeing from a migration from MPLS to SD-WAN networking help explain why other financial institutions are making the same change or have it on their road maps.

Burke & Herbert, which is based in Alexandria and has been in operation since 1852, has joined a long list of banks planting their flags in Richmond, where the overall deposit market has grown 32% in just five years.

Dontá Wilson, American Banker’s Digital Banker of the Year for 2021, succeeds Brant Standridge, who recently left the North Carolina company for a position at Huntington Bancshares.

Citing customers’ increased adoption of digital services over the past two years, banks are shrinking their physical presence, while also renovating the locations they keep — but credit unions are bucking the trend.

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.