Banking News and Analysis | Banking Dive
WEBNBT to merge with in-state lender in $236M deal. The deal, set to close in the second quarter of 2025, will extend NBT’s footprint into western New York by adding 18 Evans Bank branches. Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
BB&T completes acquisition of SunTrust to form Truist
WEBDec 9, 2019 · Dive Brief: BB&T finalized its $28 billion purchase of SunTrust on Friday, completing a deal which will form Truist, the sixth-largest bank in the nation.. The transition to the new Truist brand could take up to two years, the company said in a statement. Truist will be headquartered in Charlotte, North Carolina, where 2,000 former BB&T and SunTrust employees will relocate.
Inside MoneyLion's quest to become a financial 'super app'
WEBAug 2, 2021 · MoneyLion reported its net revenue increased 98% during 2021’s first quarter, reaching $33.2 million, compared with $16.8 million a year earlier. Choubey said the company generates revenue from transaction fees (including subscriptions), interest on lending (which accounts for 5% of the company’s revenue), “advice and affiliates,” and ...
Chance for early feedback spurs banks to join FedNow pilot program
WEBApr 6, 2021 · Financial institutions, tech providers and fintechs have high hopes for the rollout of the Federal Reserve’s real-time payments system FedNow, which the central bank says is on track to debut in 2023. For First Internet Bank, one of the program’s participants, the ability to offer early input and feedback was a motivator to apply for the ...
Bank of America customer data exposed in IT provider breach
WEBFeb 13, 2024 · A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
Goldman’s strategy retreat leaves GreenSky in limbo
WEBSep 7, 2023 · At first glance, Goldman Sachs’ purchase of GreenSky, announced in 2021, might have appeared to be the exit many fintech firms dream of. Goldman, one of the world’s largest investment banks, bought the installment-lending fintech in a $1.73 billion all-stock deal, completed last year, in an effort to combine the firm’s products with Goldman’s consumer-banking platform, Marcus.
First Financial buys SimplyBank to expand in Southeast
WEBNov 16, 2023 · Nuthawut Somsuk via Getty Images. Indiana-based First Financial will buy Tennessee-based SimplyBank in effort to grow its Southeast U.S. footprint, the banks announced Tuesday. The $4.8 billion asset Midwestern bank will pay $73.4 million cash for SimplyBank, which has $702 million in assets, 10 Tennessee branches and …
7 personnel moves that spotlight Truist’s reorganization
WEBOct 9, 2023 · 7. Truist’s deposits unit gets a boost. Jon Ambler will lead the deposits team overseeing consumer and small business deposits, according to Wilson’s memo. The unit takes an elevated role in Truist’s consumer and small business banking division, reflecting “the strategic core value of deposits,” Wilson said. purchase licensing rights.
Wells Fargo faces new class-action suit over fake-accounts response
WEBMar 1, 2024 · Wells Fargo was hit with a new lawsuit Thursday alleging the bank did not do enough to reimburse customers affected by its 2016 fake-accounts scandal, Reuters reported. The class-action lawsuit, filed in a San Francisco federal court by Amanda Gonzales, a schoolteacher from New Mexico, comes on the heels of Wells Fargo recently sending letters to customers urging them to contact the bank if ...
Capital One cuts 1,100 tech jobs - Banking Dive
WEBJan 20, 2023 · Capital One’s cuts this week make it just the latest financial institution to reduce headcount by 1,000 workers or more over the past month or two. Morgan Stanley in December said it would slash 1,600 jobs. Goldman Sachs last week began a cull that could cut loose 3,200 employees. And BNY Mellon last week announced it would cut 1,500 jobs ...