Consumer banking

Citi to offer true name card for transgender customers

10/19/20

Citigroup is now the third, and largest, U.S. financial institution to offer the Mastercard True Name feature, which lets customers use their preferred name, rather than their legal name, on credit and debit cards. The cards are targeted specifically for transgender and nonbinary people, who often face outsized financial hardship.

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Nonbank acquisitions pay off for Citizens

10/16/20

Strong mortgage and capital markets activity helped offset credit costs and one-time items in the third quarter at Citizens Financial Group. In a period of low rates, CEO Bruce Van Saun says he’d like to buy more fee-generating businesses.

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What’s behind the unlikely First Citizens-CIT deal

10/16/20

The family-owned bank from the South and the New York commercial lender each would fill a clear need for the other. First Citizens would gain business lending expertise and an online deposit-gathering platform, and CIT would get the cheap deposits it coveted.

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The Most Powerful Women in Banking 2020: The future of consumer banking

10/16/20

The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services — What does the emerging future of consumer and retail banking now look like?

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First Citizens to buy CIT for $2.2 billion

10/16/20

The combined company would be the nation's 19th-largest bank with roughly $110 billion of assets.

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USAA's regulatory troubles now include OCC fine, CRA downgrade

10/14/20

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

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Wells Fargo faces growing pressure to slash costs

10/14/20

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

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U.S. Bancorp eyes another 15% reduction in branches

10/14/20

The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion.

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Profits nearly double at Goldman on broad revenue strength

10/14/20

Revenue at each of Goldman’s four divisions rose from a year earlier, pushing earnings per share to a record that was almost twice as high as analysts predicted.

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Wells Fargo profit slumps on severance and remediation charges

10/14/20

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

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