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Skip to main content CONTINUE TO SITE ➞ DON’T MISS TOMORROW’S BANKING INDUSTRY NEWS Let Banking Dive’s free newsletter keep you informed, straight from your inbox. * Daily Dive M-F Topics include: Commercial banking, payments, credit unions, technology, risk, regulations, policy * Fintech Weekly Every Wednesday Topics covered: Bank/fintech relationship, banks buying fintechs, regulation, risk of neobanks and much more. By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. * Deep Dive * Opinion * Library * Events * Press Releases * Topics Sign up * Search * Sign up Search * Commercial * Retail * Credit Unions * Payments * Regulations & Policy * Technology * Risk * Fintech Permission granted by Citigroup CITI CONSIDERS 10% JOB REDUCTION IN MAJOR UNITS: REPORT Chiefs of staff and chief administrative officers across the bank will be cut this month, sources told CNBC. The firm has reportedly hired Boston Consulting Group to help it carry out the plan. Read more ➔ TOP STORIES 1. U.S. BANK, KEYBANK MAY BE NEXT ON THE WHATSAPP HIT LIST 2. RBC TO PAY SEC $6M TO SETTLE SOFTWARE ACCOUNTING VIOLATION CHARGES 3. WHAT EXECS ARE SAYING ABOUT BANK-FINTECH PARTNERSHIPS 4. GOLDMAN PROMOTES 608 EXECS TO MANAGING DIRECTOR 5. FORMER FIRST REPUBLIC BANK EXECUTIVES UNDER FDIC INVESTIGATION THE LATEST * Access now➔ Flickr; Robert Couse-Baker Trendline THE TOP ESG CONCERNS IN BANKING The E in ESG has taken center stage, with higher greenwashing penalties, more scrutiny of lending from states, and the Fed and SEC both dialing up climate is efforts amid criticism from Republicans and Democrats. * ultramarine5 via Getty Images TRUST IN BANKS REMAINS STEADY, WHILE FINTECHS HAVE GROUND TO COVER: SURVEY The percentage of U.S. adults who say they trust banks and credit unions has held steady even in the wake of the collapse of Silicon Valley Bank and other regional lenders. Retail * Southworks/Stock.adobe.com Sponsored by Shield Compliance IT’S TIME TO NORMALIZE CANNABIS PAYMENTS A significant hurdle obstructs the cannabis industry’s path to full legitimacy: the lack of access to debit and credit card payments. Payments * Michael M. Santiago via Getty Images FORMER FTX CEO FOUND GUILTY ON 7 COUNTS Nearly a year after FTX’s collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28. Regulations & Policy * Photo by Matt Cardy/Getty Images via Getty Images RBC PUMPED $2.95B INTO CITY NATIONAL THIS YEAR TO BOOST CAPITAL The capital infusion was part of RBC purchasing debt securities with unrealized losses from its U.S. subsidiary, according to a quarterly call report filed with a U.S. regulator earlier this week. Commercial * Access now➔ Trendline INSIDE EVOLVING BANK AND FINTECH PARTNERSHIPS A partnership can be a broad hand-up from a giant bank, a targeted effort to fix a societal issue, or a strategic miscalculation. Access now➔ Flickr; Robert Couse-Baker Trendline THE TOP ESG CONCERNS IN BANKING The E in ESG has taken center stage, with higher greenwashing penalties, more scrutiny of lending from states, and the Fed and SEC both dialing up climate is efforts amid criticism from Republicans and Democrats. * Justin Sullivan via Getty Images SEC INVESTIGATES WELLS FARGO’S CASH SWEEP FEATURE The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. Commercial * georgeclerk via Getty Images BMO TO LAY OFF 228 IN CALIFORNIA The Canadian lender continues to shed positions following its acquisition of San Francisco-based Bank of the West in February. Commercial * ipopba via Getty Images WHAT MAKES A NEOBANK? A PRIMER CAN EXPLAIN. Read on to learn more about the birth of neobanks, an apt moniker, and what makes a neobank apply for a charter to become a traditional bank. Fintech * Drew Angerer / Staff via Getty Images TD BUYS CARBON REMOVAL CREDITS Over four years, TD said it will purchase 27,500 metric tons of direct-air-capture carbon dioxide removal credits from Occidental Petroleum. Financial details of the transaction were not disclosed. Commercial * Access now➔ Trendline THE LATEST TRENDS IN MOBILE BANKING Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps. Access now➔ Trendline INSIDE EVOLVING BANK AND FINTECH PARTNERSHIPS A partnership can be a broad hand-up from a giant bank, a targeted effort to fix a societal issue, or a strategic miscalculation. * Piotrekswat via Getty Images FUNDING CIRCLE GETS LONG-AWAITED SHOT AT SBA LENDING Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years. Commercial * Carol Highsmith. (2005). “The Apex Building” [Photo]. Retrieved from Wikimedia Commons. NON-BANK FINANCIAL INSTITUTIONS MUST REPORT DATA SECURITY BREACHES: FTC The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization. Regulations & Policy * Vadym Petrochenko via Getty Images CHARLIE, A NEOBANK FOR RETIREES, RAISES FRESH CAPITAL TO FIGHT FRAUD After closing a $23 million Series A round, the fintech plans to launch a set of anti-fraud tools designed specifically for the 62+ population. Retail * Dan Kitwood / Staff via Getty Images DO KWON WANTS SEC SUIT TOSSED Attorneys for Kwon, the once-fugitive founder of Terraform Labs, said that the Securities and Exchange Commission has yet to prove he did anything wrong. Regulations & Policy * Justin Sullivan via Getty Images NIDES TO EXIT WELLS FARGO TO FOCUS ON MIDDLE EAST Thomas Nides, a former U.S. ambassador to Israel, said the events in Israel and Gaza have had a “profound effect” on him. William Daley will return to his prior role as vice chairman of public affairs. Commercial * Permission granted by Money20/20 WHAT BANK, FINTECH EXECS ARE SAYING ABOUT AI Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week. Commercial * Alex Wroblewski via Getty Images JPMORGAN CEO JAMIE DIMON TO REDUCE STAKE IN BANK Dimon and his family plan to sell $141 million worth of shares in the New York City-based firm, marking the CEO’s first such stock sale since taking the helm of the bank almost two decades ago. Commercial * Craig Barritt via Getty Images A LOOK AT WEEK 4 OF THE SAM BANKMAN-FRIED TRIAL Bankman-Fried admitted that FTX didn’t turn out how he expected: “A lot of people got hurt,” he said. But he said he didn’t defraud anyone. Regulations & Policy * Rick Diamond via Getty Images OLD NATIONAL TO BUY CAPSTAR IN $344M DEAL The deal would boost the Evansville, Indiana-based lender’s assets by $3.3 billion and help it expand in Nashville, Tennessee, and three other high-growth metro areas, the companies said. Commercial * Justin Sullivan via Getty Images FED TERMINATES CITI FX ENFORCEMENT ACTION FROM 2015 The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market. Regulations & Policy * Zolnierek via Getty Images COURT PAUSES CFPB SMALL-BIZ DATA COLLECTION RULE NATIONWIDE An earlier limited injunction “leaves non-exempted lenders subject to the discretion of an agency whose very ability to act is a matter of constitutional concern,” a Texas federal judge wrote Thursday. Credit Unions * Mario Tama via Getty Images MORGAN STANLEY NAMES TED PICK AS NEXT CEO The elevation of the investment banker caps a years-long, three-way race to find a successor to James Gorman. But the bank Wednesday also gave expanded roles to its other two contenders. Commercial * Chip Somodevilla via Getty Images CRA UPDATE LETS BANKS GET CREDIT FOR CLIMATE RESILIENCE “We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday. Regulations & Policy * Permission granted by U.S. Bank U.S. BANK CLAIMS SPOT IN THE BNPL SPACE The launch of the point-of-sale option Avvance comes as nearly one in five consumers surveyed by the New York Fed say they’ve used buy now, pay later loans within the past year. Commercial * Permission granted by Cross River Bank CROSS RIVER CEO PREDICTS ‘BONANZA’ FOR FINTECH, BAAS BANKS IN 2024 While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20. Commercial * Creative via Getty Images CAPITAL ONE LEAPFROGS CITI IN SMALL-BIZ BANKING SATISFACTION A J.D. Power study found that the small-business owner satisfaction index has jumped due to improved digital experience and in-person support channels. Commercial * espiegle via Getty Images PAYMENTS INFRASTRUCTURE FINTECH FINZLY RAISES $10M SERIES A CEO Booshan Rengachari built Finzly out of inspiration he found from watching banks struggle with the inefficiencies of old technology. Technology * Chip Somodevilla via Getty Images SEC’S PEIRCE QUESTIONS IF CRYPTO COURT FIGHTS ARE BEST USE OF RESOURCES “I do worry that some of the things that we’re doing in the crypto space could have adverse effects on the rest of the agency’s work,” she said. “Why don’t we ... help people by thinking through some of the issues ahead of time?” Regulations & Policy More stories Access now➔ Trendline THE LATEST TRENDS IN MOBILE BANKING Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps. GET THE FREE NEWSLETTER Subscribe to Banking Dive for top news, trends & analysis Email: * Select Newsletter: Daily Dive M-F * Select Newsletter: Fintech Weekly Every Wednesday * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. MOST POPULAR 1. 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BMO to lay off 228 in California LIBRARY RESOURCES * Playbook Why FinServ Companies Should Invest in Digital Experience Custom content for FullStory * Webinar - on demand Cloud ERP: Embrace Technology to Drive Finance Transformation Custom content for SAP * Trendline The top ESG concerns in banking Supported by NextEra Energy View all COMPANY ANNOUNCEMENTS * Encapture partners with Jack Henry to connect their intelligent document processing platform t… From Encapture * Revenues at Rs 293 cr in Q2 FY’24, up 30% Q2 YoY; Profit after Tax at Rs 48 cr, up 59% Q2 YoY From Newgen * 40 Central Texas Organizations Benefit from A+ Federal Credit Union’s Annual A+ Gives Day Eve… From A+ Federal Credit Union * Talkdesk CX in Banking Report surfaces AI-powered CX as an impactful yet relatively untapped o… From Talkdesk View all | Post a press release WHAT WE’RE READING * The New York Times Frustrated With New Rules, Bank Lobbyists Are Making Their Fight Public * Financial Times Former Credit Suisse investment banking chief joins Santander * Reuters Canada Parliament panel asks Ottawa to reject RBC, HSBC unit deal View all EVENTS * 13 NOV Webinar | 2 p.m. ET Cloud ERP: Embrace Technology to Drive Finance Transformation Presented by studioID and SAP INDUSTRY INTEL * How IT in Financial Services Can Stay Competitive in Economic Uncertainty Webinar - on demand • Provided by Riverbed * 3 Key Steps to Ensure Payment Platform Security Whitepaper • Provided by Deluxe * Accounts Payable Payment Methods: Options and Best Use Case eBook • Provided by Deluxe Access now➔ Flickr; Robert Couse-Baker Trendline THE TOP ESG CONCERNS IN BANKING The E in ESG has taken center stage, with higher greenwashing penalties, more scrutiny of lending from states, and the Fed and SEC both dialing up climate is efforts amid criticism from Republicans and Democrats. 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