Category: Finance

Dive Brief: LendingClub plans to cut its workforce by 14%, or 225 employees, the company said Thursday. The fintech, which has a bank charter from its 2020 acquisition of Radius Bank, expects to incur $5.7 million in pretax charges from the move, it said. About $4.4 million of that will be included in the company’s […]

Banks have an urgent need to transform for the future — and they know it. But many are still thinking about such efforts as a means of survival, rather than an opportunity, and that’s a problem. It’s a problem because it means their desire to transform isn’t tied to a vision, it isn’t tied to […]

Goldman Sachs pulled back the curtain on one aspect of its reorganization Friday, reframing its earnings since 2020 along the divisions the bank created in October.  Goldman’s Platform Solutions segment — which includes Apple Card, home-improvement lender GreenSky and a portion of Marcus business aimed at corporate clients — has lost more than $3 billion […]

Dive Brief: Los Angeles-based City National Bank, a subsidiary of Royal Bank of Canada, agreed to pay a record $31 million settlement with the Justice Department over allegations the bank engaged in lending discrimination, or redlining, from 2017 through at least 2020, federal officials announced Thursday. City National avoided providing mortgage-lending services to majority-Black and […]

Editor’s note: This story is developing and will be updated. Buy now, pay later provider Affirm scrambled to respond Friday to a system snafu in which it charged customers multiple times for purchases made using the company’s installment loans. Affirm users took to the social media platform Twitter to vent about the duplicate charges they […]

The Securities and Exchange Commission charged crypto investment firm Genesis Global Capital and crypto exchange Gemini Trust Company on Thursday with illegally selling securities to investors through their joint Gemini Earn crypto lending program. Genesis and Gemini raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors, the SEC said. In […]

Fifth Third Bank plans to shut down 23 branches by the end of 2023, according to a regulatory filing from the Office of the Comptroller of the Currency. The Cincinnati-based lender is concentrating its consolidation efforts in the Midwest, with plans to shutter eight branches in Ohio, five in Michigan, three in Kentucky, two each […]

BNY Mellon will lay off about 1,500 employees in 2023 — roughly 3% of the bank’s headcount, The Wall Street Journal and Bloomberg reported, citing people familiar with the matter. Management will be the target of many of the reductions, sources told The Wall Street Journal, as the bank invests more in junior staff, technology […]

Dive Brief: Portillo’s, which has over 70 units across nine states, will stop accepting cash payments at its drive-thrus beginning Monday Jan. 16, CEO Michael Osanloo said at the ICR Conference Wednesday. This shift is intended to improve staff safety, and it speeds up the payments process too, Osanloo said. Workers across the restaurant industry have been robbed […]

Dive Brief: Oracle will now offer retailers in-store payment acceptance services, including tap-to-pay capabilities, as a part of the other hardware and cloud-based software services the company provides, the tech titan said in a release Thursday. Previously, Oracle would channel the processing part of the transaction to another company, a spokesperson for the company said. […]