Category: Finance

Dive Brief: Wells Fargo is streamlining its mortgage business, a shift that involves focusing on existing customers and nonwhite communities, the bank said Tuesday in a release.  As part of the bank’s new “strategic direction,” Wells Fargo said it will also exit its correspondent lending business, a unit of the bank that buys loans from third-party […]

PNC is beefing its environmental pledge up to $30 billion from an initial pledge of $20 billion 16 months ago, according to a Wednesday announcement. The bank aims to support customers transitioning to a low-carbon economy by allowing them to purchase energy-efficient buildings, renewable energy tools and zero- and low-emissions vehicles with the financing. With […]

Traverse City, Michigan-based 4Front Credit Union will acquire the assets of Sault Sainte Marie-based Old Mission Bank and assume its liabilities, the credit union said Tuesday.  Financial terms of the transaction — the first instance in 2023 of a credit union purchasing a bank — were not disclosed. The deal is expected to close late this […]

PNC is beefing its environmental pledge up to $30 billion from an initial pledge of $20 billion 16 months ago, according to a Wednesday announcement. The bank aims to support customers transitioning to a low-carbon economy by allowing them to purchase energy-efficient buildings, renewable energy tools and zero- and low-emissions vehicles with the financing. With […]

Dive Brief: Although the U.S. led fintech funding in the fourth quarter of last year with $3.9 billion, or about a third of global funding, that was a 79% drop from the fourth quarter of 2021, when U.S. fintechs pulled in $18.2 billion in venture funding, according to data released Wednesday from research firm CB Insights. […]

The proposed merger between Columbia Banking System and Umpqua Holdings received the last regulatory green light it needed to become final, the companies said Monday. The Federal Deposit Insurance Corp. (FDIC) approved the $5.2 billion transaction, which the banks now expect to close by the end of February, they said. Columbia and Umpqua extended the […]

If CargoSprint founder and CEO Joshua Wolf were to do it all over again, he would have hired an in-house counsel earlier in his company’s life cycle, although that still might not have prevented the legal turmoil he and his company have yet to see the end of.  Wolf’s company, which provides software for companies […]

Dive Brief: Amazon will expand “Buy with Prime” to all U.S. merchants by Jan. 31, allowing Prime members to shop on outside websites, using their saved checkout details and accessing Prime benefits like free delivery and returns. The option launched in April last year by invitation only. The e-commerce giant also launched Reviews from Amazon, […]

Crypto exchange Coinbase is making a third round of workforce cuts in the past seven months, this time affecting around 950 employees. The cuts amount to 20% of its staff and were announced Tuesday in a blog post by CEO Brian Armstrong. Armstrong attributes the cuts to the downturn in the crypto market and “the fallout […]

When 2022 began, five of the Federal Reserve Board of Governors’ seven seats were subject to change. One constant through that: Each candidate, in their respective hearings on Capitol Hill, fielded questions regarding the central bank’s role and limitations concerning climate change and related risk. As if to set the record straight at the start […]