#banking-industry

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#branch-closures

Major Boston-area bank to shutter 7 branches

TD Bank is closing seven branches in Massachusetts, focusing on optimizing its network to serve customers better.

The Last Bank Branch? Not Quite, But Close - Tearsheet

The U.S. banking industry is shrinking its physical branch presence due to the rise of digital banking, with 944 branches closed in 2024.

Major Boston-area bank to shutter 7 branches

TD Bank is closing seven branches in Massachusetts, focusing on optimizing its network to serve customers better.

The Last Bank Branch? Not Quite, But Close - Tearsheet

The U.S. banking industry is shrinking its physical branch presence due to the rise of digital banking, with 944 branches closed in 2024.
morebranch-closures

Will Capital One's merger with Discover lead to higher fees?

Capital One's acquisition of Discover aims to enhance payment processing capabilities and expand its customer base significantly by 2027.

The Consumer Bureau Is Likely Here to Stay, but Big Changes Await

Chopra aims to reshape banks' perspectives on the CFPB by introducing rules seen as beneficial, fostering some bipartisan agreement.

Banks don't want to inspect your home office, so they're forcing hundreds of employees to come in five days a week

Major banks prefer in-office work over compliance with new home office regulations.
FINRA is reinstating workplace monitoring, influencing banks to bring employees back to offices.

Citi's regulatory nightmare still haunts CEO Jane Fraser

Sen. Warren called for Citi growth restrictions due to unresolved data issues.
Citi CEO denies having an asset cap despite regulatory concerns.
Despite positive financial results, Citi's transformation efforts face criticism.

TD Bank Pleads Guilty and Pays $3 Billion to Settle Money-Laundering Case

TD Bank paid $3 billion in fines for money laundering violations, marking the largest penalty for such offenses in U.S. banking history.

Fintech face off: PayPal, Klarna and Chime tap A-list celebs to win over shoppers and boost brand buzz

Fintech companies are increasingly using celebrity partnerships and brand campaigns to differentiate themselves in a crowded marketplace.
#corporate-culture

JP Morgan creates new role to prevent overwork among junior bankers

JP Morgan's new role aims to enhance junior bankers' wellbeing following tragic incidents, addressing long-standing industry pressures.

Gary Stevenson: Economists have been all wrong about almost everything for 15 years now'

Inequality in the economy is escalating, often unrecognized by economists; the power of personal narratives can be a more impactful means of conveying political messages than traditional economic texts.

JP Morgan creates new role to prevent overwork among junior bankers

JP Morgan's new role aims to enhance junior bankers' wellbeing following tragic incidents, addressing long-standing industry pressures.

Gary Stevenson: Economists have been all wrong about almost everything for 15 years now'

Inequality in the economy is escalating, often unrecognized by economists; the power of personal narratives can be a more impactful means of conveying political messages than traditional economic texts.
morecorporate-culture

Overworked junior bankers at JPMorgan are getting someone to check on their well-being

JPMorgan Chase is prioritizing the well-being of junior bankers by introducing a dedicated role to address burnout and work culture concerns.

Meet Diana Reid, the former PNC exec who was just hired to lead Freddie Mac

Diana Reid has been appointed CEO of Freddie Mac, focusing on enhancing housing liquidity and affordability.
#fair-banking

New Kid on the Block: Amsterdam's GoDutch takes on traditional banking with a focus on fairness, transparency, and sustainability

Traditional banks often have hidden revenue streams beyond monthly fees, such as earning from ECB interest on funds and transaction fees.
GoDutch, based in Amsterdam, aims to redefine fair banking with transparency, social responsibility, and sustainability practices.

Amsterdam's GoDutch appoints Bas Prass as its Chief Marketing Officer: Know more - Silicon Canals

GoDutch Banking aims to disrupt the industry through fairness, transparency, and community-focused banking practices.

New Kid on the Block: Amsterdam's GoDutch takes on traditional banking with a focus on fairness, transparency, and sustainability

Traditional banks often have hidden revenue streams beyond monthly fees, such as earning from ECB interest on funds and transaction fees.
GoDutch, based in Amsterdam, aims to redefine fair banking with transparency, social responsibility, and sustainability practices.

Amsterdam's GoDutch appoints Bas Prass as its Chief Marketing Officer: Know more - Silicon Canals

GoDutch Banking aims to disrupt the industry through fairness, transparency, and community-focused banking practices.
morefair-banking
#digital-transformation

Case Study: How Aggressively Should a Bank Pursue AI?

Siti Rahman, CEO of NVF Bank, weighs AI innovation's impact on banking against the importance of human touch and incremental innovation.

Implementing Customer Onboarding Process in Banking | ClickUp

Customer onboarding is essential for trust and long-term relationships in banking.
Inefficient onboarding processes significantly deter potential customers and cause revenue losses.
Digital onboarding enhances customer engagement and streamlines the onboarding experience.

Roland Smertnig Joins Zeotap as Senior Advisor & Shareholder, Bolstering Zeotap's Market Strategy in Global Banking Sector - ExchangeWire.com

Roland Smertnig joins Zeotap as senior advisor and shareholder, bringing 33 years of financial services experience and a focus on digital transformation in banking.
Roland's appointment signifies Zeotap's commitment to enhancing CDP offerings for banks, leveraging his expertise in cloud-based solutions and IT transformations.

Case Study: How Aggressively Should a Bank Pursue AI?

Siti Rahman, CEO of NVF Bank, weighs AI innovation's impact on banking against the importance of human touch and incremental innovation.

Implementing Customer Onboarding Process in Banking | ClickUp

Customer onboarding is essential for trust and long-term relationships in banking.
Inefficient onboarding processes significantly deter potential customers and cause revenue losses.
Digital onboarding enhances customer engagement and streamlines the onboarding experience.

Roland Smertnig Joins Zeotap as Senior Advisor & Shareholder, Bolstering Zeotap's Market Strategy in Global Banking Sector - ExchangeWire.com

Roland Smertnig joins Zeotap as senior advisor and shareholder, bringing 33 years of financial services experience and a focus on digital transformation in banking.
Roland's appointment signifies Zeotap's commitment to enhancing CDP offerings for banks, leveraging his expertise in cloud-based solutions and IT transformations.
moredigital-transformation
#wall-street

Here's everything we know about how Wall Street banks are embracing AI

Generative AI is becoming integral to Wall Street banks, transforming operations across trading, marketing, and software development.

Welcome back to Wall Street earnings season

Wall Street banks are gearing up for earnings season, with a focus on updates on important matters like Jamie Dimon's retirement and banks' AI adoption.

Here's everything we know about how Wall Street banks are embracing AI

Generative AI is becoming integral to Wall Street banks, transforming operations across trading, marketing, and software development.

Welcome back to Wall Street earnings season

Wall Street banks are gearing up for earnings season, with a focus on updates on important matters like Jamie Dimon's retirement and banks' AI adoption.
morewall-street

Jerome Powell met Jamie Dimon and other bank CEOs behind closed doors to avoid legal fight

Federal Reserve Chair Jerome Powell is urging bank CEOs to collaborate with the Fed to finalize capital rule changes and avoid legal disputes.
#acquisition

OceanFirst Bank to acquire Garden State Home Loans

Garden State Home Loans Inc. is being acquired by OceanFirst Bank N.A., promising enhanced services and resources for clients and staff.

Republic First Bank closes, sells to FultonBank

Fulton Bank is assuming deposits and assets of Republic First Bank after its collapse due to failure to raise capital and exit from mortgage lending.
The FDIC estimates the failure of Republic Bank will cost $667 million, with Fulton Bank acquiring $6 billion in assets, including an investment portfolio and loans.
Republic Bank specialized in jumbo mortgage products, but its mortgage production was significantly lower compared to Fulton Bank.

OceanFirst Bank to acquire Garden State Home Loans

Garden State Home Loans Inc. is being acquired by OceanFirst Bank N.A., promising enhanced services and resources for clients and staff.

Republic First Bank closes, sells to FultonBank

Fulton Bank is assuming deposits and assets of Republic First Bank after its collapse due to failure to raise capital and exit from mortgage lending.
The FDIC estimates the failure of Republic Bank will cost $667 million, with Fulton Bank acquiring $6 billion in assets, including an investment portfolio and loans.
Republic Bank specialized in jumbo mortgage products, but its mortgage production was significantly lower compared to Fulton Bank.
moreacquisition

Over 200 Banks Affected By A Single Ransomware Attack

Ransomware attack disrupted over 200 Indian Co-Op Banks through a breach on a service provider's end.
#financial-performance

Morgan Stanley just made this sleeper bank stock its top pick after it passed the most recent stress test with flying colors

M&T Bank stood out as a top performer in the Federal Reserve's stress test, earning praise for its underwriting quality, capital, and net interest margins.

Metro Bank makes 'significant underlying progress' - London Business News | Londonlovesbusiness.com

Metro Bank expects to return to profit by year-end after reducing losses through cost-cutting measures.

Morgan Stanley just made this sleeper bank stock its top pick after it passed the most recent stress test with flying colors

M&T Bank stood out as a top performer in the Federal Reserve's stress test, earning praise for its underwriting quality, capital, and net interest margins.

Metro Bank makes 'significant underlying progress' - London Business News | Londonlovesbusiness.com

Metro Bank expects to return to profit by year-end after reducing losses through cost-cutting measures.
morefinancial-performance

U.S. Bank appoints new retail lending leader

John Hummel appointed to lead U.S. Bank's East market for retail home lending.
#remote-work

Wells Fargo fired more than a dozen employees for faking keyboard activity

Some Wells Fargo employees were fired for simulating work activity, highlighting the challenges of remote work monitoring.

Bank CEO says he accepted his $4.2 million job on the condition that he can work from home

CEOs have different stances on remote work policies, with Santander's head valuing work-from-home flexibility.

Wells Fargo fired more than a dozen employees for faking keyboard activity

Some Wells Fargo employees were fired for simulating work activity, highlighting the challenges of remote work monitoring.

Bank CEO says he accepted his $4.2 million job on the condition that he can work from home

CEOs have different stances on remote work policies, with Santander's head valuing work-from-home flexibility.
moreremote-work

Geopolitical tensions and Covid crisis: tightrope walk on China and Trump facing new HSBC boss

Noel Quinn ends his tenure at HSBC on a high note after slimming down the bank, paying out $19bn to shareholders, and resisting calls for a breakup.

Regulators close Republic First Bank, marking first US bank failure this year

Regulators closed Republic First Bank with $6 billion assets and $4 billion deposits, impacting FDIC fund by $667 million, amidst challenges from rising interest rates and real estate devaluation.

Former Arsenal chairman Keswick dies aged 84

Former Arsenal chairman Sir Chips Keswick passed away at 84.

Big banks are in a race to get AI right

AI investment and experimentation set some banks ahead, like JPMorgan Chase, Capital One, and Royal Bank of Canada.

BofA's CEO says commercial real estate will be 'slow burn'

The banking industry is facing challenges with commercial real estate loans
Bank of America's CEO emphasizes the slow nature of working through commercial real estate issues

YC-backed digital bank Onyx Private tells customers it's closing their accounts TechCrunch Fintech

Onyx Private, a digital bank for Millennials and Gen Zers, is transitioning from a B2C model to a B2B platform-as-a-service for community banks and credit unions.
The company previously raised $4.1 million in funding and experienced significant growth, processing over $4 million in transaction payment value per month.

How AI And ML Aid The Global Banking Industry

Financial crime, especially trade-based money laundering (TBML), is a significant threat to the global banking industry.
AI and ML technologies are increasingly being utilized by banks to combat the sophisticated tactics used by criminals in TBML schemes.

Hidden cameras capture bank employees misleading customers, pushing products that help sales targets | CBC News

Employees at major banks face immense pressure to sell products, potentially at the cost of customers' best interests.
The culture in big banks prioritizes pushing products for profit rather than serving customers' needs.

Silicon Valley Bank's Downfall: A Warning for Regional Banks | Entrepreneur

Regional banks like Silicon Valley Bank and New York Community Bank are facing significant challenges and potential downfall.
Understanding the workings of the banking system and the profitability dilemma faced by banks is key to understanding these challenges.

Heartless' London conman who fleeced 80k from victims in telephone banking scam is jailed

Edward Trustworth, a fraudster, has been jailed for stealing £80,000 from bank customers through a telephone banking scam.
Trustworth acquired victims' personal details and impersonated them on the phone to take over their accounts.

Bank profits mostly fall in fourth quarter, but banks remain upbeat on economy and consumer

Three major banks - JPMorgan Chase, Bank of America, and Citigroup - saw their profits fall last quarter due to higher interest rates and the costs of last year's banking crisis.
Despite this, the banks had a mostly strong year in 2023, driven by a resilient job market, consumer spending, and higher interest rates.

Finding value in generative AI for financial services

Generative AI has the potential to add significant value to the global economy, particularly in the banking industry.
Currently, the deployment of generative AI in financial services is still in the early stages, with a focus on automating repetitive tasks.
More disruptive use cases of generative AI, such as asset selection and risk assessment, are being explored, but face challenges in practical implementation.
from Reuters
6 months ago

Banks say growing reliance on Big Tech for AI carries new risks

AI boom in banking increases reliance on big tech firms, posing risks for the industry.

Why Banks And Brokerage Firms May Be Ordering Workers To Return To The Office

Major banks are requiring work-from-home employees to return to the office due to new FINRA regulations on monitoring home offices.

AI is a theme every week, but what made this week different? - Tearsheet

AI integration in banking sector is inevitable for competitiveness and operational efficiency.

Fearing losses, banks are quietly dumping real estate loans

Wall Street banks offloading commercial real estate loans due to market distress.

Bank CEOs to face questions from MPs over climate policy | CBC News

Canada's top banks are facing scrutiny over their commitments to reduce greenhouse gas emissions and align with renewable energy transitions.
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