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What We Learned From Banks’ Opening Earnings Salvo
Friday 15th January - 6:30 pmIn the first wave of Q4 earnings reports, J.P. Morgan Chase, Citigroup and Wells Fargo showed the pandemic’s impact on critical lending and spending, and of course debt repayment, may not ...
Citi Q4 Earnings Show Digital Banking Growth, Drop In Card Spending
Friday 15th January - 6:05 pmCitigroup reported stronger than expected Q4 earnings Friday (Jan. 15) that showed a solid digital business, but fell short on expected revenue. Earnings fell by 7 percent to $4.63 billion, ...
Wells Fargo’s Provision For Credit Losses Drops $823 Million
Friday 15th January - 2:35 pmWells Fargo reported on Friday (Jan. 15) as part of its Q4 2020 earnings that its provision for credit losses fell $823 million. The bank attributed the drop mostly to ...
ECB Officials Fear Banks Will Get Hit Hard By Pandemic Fallout
Friday 15th January - 1:33 pmEuropean Central Bank (ECB) officials are concerned that Euro-area banks will get hit hard in 2021 by fallout from the COVID-19 pandemic as weakened businesses slide into bankruptcy. “The main issue ...
JPMorgan’s Mobile Customers Surge 10 Pct; Management Cautious On Economic Environment
Friday 15th January - 12:04 pmJ.P. Morgan Chase posted fourth-quarter earnings results on Friday (Jan. 15) that showed the impact from the pandemic and economic headwinds were not as bad as might have been feared ...
OCC Finalizes Long-Held Rule On Banking Equality
Thursday 14th January - 11:00 pmThe Office of the Comptroller of the Currency (OCC) released a finalized rule on ensuring fair access to banking services from large national banks, federal savings associations, and federal branches ...
Today In Digital-First Banking: Goldman Sachs Taps Marqeta To Fuel Marcus Checking; X1 Card Notches $12 Million In Funding
Thursday 14th January - 10:25 pmIn today’s top digital-first banking news, Goldman Sachs has selected FinTech startup Marqeta to power digital checking accounts for Marcus, while California credit card startup X1 notched $12 million in ...
HSBC Unveils Cash Flow Management Tool As Pandemic Scrambles Balance Sheets
Thursday 14th January - 9:34 pmAs small businesses and other companies struggle with cash flow management amid the coronavirus pandemic, HSBC wants to help. The Vancouver-based bank on Thursday (Jan. 14) rolled out a “Cash Flow ...
Commerzbank Says It Was 'Deceived' By Wirecard Fraud
Thursday 14th January - 5:50 pmCommerzbank has told lawyers that the bank was a victim of fraud in the ongoing Wirecard case, Reuters reported Thursday (Jan. 14). The lender was “deceived” by the executives and auditors ...
Saudi Arabia’s Open Banking Plan Aims To Advance Digital Innovation
Thursday 14th January - 2:39 pmThe Saudi Arabian Monetary Authority (SAMA) is introducing an open banking policy to advance digital innovation in the financial services sector. Saudi Arabia’s central bank said the plan is for open ...
Upgrade’s New Debit Rewards Product Takes New Approach To Mobile Banking
Thursday 14th January - 6:01 amThere is no shortage of digital-only banks offering a smoother onboarding process, a slick mobile interface and fee waivers in an effort to tempt consumers to leave their traditional bank. Which, ...
NEW DATA: Relevance Test: Majority Of Consumers Find Bank Web Content Lacking
Thursday 14th January - 4:00 amSince the onset of the pandemic, banking activities like opening new accounts and applying for loans are now being done virtually to socially distance and help curb the spread of ...
Rho Technologies Raises $15 Million For AP Integration
Wednesday 13th January - 7:51 pmRho Technologies, the FinTech behind Rho Business Banking, has raised $15 million in a Series A round, according to a press release. The round was led by M13 Ventures with participation ...
Today In Digital-First Banking: Sea Purchases Indonesian Bank BKE; PSCU Extends Partnership With Fiserv
Wednesday 13th January - 6:59 pmIn today’s top digital-first banking news, Singapore tech startup Sea has reportedly bought Indonesia’s PT Bank Kesejahteraan Ekonomi (Bank BKE), while credit union service organization (CUSO) PSCU has lengthened its ...
Citi Taps Khaliq To Lead Treasury And Trade Solutions
Wednesday 13th January - 3:04 pmCiti has named Shahmir Khaliq as its new head of Treasury and Trade Solutions (TTS), according to an internal memo from Paco Ybarra, global head of Citi’s Institutional Clients Group ...