With technology increasing the risk of bank runs, central banks must ensure that banks maintain appropriate liquidity insurance. So said Andrew Hauser, executive director for markets at the Bank of England, during a Friday (Nov. 3) speech at King’s College London. As an example of...
Institutional inertia is real, and it’s holding some incumbent businesses back while digital upstarts flourish. This situation is particularly acute for financial institutions (FIs) that find themselves facing an ever-shifting ecosystem full of FinTechs, Banking-as-a-Service providers, and more 21st century competitors crowding what used to...
While brick-and-mortar bank branches have been closing for years, those located within supermarkets are reportedly shutting at a rate that is seven times higher than that of other branches. American banks closed 10.7% of their in-store branches in the year ended June 30, compared to...
JPMorgan Chase & Co. Chairman and CEO Jamie Dimon and his family plan to sell 1 million shares of JPMorgan stock. They are doing so for financial diversification and tax-planning purposes, starting in 2024, the bank said in a Friday (Oct. 27) filing with the Securities and Exchange Commission (SEC). “This is...
BNY Mellon has introduced a foreign exchange (FX) platform that lets clients execute transactions across portfolios. Universal FX, announced Wednesday (Oct. 25), follows the bank’s earlier debut of its OneFX solutions suite. “Today, the investment management industry often manages portfolios across several providers resulting in an inconsistent FX...
America’s regional banks are reportedly hoping to get healthier by getting smaller. As The Wall Street Journal (WSJ) reported Monday (Oct. 23), these lenders are scaling back following a quarter that saw banks like KeyCorp, Truist and Citizens Financial record double-digit declines in profit. For example, PNC is planning layoffs, while Citizens has said...
Banking technology firm Amount has introduced a new digital origination and decisioning Software-as-a-Service (SaaS) platform. “At Amount, we understand the urgent need for financial institutions to adapt and diversify their strategies amidst challenging market dynamics,” Amount CEO Adam Hughes said in a news release Thursday...
Staffing levels at some of America’s biggest banks are reportedly getting smaller. Aside from the country’s largest lender, JPMorgan Chase, the five biggest banks in the U.S. have quietly been cutting jobs all year, CNBC reported Thursday (Oct. 19.) In all, these banks have slashed 20,000 positions in...
Bank of America’s earnings showed a continued surge in P2P volumes, as Zelle transactions climbed double digits, measured year over year. As noted in presentation materials released Tuesday (Oct. 17), the bank said that digital adoption, overall, has touched 74% of the bank’s consumers, representing 46...
