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...
There’s the ambition, and then there’s the reality. For Goldman Sachs, the retreat from consumer-focused, Main Street-financial services continues — evidence of just how bumpy a road can be in building out new business lines that promised to digitize and modernize lending and payments. The...
America’s largest banks say their profits from high interest rates could soon take a hit. As the Financial Times (FT) reported Saturday (Oct. 14), larger lenders are telling investors that they’ll eventually need to offer depositors higher rates, which would eat away at profits on the...
For corporate treasurers, there’s the planning — and then there are the curveballs, the unexpected events that put liquidity and cash flow management to extreme tests. Vicky Albovias, head of Corporate Treasury Consulting at J.P. Morgan Commercial Bank, told Karen Webster the banking crises that...
