Bank of America is seeing more of its customers falling behind on their credit card payments. Both the net charge-off rate and the delinquency rate of the bank’s BA Master Credit Card Trust II increased in August, though they remain below where they were in the...
Citigroup has reportedly begun the layoff process after announcing a management overhaul on Wednesday (Sept. 13). Support staff in compliance and risk management at the bank are expected to be the most affected, Reuters reported Friday (Sept. 15). Additionally, technology staff working on overlapping functions are also...
Goldman Sachs has reportedly created a “sports franchise” unit within its investment banking division. The new unit aims to provide wealthy clients with the opportunity to invest in sports teams, combining sports mergers and acquisitions with sports financing, The Wall Street Journal (WSJ) reported Friday...
Bank of America is expanding the requirements of its SafeBalance checking account plan. The account, introduced in 2014, lets customers manage their finances with no overdraft fees. Starting in November, the bank announced Wednesday (Sept. 13), accountholders who maintain a minimum daily balance of $500 or more will...
HSBC has launched a multi-market business account opening service. This service aims to help businesses expand overseas by simplifying the account opening process and addressing long-standing challenges faced by internationally-minded businesses, the banking and financial services organization said in a Wednesday (Sept. 13) press release emailed to...
In the retail banking industry, convenience and trust are two pivotal elements that significantly influence customer satisfaction and the acquisition of new customers. In the report “Credit Union Membership and Credit Profiles,” PYMNTS leverages insights gathered from a survey of over 4,000 U.S. consumers and...
Wells Fargo Chief Financial Officer Mike Santomassimo reportedly said that the bank could make further layoffs as it seeks to improve efficiency. Since the third quarter of 2020, Wells Fargo has been trimming its workforce, already reducing its employee base by nearly 40,000, Reuters reported Tuesday (Sept. 12). Santomassimo told...
Barclays Plc plans to cut hundreds of jobs, following many other financial institutions that have done the same. CEO C.S. Venkatakrishnan told CNBC Monday (Sept. 11) that these workforce plans are in line with the broader financial industry, emphasizing that what is happening at Barclays is no...
India is preparing to add a voice-enabled feature to its Universal Payments Interface (UPI) system. But are the country’s bankers speaking the same language? A report Monday (Sept. 11) by Bloomberg News paints them as cautiously optimistic about the technology. Last month, the Reserve Bank of India released a...
