Zurich-based private bank EFG International is expanding its team serving clients from the Americas at a time when its wealth under management from the region is growing faster than the other areas in which it operates, Bloomberg reported Friday (May 29). Over the past 12...
Banks are becoming comfortable with automation. Software reviews transactions, flags suspicious activity, routes documents, generates reports and helps employees complete work more efficiently. Those systems support decision-making, but they rarely own it. Agentic artificial intelligence introduces a different proposition. Rather than assisting an employee, the...
JPMorganChase could allocate $10 billion to $20 billion toward acquisitions in the next couple of years, CEO Jamie Dimon said Wednesday (May 27). Dimon said this in response to a question while speaking at the Bernstein Strategic Decisions Conference in New York City. He began his response by saying that JPMorganChase can...
FDIC-insured commercial banks and savings institutions reported that their aggregate net income increased 3.6% in the first quarter compared to the previous quarter and reached $80.5 billion, the Federal Deposit Insurance Corporation (FDIC) said Wednesday (May 27). The regulator shared these figures in a press release highlighting findings from...
Watch more: What’s Next in Payments With Paymentus’ Garrett Baird “Legacy” is the typical pejorative shorthand the financial services industry has settled on when describing its own incumbent and slow-moving infrastructure, rigid processes and sprawling technology stacks. They’re the same layers that FinTech challengers promised...
U.K. neobank Monzo has dramatically increased its spending on an effort to woo new customers. The company paid out 29.5 million pounds ($39.7 million) on its “refer a friend” program in the 12 months leading to March, the Financial Times (FT) reported Tuesday (May 26), citing company filings. That’s...
Lending by banks to businesses in the U.K. has reportedly reached a 28-year low. That’s according to a report Monday (May 25) from the Financial Times (FT), which noted that this trend is being driven by weak economic growth and stricter regulation on lenders, making...
Before a bank branch disappears, apparently, it must first become Barbie’s dream collateral. In Easton, Pennsylvania, the former Fidelity Bank branch at 101 S. Third St. has been painted a glorious, unapologetic pink ahead of its planned demolition for The Lynden, a seven-story residential development,...
Standard Chartered is undertaking sweeping job cuts as it increases its focus on AI. The global bank announced a growth plan Tuesday (May 19) that included plans for a “reduction in corporate functions roles” of more than 15%. Standard Chartered’s most recent annual report showed it employing a...