- January 17, 2024
Labels are popular on Capitol Hill.
And this week the labels are flying fast and furiously, aimed at big banks and credit unions.
The Consumer Financial Protection Bureau (CFPB) put forth a ...
- January 16, 2024
As earnings season rolls on, key themes from banks are emerging.
Consumers are continuing to engage with their banks via mobile means, and branches are being woven tightly into the fabric ...
- January 15, 2024
The initial headlines and initial takes on big bank earnings may have focused on the state of the consumer, on card spending, especially.
But there’s data to be gleaned for the ...
- January 12, 2024
Wells Fargo benefited from a strong economic environment and higher interest rates in 2023.
Wells Fargo CEO and President Charlie Scharf said Friday (Jan. 12) during the bank’s quarterly earnings call ...
- January 11, 2024
Every three months, like clockwork, the earnings roll in.
And every three months, the big banks usher in the “official” start of earnings season.
Will it all begin with a bang or ...
- January 8, 2024
Barclays reportedly laid off about 5,000 workers in 2023 as part of a cost-cutting campaign.
A spokesperson for the British bank told Reuters Monday (Jan. 8) that most of those cuts happened ...
- December 11, 2023
Goldman Sachs has reportedly appointed Wells Fargo executive Paul Camp as its new head of transaction banking.
Camp will also become a Goldman partner, Reuters reported Monday (Dec. 11).
He brings a wealth of experience to his ...
- December 5, 2023
Wells Fargo will reportedly incur greater-than-expected expenses from severances tied to recent job cuts.
The price tag for those layoffs could come to between $750 million and just shy of $1 billion for the ...
- December 4, 2023
Bank CEOs are set to appear before the Senate Banking Committee to protest new regulations and capital hikes, arguing that these measures will harm the economy.
The CEOs of major banks, ...
- December 1, 2023
Former Wells Fargo CEO Tim Sloan has filed a lawsuit against the company, seeking over $34 million in unpaid compensation.
Sloan alleged that Wells Fargo unlawfully withheld his deferred pay and bonus ...
- November 20, 2023
Citi Mobile made moves in this edition of PYMNTS’ Provider Ranking of Credit Card Apps.
Venmo, which was previously No. 1, fell to make room for more competition between Citi Mobile, ...
- November 16, 2023
Wells Fargo is reportedly grappling with regulatory obligations to enhance its monitoring of financial crime.
Regulators have issued formal orders to Wells Fargo, instructing the bank to bolster its ability to detect ...
- November 16, 2023
America’s banking giants are reportedly on the hook for replenishing the government deposit insurance fund.
The Federal Deposit Insurance Corp. (FDIC) is going to approve a proposal Thursday (Nov. 16) that ...
- November 15, 2023
When OpenAI’s ChatGPT was released a year ago, it seemed to come from nowhere.
But the emergence of generative artificial intelligence (AI) as a viable, usable commercial product was, in reality, ...
- October 27, 2023
In the parlance of these times, and as earnings season commentary has pointed out, time and again:
Consumer credit is normalizing.
The question remains, however, as to what comes next.
The slew of ...
- October 19, 2023
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 ...
- October 17, 2023
Legacy payment systems in the financial and insurance industries have often resulted in delays, errors and complications, leading to damaged customer loyalty and lost business.
As noted in a recent PYMNTS ...
- October 17, 2023
Earnings season is less than a week old.
But with some of the largest names in the industry having already reported, the digital shift and mobile banking remain trends. In many ...
- October 15, 2023
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 ...
- October 13, 2023
PNC Financial Group began staff reductions that will decrease its workforce by 4%.
The move is expected to reduce the company’s 2024 expenses by $325 million at a time when it ...
- October 13, 2023
Wells Fargo saw net charge-offs increase, loan demand decrease and average deposits decline during the third quarter.
At the same time, consumer spending remained strong, the bank said Friday (Oct. 13) while ...
- October 12, 2023
Wells Fargo has expanded the availability of its personalized digital financial advice and planning services, known as LifeSync, to all its consumer customers.
LifeSync was initially launched earlier this year for Wealth and Investment ...
- October 11, 2023
Surprise overdraft and nonsufficient funds (NSF) fees account for a significant portion of the refunds to consumers by companies announced Wednesday (Oct. 11) by the Consumer Financial Protection Bureau (CFPB).
These ...
- October 9, 2023
The big U.S. banks are reportedly facing a slowdown in lending growth due to rising interest rates, and it is expected to hurt their profits.
Net interest income, a key driver ...
- October 9, 2023
Pinterest shares dipped a little over 1% in pre-market trading Monday (Oct. 9).
This happened despite Wells Fargo adding the social media site to its Signature Picks portfolio, Seeking Alpha reported ...
- October 2, 2023
The resumption of student loan payments will be only “a drop in the bucket” for the broader household sector, according to three Wells Fargo economists.
While the approximately 43 million borrowers with ...
- September 26, 2023
Wells Fargo and Centerbridge Partners have announced a partnership to provide direct lending solutions to non-sponsor North American middle-market companies.
This partnership will be facilitated through the launch of Overland Advisors, a business ...
- September 25, 2023
In June of 2014, Amazon launched the Fire phone. Priced at $650 and offered exclusively by AT&T, the phone’s big selling point was its “Dynamic Perspective” — a feature that ...
- September 21, 2023
PYMNTS’ Provider Ranking of Credit Card Apps tracks the ever-changing landscape of credit card mobile applications each month. In the latest edition, ties from last month have parted ways, and ...
- September 17, 2023
Are corporate borrowers resigned to higher interest rates? Wells Fargo thinks so.
In an interview with Bloomberg Television on Friday (Sept. 15), Maureen O’Connor, global head of high-grade debt syndicate at the bank, said ...
- September 15, 2023
A former Wells Fargo executive has been sentenced to probation for her role in a scandal that rocked the bank in 2016.
Carrie L. Tolstedt, a former head of retail banking at Wells ...
- September 15, 2023
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 ...
- September 12, 2023
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 ...
- September 10, 2023
Wells Fargo will pay $1 billion to settle an investor lawsuit tied to authorized customer accounts.
The settlement was approved Friday (Sept. 8) by U.S. District Judge Jennifer L. Rochon and brings ...
- September 8, 2023
The data show that 20% of individuals have overdrawn their accounts in the past year as they grapple with the demands of inflation, of timing cash flows with their monthly ...
- September 8, 2023
Access to business financing is crucial for Main Street small and medium-sized businesses (SMBs). But while a significant share of these small businesses across all revenue tiers have access to ...
- September 3, 2023
Federal prosecutors want Wells Fargo’s former retail banking head to spend time behind bars.
Carrie Tolstedt agreed earlier this year to plead guilty to obstructing an investigation into her bank’s practice of opening accounts for ...
- August 25, 2023
One of the more compelling stories to come out of the pandemic was the idea of shoppable content.
The hyper-convenient purchase moment and context of shoppable content, along with its emergent ...
- August 15, 2023
Versatile Credit, Nationwide Marketing Group (NMG) and Wells Fargo have partnered to launch The Finance Hub, a consumer financing portal for merchants.
This new collaboration provides a comprehensive, tailored financing program for a broad range ...
- August 8, 2023
Dwolla has launched an application programming interface (API) solution designed for mid- to enterprise-sized businesses that enables easy payment initiation from existing commercial accounts at top U.S. banks, including JPMorgan Chase ...
