Micromanagement or empowerment? Why not try both?
When running a bank branch, there are certain employee behaviors that must be nonnegotiable. But that still leaves plenty of room for improvisation and creativity.
What to expect from Amazon’s massive investment in AI
Through its commitment of up to $4 billion in Anthropic, the e-commerce giant can bring advanced analysis, shopping and checkout tech closer to the point of sale — and farther away from traditional transaction processors.
Two small-business lenders with diverging strategies are merging
Camino Financial and Fundation, which are combining, serve distinct slices of the small business market. The deal’s architects say it will enable the combined firm to provide more financing options to entrepreneurs, and they argue that now is a good time to lean into small business lending.
Consumers are expected to keep the U.S. out of recession, Moynihan says
Bank of America CEO Brian Moynihan said that consumer activity has slowed throughout the year, but should remain strong enough to position the economy for growth later in 2024.
How banks are using augmented reality
Ally Financial and Workers Credit Union say they’ve successfully infused marketing campaigns with AR to hype their brands and communicate their corporate values even as skeptics question whether customers are clamoring for the technology.
Goldman Sachs joins consortium for securities position reporting
The bank has joined with four other financial giants — including Barclays, BNP Paribas and HSBC — to launch Endoxa, which will enable the firms to use technology to standardize their approaches to compliance.
Why U.S. Bank committed to charitable-cause card rewards
Cash remains king, but some credit card customers prefer giving their rewards to nonprofits, so the Minneapolis banking giant has made it a year-round option where it’s matching donations dollar for dollar.
Menendez pleads not guilty to charges of bribery, fraud and extortion
The New Jersey senator, who is a powerful member of the Banking Committee, is facing calls from fellow Democrats to resign. He was released on Wednesday after posting a $100,000 bond.
Out West, businesses are taking out more loans despite recession fears
Credit unions and banks are lending more to merchants based in the Western U.S., reflecting trends reported in the Umpqua Bank 2023 Business Barometer and running against broader economic pessimism.
DOJ Announces $9M Settlement with Washington Trust for redlining in Rhode Island
The Department of Justice reached a $9 million settlement Wednesday with Westerly, R.I.-based Washington Trust over race-based lending discrimination and redlining in the state, saying the bank denied lending services to Black and Hispanic neighborhoods from 2016 to 2021.