The next phase of fare payments: A transit hub in an app
Many public-transit riders are ready for a single app to manage fees for trains, buses, bicycles, scooters and ride-sharing across cities, according to a new global survey from Visa.
Becoming a bank proves challenging for fintechs seeking survival
Figure, Oportun and Brex are among the fintechs that have dropped their applications for a banking charter.
FedNow won’t revolutionize the way businesses pay their bills
It’s hard to see FedNow as a revolutionary solution because it’s not actually much newer, faster or cheaper in many cases than existing payment services.
S&P joins Moody’s in cutting US banks amid ‘tough’ climate
Many depositors have “shifted their funds into higher-interest-bearing accounts, increasing banks’ funding costs,” S&P wrote in a note summarizing the moves.
BMO, Wells Fargo and USAA are latest banks to report layoffs
The job cuts come amid caution about the industry’s growth potential in the second half of the year. Some 45,000 positions have been lost in banking and related industries over the last two-plus years.
Citi is reportedly mulling a major revamp of its largest business unit
The New York megabank is considering splitting its institutional clients group division into three parts following the upcoming departure of top executive Paco Ybarra, the Financial Times reported. The heads of the three segments would report directly to CEO Jane Fraser.
Prospects for banks’ M&A advisory income brighten
Two-thirds of business executives expect to pursue merger-and-acquisition deals over the next 12 months, according to a new EY survey. That’s good news for larger banks with M&A advisory operations.
U.S. consumers near day of reckoning as pandemic cash stash shrinks
As consumers’ cushion shrinks, they are becoming more dependent on their paychecks to maintain their standard of living. Economists are split on whether wage growth is strong enough to fill the gap.
Goldman Sachs plans to undo another Solomon deal chasing mass market
Goldman Sachs Group is exploring a sale of an investment-advisory business it bought four years ago, undoing another signature deal under CEO David Solomon’s ill-fated push to manage money for a broader set of customers.
Tennessee Man pleads Guilty to nearly $1 million in PPP fraud
John Paul Dillon pleaded guilty to nearly $1 million in fraud related to COVID-19 emergency small business programs, including the Payroll Protection Program and the Economic Injury Disaster Loan Program and a fraudulent loan application for a mortgage.