Can AI fix customer service in payments?
Generative artificial intelligence has usurped its traditional counterpart as the next growing technology taking the payments industry by storm.
WaFd reports ‘good progress’ in pivot to small business
The Seattle-based company, which had made home loans for more than a century, announced it was quitting the mortgage business in January. It booked nearly 400 small business loans in the first quarter and expects that total to grow as its team gains traction.
Citigroup’s traders help Fraser get closer to profit target
The results helped Citigroup lift its return on tangible common equity to 9.1% in the first quarter. CEO Jane Fraser has set a target of 10%-11% by the end of next year.
BofA seeks to rebuild India investment banking team
A string of senior resignations and scrutiny over share sales rocked Bank of America’s local operations last year.
PNC increases provisions; quarterly earnings beat forecasts
The Pittsburgh-based bank cited “changes in macroeconomic factors and portfolio activity” for the 41% increase in provisions for credit losses.
Bank of America loan revenue rises, stock traders flourish
The Charlotte, North Carolina bank reaped the benefits of volatile markets and net interest income topped analysts’ estimates in the first quarter.
Why fintech BNPL credit reporting is a tough lift for banks
Affirm is reporting consumers’ buy now/pay later loans to Experian, following a February study with FICO. It’s one of the first steps in credit reporting for BNPL, potentially complicating banks’ assessments for other types of lending.
Edward Jones revives bank plans in bid to boost services — and revenue
An industry consultant thinks Edward Jones’ latest bid to start a bank is an attempt to add revenue sources as the traditional brokerage business becomes less lucrative.
CFPB asks Texas court to vacate credit card late fee rule
In a settlement with bank trade groups that sued the Consumer Financial Protection Bureau, the Trump administration has agreed to drop the credit card late fee rule with prejudice.
The Trump family is going all-in on crypto projects
President Donald Trump and his family have taken a interest in just about every corner of the crypto industry.