Technology could replace tens of thousands of employees at Citigroup call centers, CEO Mike Corbat says. Machines reduce expenses and "radically change or improve" customer experience, he says.
The sale of Huntington Bancshares' Wisconsin branches to Associated Banc-Corp has obtained regulatory authorization. The deal is expected to close in June.
The House Financial Services Committee will hear testimony from Wells Fargo CEO Tim Sloan on March 12, sources say. Sloan and executives from banks including Bank of America, Citigroup and JPMorgan Chase will appear before the committee April 10.
Effective leaders use both a reflexive mindset, which allows for quick decisions in a fast-paced environment, and a reflective mindset, which looks at the big picture. "Greater reflective leadership may be the way forward, along with the argument for going a little slower now so we can go much faster in the future," writes Julie Winkle Giulioni.
JPMorgan Chase will introduce digital currency to let clients accelerate transactions. Each "JPM Coin" has a face value of $1 and runs on proprietary blockchain technology Quorum.
The likelihood that the US will go into a recession in the next 12 months rose to 25% this month, compared with 20% in January, according to a Reuters poll of economists. Most of the respondents said they expect the Federal Reserve to leave interest rates unchanged at its March meeting.
If companies such as Amazon and Google move into finance in a big way, they could put pressure on banks to assume more risk, according to a report from the Financial Stability Board. Because technology giants have brand recognition, trust and an established customer network, their entry into finance could have more of an impact than that of financial-technology firms, the report says.
Several credit card networks reportedly plan to raise their fees in the coming months. Among them are Visa and Mastercard, which are expected to raise the interchange fees paid by retailers to banks, as well as the fees paid by financial institutions to the card networks for the processing of card purchases.
The economy is likely to grow more slowly this year than in recent years, Federal Reserve Governor Lael Brainard says. She cites the slope of the yield curve and a decline in foreign growth as two of the downside risks to watch.
Bank of America has been named one of the "100 Best Companies to Work For," coming in at No. 92 on Fortune's annual list. The bank provides employees with child care reimbursements, on-site fitness areas and paid sabbaticals, the magazine said.