Another big bank CEO says that claims about politically motivated “debanking” are unfounded. In a speech before the Economic Club of Washington, D.C., Bank of America CEO Brian Moynihan said that it is over-regulation of banks, and not political bias, that is causing customers to be barred from the...
JPMorgan Chase is reportedly earmarking another $50 billion for its direct lending efforts. It’s part of an effort by the banking titan to gain a greater foothold in the fast-growing private credit market, Reuters reported Monday (Feb. 24). As that report notes, traditional lenders like Wells Fargo, JPMorgan and Citigroup are...
The neobank model has, through the past several years, taken two paths as FinTechs bring accounts, cards and other digital-first financial offerings to customers. There are the FinTechs that partner with banks to use the latter’s licenses to bring new products to markets, and there...
Top banking executives have reportedly met with Republican senators over the issue of “debanking.” That’s a term, growing increasingly popular in conservative circles of late, for when a financial institution refuses someone’s business for political reasons. As Bloomberg News reported Thursday (Feb. 13), Senate Banking Committee Chairman Tim...
JPMorgan Chase reportedly began a round of layoffs that is expected to affect fewer than 1,000 employees. The bank began notifying the affected employees last week and will continue to do so through the end of February, Reuters reported Wednesday (Feb. 12), citing unnamed sources....
TD Bank is reportedly selling its 10.1% stake in investment firm Charles Schwab. That’s according to a report Monday (Feb. 10) by The Wall Street Journal (WSJ), which notes that this is the first major move under new CEO Raymond Chun to stem losses after...
The New York towns of Neversink and Denning have been approved as a Banking Development District (BDD), a designation that is meant to support access to affordable financial services. The approval was announced Wednesday (Feb. 5) by New York State Superintendent of Financial Services Adrienne A. Harris, the...
British lender Lloyds is closing 136 branches as its customers choose digital financing services. The closures will affect 61 Lloyds branches as well as 61 Halifax and 14 Bank of Scotland locations between May this year and March 2026, the Financial Times (FT) reported Wednesday (Jan. 29)....
Fifth Third Bank is giving taxpayers a financial head start, offering its customers the ability to access their tax refunds up to five days earlier than standard IRS processing times at no extra cost. This feature is available to customers with a Fifth Third Momentum...
