Finance

Galileo has raised $77 million in its first round of venture capital funding backed by Accel and Ryan Smith, CEO of the software firm Qualtrics.

The U.K.-based fintech says that a recent crowdfunding campaign shows demand for its product, even though the amount it raised is well below funds obtained from VCs.

The banking industry will continue its fight against the credit-loss rule; the bank posted gains in consumer, wealth management and commercial lending.

The Pittsburgh company’s “branch lite” approach to retail and middle-market banking in new markets will break even sooner than expected and has had a noticeable impact on loans and deposits.

The Minneapolis company attributed the uptick to new tech tools, additional loan officers and other process improvements — not to mention the refi boom fueled by lower rates. It’s a formula other banks are expected to copy.

They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety.

The Dallas company also warned of a decline in net interest income this quarter due to the anticipated impact of Federal Reserve interest rate cuts on loan yields.

The application for Riverside Bank of Dublin comes just six months after another group opened a bank in a nearby market.

The Minneapolis bank says recent investments in its retail operation contributed to strong improvement in home lending and mortgage banking fees.

Net interest income rose just 1%, but the bank rode a surge in advisory and other fees to beat profit estimates.

Third quarter profits at JPM, Wells Fargo and Citigroup got a boost from consumer banking; the company tells Fed it will remain a passive investor.

Even the homeless are getting on board with contactless payments, through a new U.K. wide initiative between Swedish payments company iZettle and the Big Issue Foundation, which enables homeless people to become street vendors by selling its its Big Issue magazines.

Perhaps the biggest test that Charles Scharf will face when he starts next week will be how to control expenses while still trying to make the necessary investments in risk management to satisfy regulators.

Its quarterly results show lower rates and emerging credit risks can be overcome. Whether most banks have all the same levers to pull is another matter.

During the firm's earnings conference call, Chairman and CEO David Solomon attempted to reassure investors about the costs of Marcus, declining to say when the investment bank might break even on the initiative.

On Jun. 30, 2019. Dollars in thousands.

Investors got a reminder that the bank isn’t past its problems even as it seeks a fresh start under a new leader.

Better-than-expected trading results also helped to boost net income.

A healthy increase in consumer banking revenue also helped drive an 8% jump in profits at the nation's largest banking company.

Consumer banking is expected to offset the banks’ underperforming Wall Street units; the defections of Visa, Mastercard and Stripe threaten the cyrpto project’s viability before it starts.