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There's going to be a strong emphasis on the creation of financial products underneath innovative, customer-centric innovation from big tech companies, says FIS' Raja Gopalakrishan.

The bank said the move will give it more flexibility for raising capital.

The assertion by former Goldman Sachs executive Gary Cohn that smaller banks won't be viable in a high-tech world overlooks their success in partnering with fintechs, according to the Independent Community Bankers of America.

The Connecticut company, which began reviewing its operations in January, said the effort gained momentum when the coronavirus pandemic hit.

The company will close nine branches over the next three months.

Citigroup said Peter Charrington, global head of private banking, will leave to spend more time with family and pursue new opportunities.

Wells Fargo is exploring the sale of its asset management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter.

The bank is also taking $174 million in pay from executives, including its current and former CEOs; civil rights groups say the new rule will make it harder to prove housing discrimination.

Small and midsize merchants in North America continue to struggle with the effects of COVID-19 on their bottom lines, but those who have developed an online presence and made changes to in-store payments have found the process to be a vital step.

As fraud continues to rise, there are a series of steps merchants can take to bring themselves into PCI compliance, says Qualpay's Penny Townsend.