Organization Root Tag

In September, BMO said it was shutting its indirect retail auto finance business as the bank shifted its resources to other areas.

The card network integrated its data-sharing technology into products from Zip, FIS and JPMorgan Chase as potential regulations loom on the horizon.

Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.

Three years removed from the Black Lives Matter protests, banks have not fulfilled their promises to help close the racial wealth gap.

Consumer Financial Protection Bureau Director Rohit Chopra says that a recently proposed data-access rule would provide a competitive edge to small banks over their larger competitors.

"We'll be taking steps to offset expense pressures," CEO Curtis Farmer told analysts after the company reported an 11% year-over-year jump in costs and falling profits.

Regulators will now accept feedback until Jan 16, 2024 — a six-week extension — concurrent with a Federal Reserve effort to gather additional information about the potential implications of the proposed capital changes.

Steve Squeri says the outcry over the airline's changes to its loyalty program has not hurt spending on co-branded Amex cards.

The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.

Delta is trimming the increase in requirements for various status levels and adding access to its airport lounges. But the shift to using cash spent, not miles flown, in calculating rewards remains in place.

Visa said Chairman Al Kelly, the payments giant's former chief executive officer, will leave the board in January.

Questions about how it will be implemented and whether the rest of the market will follow the agency's lead make the expense involved difficult to estimate.

The $668 billion-asset company sold investment securities and certain mortgages to avoid more stringent liquidity and other federal requirements for larger banks. Yet CEO Andy Cecere says U.S. Bancorp is "not under an asset cap at all."

Goldman is selling $4 billion of fixed-to-floating rate notes in two parts while BNY Mellon is selling $2 billion with a similar structure and durations, according to people with knowledge of the matter.

Even with the declines, Morgan Stanley joined the biggest U.S. banks in surpassing trading expectations.

Earlier this year, HSBC agreed to pay tens of millions of dollars in settlements to U.S. regulators over its failure to monitor employees' communications on unauthorized messaging apps, including WhatsApp.

On JPMorgan Chase's third-quarter earnings call, CEO Jamie Dimon debated with Wells Fargo Securities analyst Mike Mayo over whether recent advances in AI present an advantage to traditional banks or to their challengers.

Glen Point co-founder Neil Phillips, whose trial begins Monday in Manhattan federal court, is accused of defrauding Morgan Stanley as the counterparty on a $20 million option pegged to a "barrier" exchange rate between the U.S. dollar and South African rand.

California-based Star One is sharing its experience with smaller banks and credit unions, in an effort to get more to offer the government-backed real-time payment rail.

The longtime Most Powerful Women in Banking honoree looks back on her four-decade career and how the industry has changed for women.