The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.
Shares of the Providence, R.I., company plunged Monday after a news report that it faces possible legal risks from the latest charges filed against Paul Manafort, the former campaign manager for President Trump.
A plan by the largest U.S. bank to use part of its tax windfall to enter new markets (including Washington and Boston) could become a serious threat for banks of all sizes in those cities — or looked backed upon someday as a pricey overexpansion.
Citizens Financial, Regions and SunTrust reported strong gains in consumer banking, including loans made through partnerships with retailers and fintech lenders. They want to keep it up to compensate for slack in commercial lending.
For the second week in a row, the CFPB's leadership shakeout dominated readers' attention, while a regional banker discussed efforts to fight hacking and the impact of the tax cuts, and bitcoin's price soared.
During a sit-down interview, Bruce Van Saun, the CEO at Citizens Financial, explained how Washington policy changes could boost lending, why cyber threats keep him up nights and how fintechs and AI are changing the industry for the better.
Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.