Fintech

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year. 

Bruce Van Saun, the Rhode Island bank’s CEO, previewed a branch-light strategy in new markets like South Florida and Washington, D.C. Citizens recently closed acquisitions of Investors Bancorp and much of HSBC’s U.S. retail banking business.

The Federal Reserve’s most hawkish official cracked open the door to discussing the first 75-basis-point interest rate hike since 1994, a move economists say would be a last resort in case inflation further spirals out of control.

Bank of America expects 3% GDP growth this year and a 2% improvement next year, even in the face of rising rates. Consumers’ continued willingness to spend and borrow, which was evident in the bank’s first-quarter results, is a key reason for that outlook.

One year after CEO Jane Fraser launched a business revamp, Citigroup reported lower revenue, higher expenses and a big reserve for loan losses in Russia. Yet the company’s long-term plan to streamline operations and invest in high-performing businesses — all with an aim to strengthen shareholder returns — still appears on track.

Bread Financial — formerly Alliance Data — offers its first general-purpose Amex credit card to expand consumer finance options following a couple of tumultuous years.

Vanguard Group will give some American Express credit card customers access to financial advice, a business the fund manager is working to build up.

Bank-issued prepaid benefits cards were supposed to help state governments deliver these funds more efficiently. But the pandemic scrambled the economics of these programs.

The newest version of the Mastercard gives users the most cash back for checking out with their PayPal accounts instead of for spending in specific categories.

Citigroup agreed to sell its consumer banking operations in Bahrain to Ahli United Bank BSC as part of the lender’s continued push to simplify.