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JPMorgan Chase & Co. agreed to pay $1.2 billion to UAL Corp., the Chicago parent of United Airlines, as part of an amended cobranded credit card marketing agreement.
UAL said last week that JPMorgan Chase would pay $1 billion "in the short term," including $600 million it has already paid for advance purchases of reward mileage, and an additional $200 million over the next two years.
The companies had said in July that they would revise their marketing agreement.
As gas prices surge, small businesses — particularly in agriculture and transportation — have struggled to keep up. For banks, this has brought a combination of short-term benefits and long-term concerns.
The neobank reported a 25% year-over-year increase in revenue for the quarter ended March 31, with active users jumping 19% to 10.2 million. The company also raised its full-year 2026 guidance and authorized a $200 million share repurchase program.
The newly opened bank founded by big tech executives reached the deposit milestone within its first quarter of operations, according to a recent call report.
Banks are mixed in their adoption of buy now/pay later and installment lending, according to American Banker research. Those that offer or are planning to offer it say that the primary motivating factor is to stay competitive.
Citi payments exec Driss Temsamani said there's more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
On Thursday, Citi will hold its first investor day in four years. The megabank, which has undergone substantial change under CEO Jane Fraser, is expected to share its strategy for driving higher profitability, deploying AI and ramping up shareholder returns.
