Fresh off a new investment round, the British PtoP lender Zopa is collaborating with CommuterClub to finance season tickets for travelers.
CommuterClub provides loans so consumers can purchase annual season passes online, instead of monthly or weekly passes and spread the cost over monthly installments, saving them hundreds of pounds each year.
CommuterClub loans run for only 10 months and are considered low risk by Zopa. In its blogpost
Banks' deposit costs fell as the Fed made borrowing cheaper. But signs of increased competition are already emerging, and analysts see a tougher road ahead.
The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.
Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.
Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.
Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.
Leaders from Wells Fargo, JPMorganChase and more talked about how banks can respond to the fast-moving changes in money movement, new forms of artificial intelligence, fraud, digital assets and more.
