Retail & Commercial

Bank failures last spring forced many startup businesses to shift where they store their cash. JPMorgan Chase appears to be the top beneficiary, but other banks say they are just as eager to reel in deposits and do more business with the innovation economy.

The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.

Amid a deal drought that has dragged on for more than a year, Wells Fargo is cutting 40 to 50 jobs in its corporate and investment bank division, say people with knowledge of the decision.  

The deal for SimplyBank, scheduled to be completed in the second quarter, would give First Financial in Terre Haute, Indiana, additional branches in Tennessee and its first presence in Georgia.

The future of financial services lies in collaboration between big banks and fintech, not conflict.

Bankers should stop thinking of small companies as difficult to serve, Comerica's Brian Haney says; "How does succeeding in small business make the retail bank stronger?"

The bank was recently sued by customers who say they were misled into thinking that their savings accounts were earning competitive rates. Capital One responded with a series of arguments for why the case should be thrown out.

Since the end of the Small Business Administration's 2022 fiscal year, the average loan size in its flagship program has dropped more than six figures. The addition of three new nondepository lenders could further drive down this figure.

Small Business Administration lending is an arena where community banks and nonbanks compete favorably with some of the largest U.S. financial institutions. Here are the biggest SBA 7(a) lenders based on the value of approved loans.

A recent effort by Citigroup to nudge certain customers toward digital-only statements was well intended but too punitive, observers say. The key, they argue, for banks seeking to cut costs or achieve other goals is to offer incentives to those with ingrained habits.