Retail & Commercial

The Wall Street firm believes that its gold-plated brand will help attract middle-class borrowers.

JPMorgan Chase's Thasunda Duckett has been named chief executive officer of consumer banking as part of one of the bank's periodic management reshufflings.

Marketplace lenders' share of the consumer and small-business loan markets is small now, but is expected to grow substantially in the coming years. Banks looking to get in on the action have two choices: team up with these established players that have already perfected the technology or try to beat them at their own game.

Lenders are starting to bring artificial intelligence into their lending processes. Some wonder whether the machines can make rational, unbiased choices.

New York MTA has put business with Wells Fargo Securities and approval as a senior manager for bond transactions on hold pending its review of the bank’s practices, following revelations that Wells Fargo bank employees secretly created accounts without clients’ approval

Bank of Southern California in San Diego has agreed to sell $7 million of its common stock to the asset management firm Castle Creek Capital.

The parent company of the consumer lender LendUp has been fined more than $6.3 million by the Consumer Financial Protection Bureau and the California Department of Business Oversight for overcharging borrowers and violating payday and installment lending laws.

Concerns about cross-selling run deeper than the risk of misbehavior. The practice also has a questionable economic rationale.

The move is an example of how banks are looking to fintech entrepreneurs to bring innovation in, and it illustrates the emphasis and importance banks are putting on their mobile channels.

The $13 billion-asset company, formed by the merger of BBCN Bancorp and Wilshire Bancorp, said in a press release Monday that it will close 12 branches in southern California, New York and New Jersey as part of a broader cost-cutting effort.