Retail & Commercial

The company has agreed to pay $32 million for a bank with six branches and $256 million of assets.

The automated investing tool is part of Goldman Sachs's effort to be a full-service digital bank and to help partners like Apple and Stripe offer financial products, according to Stephanie Cohen, global co-head of consumer and wealth management.

Comerica, Regions and Frost Bank closed hundreds of branches statewide while others ran them at reduced capacity or on power generators to help ease the strain on the state’s overwhelmed power grid.

Paybby, whose founder wanted to address disparities in the financial system after the George Floyd protests, is working with banks and others to develop products especially for underserved communities. They include a debit card that substitutes for food stamps and an app that temporarily sweeps cash into cryptocurrency.

Acquiring AmeriHome would provide the fee revenue the Phoenix company seeks to compensate for low interest rates and tepid commercial loan demand. The deal also would allow it to reinvest billions of dollars of excess liquidity.

Origination volume hit a record high in 2020 as more borrowers tapped the equity in their homes and investors and second-home purchasers flocked to the market at levels unseen since before the Great Recession.

A back-office blunder is leaving the financial behemoth faced with the prospect of becoming one of the biggest creditors to the troubled cosmetics empire.

Consumers who have felt betrayed by banks are more likely to turn to mobile apps that give them a greater sense of financial control. Bankers must reconnect with these people and reassure them that their personalized advice is safe and valuable.

The move will force the Pennsylvania company to report a bigger loss for its fiscal fourth quarter and restate its annual report with the Securities and Exchange Commission.

Year to date Sep. 30, 2020. Dollars in thousands.