Banking

The bank is rotating teams dedicated to product and service development across its organization to help implement new ideas quicker.

The moves are seen as setting the stage for CEO James Gorman’s eventual retirement; banks outside the U.S. are suffering from the greenback’s recent rise.

The information you need to start your day, from PaymentsSource and around the Web. Today: Google combines mobile payment services; PayPal plans an acquisition spree; U.K.'s faster payment system slows down; Ticketmaster breach impacted more companies; U.K. football club boosts mobile payments.

Artificial intelligence is not always the right answer to data problems, executives of the two firms said at the In|Vest conference.

The sale includes 160,000 accounts and more than $400 million in deposits.

The Orlando, Fla., bank has bought Allied Affiliated Funding in Dallas in an effort to branch out beyond traditional commercial and consumer lending.

The Senate bill, designed to close a loophole in the state's interest rate cap, must still be reconciled with a similar measure that was passed by the Ohio House of Representatives.

A former chief financial officer at Hanover Bancorp is trying to separate the roles of chairman and CEO as part of a sweeping demand for change.

An index that tracks late payments on consumer loans inched closer to historic norms, according to data from the American Bankers Association.

Flagstar Bank, which is in the process of buying more than 50 branches from Wells Fargo, has hired Ryan Goldberg as a director of retail banking.

The mobile microinvesting company offers five basic products because it wants to be known for helping customers manage saving and spending — and that's it, Noah Kerner said at In|Vest.

The alliance aims to improve marketing and technology offerings for credit unions and their members.

LendingClub, Prosper, SoFi and other fintechs are driving the expansion, according to new data from TransUnion, and that could spell bad news for credit unions.

Jeff Deuel will take over as CEO of Heritage Bank in Olympia, Wash., for Brian Vance, who will remain as the head of the holding company until next year.

Branding can help define a de novo's strategy — and be costly and confusing to change if not done well.

People welcome help managing their money, and they don’t mind their own data being analyzed, as long as the result is easy-to-digest information and recommendations they can act upon, JPMorgan’s Kelli Keough said at the In|Vest conference.

Coastal Financial in Everett, Wash., said that it could be active in M&A with capital from its IPO and that it has already identified several possible targets.

Level One Bank in Farmington, Mich., has hired a team of mortgage bankers from MB Financial, which previously announced it was shutting down this business line.

Despite some criticisms of the strategy, community banks should continue to pair up with fintech companies that can help them expand their digital offerings.

The private-equity firm, one of Deutsche Bank's largest shareholders, will advise the German bank in a paid role; some local lawmakers want to force merchants to take cash for payment.