Banking

A tour of PayPal's innovation showroom offers a glimpse of the company's latest technology, how PayPal is tying together e-commerce channels, and how it intends to dominate the mobile wallet the way it has online payments.

Bank Mutual (BKMU) in Brown Deer, Wis., reported higher earnings due mostly to improved credit quality.

Citigroup Inc. (C), the third-largest U.S. lender, agreed to sell servicing rights for about 64,000 Fannie Mae residential first-mortgage loans as it seeks to reduce a portfolio of unwanted assets.

Simmons First National (SFNC) in Pine Bluff, Ark., plans to close 27 branches, according to regulatory filings.

The number of U.S. properties saddled with foreclosures last year dropped 26 percent from 2012, according to RealtyTrac, an online real estate firm.

First Republic Bank (FRC) in San Francisco posted slightly higher earnings in the fourth quarter thanks to higher revenue from loans and improved credit quality.

The Treasury Department plans to sell $3 billion of Ally Financial Inc. common stock, reducing taxpayers' stake in the firm to 37 percent.

Some of the nation's largest merchants are rolling out branded cards that offer many of the banking services their tens of millions of customers crave — plus loyalty rewards. For banks, the cards may pose a new threat, as well the opportunity to partner and reach new segments of the population.

I would feel better about banking at a place that took an active role in educating the public on the financial system. I would also appreciate a complete breakdown on any puzzling paperwork, confusing mathematics or common mistakes when I sign up for an account.

PrivateBancorp (PVTB) in Chicago posted higher quarterly earnings because of improved credit quality and lower expenses.

Citi and Barclaycard US will both have a seat at the table after American Airlines and US Airways combine their frequent flier programs and affinity credit cards, but the issuers will have somewhat different roles.

MB Financial (MBFI) in Chicago reported a minor dip in quarterly earnings as net interest income fell.

Flagstar Bancorp (FBC) in Troy, Mich., announced Thursday it is laying off approximately 600 employees as part of a cost cutting measure.

Soo Bong Min, the president and chief executive of BBCN Bank in Los Angeles, has stepped down after less than a year on the job.

Citigroup (NYSE: C) plans to send new debit cards to customers affected by the Target data breach, The New York Times reported Thursday.

Debit cardholders would feel more appreciated if their bank voluntarily notified them prior to overdrafts and offered to mail statements in languages other than English.

U.S. foreclosure activity during all of 2013 dropped 26% compared to 2012 to 1.361m properties, its lowest level since 2007 (1.3m filings), according to RealtyTrac U.S. Foreclosure Market Report.

Huntington Bancshares' (HBAN) fourth-quarter profits fell 6% from the same quarter in 2012, to $158 million, due largely to a sharp decline in mortgage banking income.

Level, a maker of budgeting apps for millennials, rolled out an Android app Wednesday.

U.S. banks and merchants face mounting pressure to catch up with technology used in Europe, Asia and Latin America to secure credit- and debit-card data after tens of millions of Target Corp. customers were exposed.