Banking

Royal Bank of Scotland Group (RBS) will sell a 25% stake in its Citizens Financial Group unit in the U.S. and shrink its investment bank to boost capital, the British bank said Thursday.

The sales pitch behind many mobile payment systems is convenience, but some companies are learning that when a payment system becomes too convenient, the backlash can last for years.

Within five years, companies in the card business will have to choose a new label for their trade, especially if they embrace current technology and trends.

The well-connected consulting firm has hired Joe Petro, a former Secret Service agent who ran Citigroup's security and investigative services for 20 years. Citi has replaced him with Brian Parr, another prominent agency veteran.

The Georgia community bank converted its 300+ staff to Google Apps for Business, signaling a continuing, albeit slow, trend of banks going to the cloud for email service.

Housing counselors grilled mortgage settlement monitor Joseph A. Smith on why banks are not disclosing data that would show whether communities hit hardest by the foreclosures crisis are getting the bulk of the relief.

Organic loan growth and expense control are the top priorities at F.N.B. and People's United, but their CEOs also eager to accelerate expansion in markets where they are relative newcomers.

Healthier sellers are searching for growth partners instead of saviors, and buyers seeking greater density in their current markets are ready to oblige.

Rep. Maxine Waters, the top Democrat on the House banking panel, signaled her support for two key credit union bills to expand business lending and access supplemental capital.

The credit-card issuer is making a bid to become a player in the growing world of branchless consumer banking.

Now, with an ATM that directly converts paper cash to bitcoin anonymously, the interaction is with a machine rather than another human. No more face-to-face meetings, no more counterparty risk.

Large banks have been relatively inactive in the market for targets with less than $2 billion of assets, once a staple.

Summit State Bank (SSBI) in Santa Rosa, Calif., has added Brad Baker to its board.

Nearly a year after legislation let more banks stop filing with the SEC, management teams continue to evaluate lower costs against having to move to lesser-known stock exchanges.

Louisiana Bancorp (LABC) in Metairie has wound up one stock buyback program and is beginning another.

Susquehanna Bancshares (SUSQ) in Lititz, Pa., has settled a lawsuit with customers who challenged the $18 billion-asset company's overdraft fees.

Wells Fargo (WFC) said faulty mortgages could cost the company as much as $2.4 billion beyond its reserves, an increase of $300 million from a year earlier. The bank also trimmed its estimate of possible legal costs.

Consumers are notoriously reluctant to choose new payment habits. This week, LevelUp and 20 retailers forced the issue by taking away their choice. The "credit card diet," which took place Feb. 26, involved 20 retailers in Boston and Washington D.C. They all refused credit cards for one day.