Banking

In a memo to staff on Tuesday, Citigroup announced a new head of U.S. consumer banking and said that two of its other high-ranking bankers would essentially switch roles.

A team led by Michael Lipsitz, a lawyer hired away from Santander last year, will look at everything from whether prices are fair to whether complaint data contains notable trends.

Australia Hoover, who started as a call center employee in 1996, succeeds Betsy Mercier, who is retiring after 22 years at the helm.

The giant retailer is looking to expand its menu of financial services products; in the face of competition, the banks are trying to simplify the product to get more people to use it.

Industry groups say the coronavirus has highlighted additional risks faced by institutions without a diverse member base.

The retail giant is teaming with the investment group Ribbit Capital on the venture, which will aim to provide new services to Walmart customers and employees.

BBVA’s acquisition of Simple, the first neobank, was closely watched as a possible model for others in the industry. But the shutdown last week of Simple has again stirred a debate about whether upstarts and traditional players can ever fit together.

Brian McVeigh passed away on Dec. 31, following a 14-month battle with brain cancer, according to a release from the Michigan Credit Union League, having spent more than 35 years serving in a variety of roles at CUs across the state.

The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.

Consumers will continue to utilize new payments methods in the coming year, but are also likely to shift between credit and debit, the company said.

NCR offered to buy Cardtronics for more than $1.7 billion, beating an earlier bid for the ATM operator from Apollo Global Management Inc. and a partner.

Members of the House could return to Washington early this week to vote on impeachment, while the National Credit Union Administration will revisit risk-based capital rules.

Revolut Ltd., one of Europe’s largest startups, has asked U.K. regulators for a full banking license to fuel expansion beyond its fintech roots.

The biggest banks are likely to repurchase $10 billion of stock, including $3.2 billion by JPMorgan Chase; the moves follow last week’s storming of the Capitol by Trump supporters.

The Mint’s facilities in Denver and Philadelphia worked overtime in the second half of 2020 so that banks and retailers could get more change into customers’ hands.

Absa Group is drawing on global training data from the fintech Kasisto and annotators who review conversations with clients to help in fine-tuning its virtual assistant.

In a letter to credit unions, NCUA urged federally chartered shops to expand their fields of membership to underserved areas, regardless of geography, in order to boost financial inclusion in the wake of the pandemic.

A new path forward for digital banks and their customers.

Bankers have several unanswered questions about the Paycheck Protection Program before it reopens to select lenders on Monday. Among them: When will forms be available, and which portal will the Small Business Administration use?

With fewer people allowed inside branches, banks have to capitalize on those limited in-person interactions by offering experts on financial literacy and mobile banking.