Banks are increasingly turning to outsiders like Nikki Katz, a former Disney executive now at Bank of America, and Joel Kashuba, formerly of Procter & Gamble and now at Fifth Third, to help build their digital experiences.
Even relatively wealthy Americans are so worried about their finances that it's affecting their mental and physical health. That's one of the findings in a Bank of America survey of more than 1,000 people in the U.S. who have enough investable money to qualify as "mass affluent."
Organized crime groups are selling access to the computer networks of financial firms like Bank of America Corp. and hacking tools targeting these companies, according to a British researcher who posed as a buyer on several dark web marketplaces.
The U.S. economy is on solid footing except for one potential trouble spot, according to Bank of America's Chief Executive Brian Moynihan: leveraged loans — a business the bank has dominated for a decade.
John Rosenfeld once led the A-Team of a free-fall parachute unit. Now he's taking a different kind of leap, spearheading the creation of the institution’s first digital-only bank.
A year after it debuted, Bank of America's virtual assistant now counts some 150,000 users per week. It's one of the only large institutions pushing such technology.
The bank may end its venture with First Data to work on its own; State Street and BNY Mellon's fee revenue from investor clients and stock prices are down.
Even as consumer and CRE lending slowed in the first quarter, business lending — particularly to middle-market companies — surged. But some banks are already warning that the growth could taper off as competition from nonbanks heats up.
