A plan by the largest U.S. bank to use part of its tax windfall to enter new markets (including Washington and Boston) could become a serious threat for banks of all sizes in those cities — or looked backed upon someday as a pricey over-expansion.
As customers become more tech-savvy, the bank said it no longer needs to prod them to use its digital products by offering discounts. Account holders can avoid fees by enrolling in direct deposit.
Look for banks to boost dividend payouts, expand into new markets, increase their tech spending and, eventually, ramp up their C&I lending. But don't expect much in the way of M&A.
The wave of sexual harassment claims have forced a very public reckoning in certain industries, but financial services firms had largely escaped the spotlight. The departure of a Bank of America executive could signal that the industry has problems lurking behind the scenes.
An exclusive look at the Senate's tightly held housing finance plan drew the most interest from readers this week, while TD's foray into AI and the roller coaster at CFPB also dominated attention.
Bank says most of the benefits from tax reform will be used for dividends and buybacks; Michael Loughlin will stay on until his replacement is named later this year.
The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.
Executives at U.S. Bancorp and Bank of America plan to use their tax savings to ramp up spending on new technology to stay competitive — but they sought to reassure investors that they would not abandon cost control.
