Brad Conner, the incoming chairman of the Consumer Bankers Association, says the government's record as a direct student lender leaves much to be desired.
Chemical Financial's decision to shutter nearly 40 branches and cut more than 200 jobs is due to improved technology and an effort to become more efficient after years of pursuing acquisitions.
Systems that run cash management services were built decades ago and prioritized functionality over user experience. That is starting to change as banks invest more heavily in digital upgrades geared toward commercial customers.
Vikram Pandit, who ran Citigroup during the financial crisis, said developments in technology could see some 30% of banking jobs disappearing in the next five years.
