Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees.
This summer, an international electronics company completed a $1.6 billion payment by mobile phone, the biggest transaction ever on the bank's CashPro app, according to Bank of America.
Eric Blankenstein, who resigned from the Consumer Financial Protection Bureau in May after the discovery of his racially charged writings, was named acting executive vice president of Ginnie Mae.
The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.
Washington Trust warned that it could lose $3 million in annual revenue after two top advisers left to join a brokerage firm. Other banks are facing similar hits.
