The St. Louis company is gaining a sizable Small Business Administration platform and several niche deposit teams. Keeping those specialists in the fold will be key to the acquisition's success.
When customers contact Wells Fargo, its artificial intelligence system goes to work; what American Express is getting with it purchase of Kabbage; Fannie, Freddie refi fee will wipe out millions in mortgage profits; and more from this week's most-read stories.
Late fees on loan payments and late-arriving documents tied to forbearance and loan forgiveness are just some examples of how delays caused by cutbacks at the U.S. Postal Service could affect lenders and their customers.
If the U.S. Postal Service can hold talks with big banks, like JPMorgan Chase, about offering financial services in post offices, then it could easily strike up similar conversations with credit unions.
Discover Financial Services and Bank First in Wisconsin, two of the many companies that went all-remote with their annual meetings this year, gave the process high marks. But the longer-term prospects industrywide are unclear.
Wells Fargo has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.
A decision by some banks to replace in-person campus visits with video interviews is intended to increase diversity by reaching beyond the handful of elite business schools and Ivy League universities long associated with the finance industry.
The number of originators has shrunk during the pandemic, while portfolio lenders have gotten more picky; scams against consumers jumped by two-thirds during the first half, Barclays says.
