With rate hikes aplenty expected this year, Wells Fargo and Bank of America are said to be subdividing key markets to target deposit pricing in the future and minimize costs. These are among several innovative steps large banks are taking to prepare for more competition for deposits.
The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.
Despite past missteps in the U.S. mortgage business, the bank is giving it another go, bringing servicing in-house and catering to millennials and international clients here, says HSBC’s Raman Muralidharan.
Citigroup plans to launch an online bank that will be marketed nationally. It is one of several large companies with an online bank or niche platform in operation or on the drawing board.
News that Amazon is courting banks to help it offer its own branded checking account raises major questions about which banks could be helped or hurt, who would control the relationship and how Amazon's partner(s) would make money.
Amazon.com Inc. is in talks with JPMorgan Chase & Co. and Capital One Financial Corp. about offering the tech giant’s customers a product similar to a checking account.
The estimated costs of recent digital glitches at BB&T, TD and Wells Fargo are in the hundreds of millions of dollars, but contractual and economic realities make it hard for banks to sue vendors for the money or fall back on insurance policies.
Santander's Ana Botin is plotting to make the global banking giant even bigger. Senators suspect a Wall Street cover-up of sexual harassment, and Capital One gets sued by the NAACP.
