News Topic: Consumer banking

The company will record a $300 million charge to cover the elimination of three data centers and book $125 million in broader severance costs. ... Read full article

Wells Fargo streamlines Western unit, shifts executives as post-scandal overhaul continues; Goldman Sachs gets grief for "cynical" purchase of Venezuelan bonds at deep discount. ... Read full article

Retail banking chief Mary Mack made several changes, including restructuring leadership in the Western region, where some of the worst incidents in the Wells scandal were said to have occurred. ... Read full article

Reliance on asset-based loans protects banks as retail chains flounder; average FICO score hits record 700 while the percentage of those with scores below 600 hits new low. ... Read full article

Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more. ... Read full article

Andy Maguire faces a challenge: tasked with upgrading HSBC's digital-banking systems, he has discovered that customers are twice as likely to trust a robot for heart surgery than for picking a savings account. ... Read full article

Brian Moynihan won praise from the Wells Fargo CEO for his handling of subprime, legal and other post-crisis issues during his first years as Bank of America's top executive. ... Read full article

With the future of payday lending in flux, the Office of the Comptroller of the Currency has the ability to help provide consumers with a better credit option. ... Read full article

The gray-bearded ATM would seem like a goner since mobile usage is surging and cash withdrawals are flatlining. But banks such as JPMorgan, B of A and PNC are pouring money into overhauling them in a bid, oddly enough, to attract a younger generation of ... Read full article

Both sides of Wells Fargo's $142 million settlement over its fake-accounts scandal made last-ditch efforts to salvage the class-action pact after a federal judge voiced misgivings about some of its terms. ... Read full article

Suni Harford is off to UBS, Nina Fanlo is leaving SoFi, and Shaza Andersen is selling the bank she founded. Also, you should hear how venture capitalists talk about female entrepreneurs. ... Read full article

In March 1998, American Banker reported plans by Norwest Corp. to establish sales quotes and step up cross-selling. Three months later, the Minneapolis bank merged with Wells Fargo. ... Read full article

Cashing in digital currency for government-backed paper may not be so easy; JPM CEO is taken to task by shareholders for his close ties to President Trump. ... Read full article

The Minnesota company recently announced that it would stop selling auto loans since credit quality concerns have slowed investor demand, but it is unclear whether its plan to keep all its car loans on its books is less risky. ... Read full article

Wells Fargo may have opened as many as 3.5 million fraudulent accounts in the last 15 years, according to consumers who are trying to beef up a settlement with the bank over abusive sales practices. ... Read full article

Readers sound off on the use of AI in underwriting, the reasons for the failure of a Milwaukee bank, U.S. banks’ progress in adopting APIs, and more. ... Read full article

The glitch primarily affects payment services, including bill pay and QuickPay, the company’s peer-to-peer service. ... Read full article

Wells said slowing loan growth had hurt its aggressive efforts to lower its efficiency ratio, so it is doubling the expenses it aims to cut by 2019. ... Read full article