The neobank, which has 3.5 million European customers, is starting with fee-free checking, a debit card and real-time transactions. It's part of a wave of competition arriving from overseas.
Beginning next year, banks will have to dramatically change the way they account for future credit losses, but experts disagree on the new rule's long-term impact.
The bank will reduce its footprint to its German roots; U.S. banks are offering cash bonuses to keep customers from fleeing to higher-yielding accounts.
The president says he’ll nominate Judy Shelton, Christopher Waller for Fed; the bank reportedly in talks to sell parts of its “once prized” equities business.
Alexander Lopatine, who founded Nymbus and has joined Mbanq, says alternative providers are gaining the confidence of more banks. However, questions remain about their staying power in the fight with traditional vendors.
