The firm outlined a plan in September to generate $5 billion in additional revenue over the next three years, with more than 40% of that coming from lending.
New York Fed chief cautions against taking “meat cleaver” to Dodd-Frank; Stephanie Cohen, one of the highest-ranking women at the bank, will try finding new sources of revenue.
Amid the rise of online lending earlier this decade, banks were derided as being too slow to adapt. But over time it's become clear that banks hold key advantages over lending startups.
Quarterly earnings at big five banks could have been worse; Chase to buy WePay, which helps online marketplaces and crowdfunding websites process payments.
Martin Chavez reminded analysts Tuesday that while the Wall Street firm may be new consumer lending, the executives leading the unit are all veterans of the sector.
Banks that find true innovation hard to accomplish can take heart — it’s no picnic for startups either. To hear both sides share their challenges is an argument for collaboration.
The agencies will give eight of the largest U.S. banks an extra year to file upcoming resolution plans, and suggested they may stretch out the filing schedule on a more ongoing basis.
