The bank would make small-business loans on the online retailer’s platform; Fed survey says banks worry about increasing delinquencies, especially in subprime.
Modernizing the bank’s app and digital-banking experience won’t necessarily result in Citigroup needing fewer people in its retail bank, CEO Michael Corbat said.
Despite the weaker-than-expected results, interim CEO Thomas Gibbons pledged to continue spending heavily on tech upgrades aimed at cutting costs, improving efficiency and developing innovative products.
Some analysts warn the loosening of bank regulations may be hiding risks; watchdogs are demanding proof that financial institutions are ready for 2021.
Steuben Trust received two bites from potential MOE partners, but the New York bank’s lightly traded stock and many other challenges forced a sale to a much larger rival instead.
The bank is working with a Swedish fintech to offer a tool that lets account holders track how their spending choices might be contributing to climate change. The tool may never be a big moneymaker, but it could help the San Francisco bank attract customers and recruit employees.
The bank, whose 7(a) originations have plummeted in recent years, is developing a portal that will let applicants upload documents, complete forms and track application progress.
