Branches are closing at the fastest pace in years, and keeping them relevant to customers is a problem banks are being forced to solve in ever more creative ways.
Many banks have already scaled back home lending or even left the business. With profit margins shrinking, inventories of homes at crisis levels and competition from nonbanks intensifying, that’s unlikely to change.
Banks and governments around the world have invested in systems that seek to instantly transfer money between accounts, moves that could put pressure on the sprawling debit-card business at the world’s largest payments network. But Visa Inc. Chief Executive Officer Al Kelly isn’t too worried.
Wider net interest margins compared to a year earlier helped make up for a slight decline in loan balances, as nearly two-thirds of banks reported higher profits in the first quarter.
The scandal-plagued bank announced Wednesday that it is adding a board member with deep experience in accounting. It is also considering a switch to flat pricing in indirect auto lending, a change long favored by consumer advocates.
Speaking at a conference on Wednesday, CFO Howell McCullough mostly ruled out a merger of equals as a growth strategy for the $108 billion-asset Huntington.
A burgeoning trade war, the U.K.’s planned exit from the European Union and escalating tension between the U.S. and Iran have weighed on market sentiment in recent weeks, Citigroup CEO Michael Corbat said Wednesday.
A year after it debuted, Bank of America's virtual assistant now counts some 150,000 users per week. It's one of the only large institutions pushing such technology.
Jelena McWilliams said federal bank regulators could begin "within a week or so" to discuss a draft proposal for reforming the Community Reinvestment Act.
