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Consumer Banking

All articles tagged with #consumer banking

business7 months ago

JPMorgan Elevates Marianne Lake's Role Amid Leadership Changes

JPMorgan Chase has appointed Marianne Lake to oversee strategic growth and its international consumer bank following the departure of Sanoke Viswanathan, who is becoming CEO of FactSet. Viswanathan, a key figure in JPMorgan's leadership and strategic initiatives, had been a potential successor to CEO Jamie Dimon and managed various divisions including the international private bank and workplace solutions. Lake, previously CFO, now leads the consumer and community banking division serving 84 million US consumers.

via Bloomberg.com|
#business#consumer-banking#executive-changes
finance1 year ago

"Bank of America Shares Surge Despite Q2 Profit Drop Amid High Rates"

Bank of America's Q2 profits fell to $6.9 billion from $7.4 billion a year earlier due to higher interest rates impacting expenses, particularly in its consumer banking division. However, increased activity in its investment banking division helped offset some of the losses. The bank's total revenue rose slightly to $25.4 billion, and its shares rallied 5.2% in morning trading.

via ABC News|
#bank-of-america#consumer-banking#finance
finance1 year ago

Bank of America Profits Drop Amid High Interest Rates, Investment Banking Shines

Bank of America's second-quarter profits fell 7% year-over-year due to challenges in its consumer banking operations from higher interest rates, but it saw gains in investment banking fees and trading revenue. The bank's net income was $6.89 billion, slightly better than expected, with total revenue rising to $25.37 billion. Despite a decline in net interest income, the bank anticipates improvement later this year as the Federal Reserve lowers rates. Investment banking fees and trading revenue also increased at other major banks like JPMorgan Chase and Citigroup.

via Yahoo Finance|
#bank-of-america#consumer-banking#earnings-report
business1 year ago

"JPMorgan Chase's Expansion: 500 New Branches in 3 Years"

JPMorgan Chase plans to open over 500 new bank branches in the U.S. by 2027, focusing on areas where it is under-represented. The expansion comes as the bank aims to broaden its footprint and attract more deposits, with a focus on creating consultative spaces for private conversations with customers. The bank also plans to renovate existing branches, hire 3,500 more employees, and close some branches acquired during the First Republic Bank takeover. JPMorgan's aggressive expansion contrasts with some other lenders' shrinking presence, and reflects its aim to be customers' primary financial partner.

via Reuters|
#bank-branches#business#consumer-banking
business1 year ago

"Goldman Sachs-backed Electricity Firm Expands Reach to American Homes"

Rhythm Energy, a Houston-based electricity provider backed by a Goldman Sachs private equity fund, has received approval to expand into deregulated power markets across the U.S., potentially reaching 190 million Americans. This move raises questions about Goldman's involvement in an industry criticized for consumer abuse. While Rhythm positions itself as an honest player in the field, concerns about potential conflicts of interest and influence over retail sales, energy generation, and trading in power contracts have been raised.

via CNBC|
#business#consumer-banking#electricity-provider
finance2 years ago

Citi offloads China consumer wealth business to HSBC in international retreat

Citigroup has announced the sale of its consumer wealth portfolio in China to HSBC as part of its ongoing retreat from international consumer banking. The deal includes deposits and investment assets under management worth $3.6 billion and does not include Citigroup's institutional operations in China. This move is part of CEO Jane Fraser's strategy to simplify the bank and improve profitability. Citigroup has already closed eight consumer franchises in various regions and plans to close its consumer operations in Indonesia by the end of 2023. The bank's stock price has declined over 11% since the beginning of the year.

via Yahoo Finance|
#china#citigroup#consumer-banking
business2 years ago

"Apple and Goldman's iPhone Stock-Trading Feature Derailed by Market Turmoil"

Apple and Goldman Sachs were reportedly working on a stock-trading feature for iPhones in 2020, but the project was shelved due to market volatility. The feature would have allowed consumers to buy and sell stocks, expanding Apple's suite of financial products powered by Goldman. Concerns about potential user backlash and losses in the stock market led to a shift in focus towards launching savings accounts instead. The status of the stock-trading project is unclear, but the infrastructure is said to be ready if Apple decides to move forward. Other tech companies, including Twitter and PayPal, have also explored entering the stock trading space.

via CNBC|
#apple#business#consumer-banking
business2 years ago

Citi sells Taiwan consumer unit to DBS in completed deal

Citigroup has completed the sale and migration of its Taiwan consumer businesses to Singapore's DBS Group, including retail banking, credit card, mortgage, and unsecured lending businesses, as well as the transfer of close to 3,000 employees. The transaction is expected to release $1.2 billion in capital. Citi has signed sales agreements for consumer units in nine markets and plans to exit consumer banking across 14 markets globally.

via Reuters|
#business#citigroup#consumer-banking
finance2 years ago

Goldman Sachs Contemplates Ending Partnership with Apple Amidst Financial Losses

Goldman Sachs is reportedly considering ending its partnership with Apple after losing billions of dollars on its consumer banking initiatives. The investment bank had launched an Apple-branded credit card in 2019 and expanded its offerings with the tech giant. However, Goldman's broader consumer efforts have struggled, leading to discussions about moving its Apple offerings to American Express. No deal is imminent, and any change would require Apple's approval. Goldman Sachs is also said to be looking to exit its General Motors-branded credit card.

via Yahoo Finance|
#apple#consumer-banking#credit-card