Bank of America (BofA) plans to open dozens of branches over the next two years. Nearly 40 of those openings will happen this year, according to a Monday (Sept. 23) press release. The goal is to add more than 165 “financial centers” in 63 markets...
Citi’s plan to expand in China has reportedly hit a regulatory bump in America. The trouble stems from a penalty levied by the Federal Reserve against the banking giant over its data management and risk controls, Bloomberg News reported Monday (Sept. 23), citing sources familiar with the matter. According to...
American banks banked $1 trillion thanks to a recent stretch of high interest rates. That’s according to a report Sunday (Sept. 22) by the Financial Times (FT), which cited its own analysis of Federal Deposit Insurance Corp. (FDIC) data. That analysis found that banks got...
PNC Financial Services Group and Plaid have partnered to allow the bank’s customers to more securely share their data with third-party financial apps and services. With the companies’ new bilateral data access agreement, PNC customers will be able to safely and securely permission their financial...
JPMorgan Chase is reportedly testing a credit card product in the United Kingdom. The bank has been working on the product for over a year and senior executives are now testing it within their mobile apps, Bloomberg reported Friday (Sept. 20), citing unnamed sources. This...
Deutsche Bank will close a “mid-double-digit number” of smaller branches in Germany while adding new formats and technologies. The bank will negotiate the changes in the branch network with the Works Council and will continue to have a nationwide branch network in Germany, Deutsche Bank...
Three banks will lower their prime lending rate after the Federal Reserve decided to reduce the federal funds rate. BMO, Truist Financial and MT&T Bank said in separate press releases issued Wednesday (Sept. 18) that they will lower their prime lending rate from 8.5% to...
The chief of Germany’s central bank wants bank mergers to produce robust, competitive institutions. “We need strong and robust banks so that companies can tackle and finance their future tasks,” Bundesbank chief Joachim Nagel said while addressing a Commerzbank event in Frankfurt on Wednesday (Sept....
America’s largest bank is increasing its expansion efforts outside the U.S. J.P. Morgan Chase is hiring bankers in cities like Stockholm and Copenhagen to expand its Nordic business and take on European banks, officials from the lender told Bloomberg News in an interview Wednesday (Sept....
