In today’s top news, Jack Ma made his first appearance in three months to speak to rural teachers in China, and the new round of the PPP extended $5 billion in loans in its first week. Plus, Goldman Sachs’ earnings revealed a continued push into digital.
Chinese Tycoon Jack Ma Delivers Speech In First Public Appearance Since Ant IPO Pulled
Chinese tycoon Jack Ma resurfaced to speak virtually to rural teachers in China about the importance of Chinese entrepreneurs upholding the country’s visions of “rural revitalization and common prosperity,” ideals espoused by the Communist party. This was Ma’s first public appearance after his dual initial public offering (IPO) was pulled by Beijing three months ago.
Pandemic’s New PPP Extends $5 Billion During First Week
In the first week of the newly reopened Paycheck Protection Program (PPP), some 60,000 loans were extended, totaling $5 billion. The Small Business Administration (SBA) relaunched the forgivable loans program on Jan. 11, dedicating the first few days to community and smaller lenders.
Goldman’s Marcus Deposits Hit $97 Billion In 2020
Goldman echoed other investment/banking firms in its latest earnings announcement, noting that trading revenues helped buoy results. But the push into digital consumer banking proceeds apace, according to the numbers and management commentary.
Bank Of America’s Mobile Banking Customers Top 30 Million
Bank of America announced on Tuesday (Jan. 19) that its revenue net of interest expense for Q4 2020 fell 10 percent compared to the year-ago quarter, even as the ranks of its mobile and digital banking users climbed. Digital sales accounted for 45 percent of all consumer banking sales for the quarter.
Mastercard Says Odds Favor Instant Payments For Online Gamers And Gamblers
Mastercard estimates the online gaming and gambling market at about $120 billion. Senior Vice President of Digital Payments Silvana Hernandez told PYMNTS that the players are like everyone else: They want their money, and they want it now.
Coke Says Things Go Better With … Subscriptions
Coca-Cola raised some eyebrows with the recent relaunch of its Coke Insiders subscription program. sticky.io CEO Brian Bogosian told Karen Webster that the program is a great way for the brand to better understand its consumers.
CFPB Changes Expected As Biden Administration Settles In
As a new presidential administration starts, a new head of the Consumer Financial Protection Bureau (CFPB) has been nominated. Here’s a list of what might be on tap for the agency in the opening months of the Biden era.
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