Category: Corporate Banking

February 25, 2021

When JPMorgan Chase’s blockchain unit, Onyx, wanted to test payments capabilities between digital devices, it thought big. Like, universe big. “The idea was to explore [Internet-of-Things] payments in a fully decentralized way,” Onyx CEO Umar Farooq told Reuters. “Nowhere is […]

February 23, 2021

Wells Fargo plans to sell its asset-management business to two private-equity firms — GTCR LLC and Reverence Capital Partners — for $2.1 billion, according to a statement Tuesday. The unit has $603 billion of assets under management and employs more […]

February 17, 2021

U.S. Bank announced today details of its U.S. Bank Access Commitment, a long-term approach bringing the strengths of U.S. Bancorp Community Development Corporation (USBCDC), corporate social responsibility and its business lines, to help build wealth while redefining how the bank […]

February 16, 2021

Amex received a grand jury subpoena from the United States Attorney’s Office for the Eastern District of New York related to its small business cards sales practices, according to Business Insider. The Consumer Financial Protection Bureau (CFPB) is also seeking […]

February 9, 2021

The six banks that received equity from Wells Fargo are Broadway Federal Bank in Los Angeles; Carver Federal Savings Bank in New York City; Citizens Savings Bank & Trust in Nashville, Tennessee; Commonwealth National Bank in Mobile, Alabama; M&F Bank […]

February 5, 2021

The Fed’s annual survey, canvassing 15,000 businesses, gives another perspective on the effectiveness of pandemic-prompted relief programs. About 91% of respondents applied for emergency funding during the pandemic, the survey found. For 82%, that was the Paycheck Protection Program (PPP). […]

December 29, 2020

Alternative lenders struggled through long accreditation processes and dried up reserves, before eventually taking on loans which carry the potential risk of high default rates. Neobanks could no longer rely on interchange fees as a main source of income, prompting […]

December 8, 2020

As lawmakers debate a new stimulus package, including the possibility of a new tranche of Paycheck Protection Program (PPP) funding, banks that delivered large volumes of PPP loans this year may find themselves better prepared for a third rollout. For […]

December 7, 2020

More often than not, when one major bank takes a stance — on any issue from environmentally conscious investing, to hiring a diverse workforce, to pandemic-induced work policies — its competitors are generally swift to follow if the move is […]

November 25, 2020

Drones have arrived on Wall Street. Goldman Sachs, the world’s top mergers advisor, is among investment banks using drone technology to give its clients a bird’s-eye view of the companies they are bidding on, according to Stephan Feldgoise, the firm’s […]