With over 240,000 staff under his watch and $32 trillion in assets a day to safeguard, it’s no wonder Jamie Dimon runs a tight ship at JPMorgan Chase. It’s perhaps why America’s biggest bank, which posted record profits for 2023, paid its CEO $36 million for his work last year, having navigated the business through the regional banking […]
Households worldwide are leaning on credit cards to meet everyday costs as inflation and elevated interest rates take a toll. In the U.S., credit scores for lower-income cardholders have fallen to their lowest point since the beginning of 2020, indicating that credit delinquency might still get worse. In the UK, a Bank of England credit conditions […]
The Bundestag, Germany’s federal parliament, has passed legislation to introduce specialized debit cards for asylum seekers, with strict limits on how and where users will be able to spend the money. The plan closely mirrors a pilot program initiated in New York City earlier this year that provides migrants with prepaid debit cards. In Germany, these debit […]
Right under our noses, payment card design has been making strong advances in aesthetic and usage terms. As card issuers fight for top-of-wallet positioning, they have been leveraging design features and formats that enable them to elevate their brand and differentiate their card programs. Features like personalization options and biometric sensors can make a strong impact […]
A key revenue source for three giant banks fell during the first three months of the year, showing that even the biggest financial institutions are struggling with the same challenges facing the rest of the industry as interest rates remain elevated. JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) all said Friday that their […]
With summer holidays on the horizon, Lloyds Bank is cautioning customers against scams as they book their vacations. According to analysis by Lloyds, holiday purchase scams have risen 7% in the last year, with victims losing £765 on average. People between the ages of 35-44 are most likely to fall for these scams, making up […]
Google will begin removing links to California news websites from search results for some Californians in response to a bill that would require online ad companies to pay a fee for connecting state residents to news sources. In a blog post on Friday announcing the “short-term test,” Jaffer Zaidi, Google’s vice president of global news partnership, said the […]
Former PayPal and American Express boss Dan Schulman is joining Valor Capital Group, the cross-border venture fund focused on bridging the US and Latin American technology markets. Schulman, who left PayPal last year after a nine-year stint as president and CEO, joins Valor as a managing partner. Announcing the move, Valor co-founder Scott Sobel describes […]
A measure of wholesale prices increased less than expected in March, providing some potential relief from worries that inflation will hold higher for longer than many economists had expected. The producer price index rose 0.2% for the month, less than the 0.3% estimate from the Dow Jones consensus and not as much as the 0.6% increase in February, according […]
China remains an essential market for most American chipmakers despite Washington’s efforts to restrict chip sales to the country and amid Beijing’s push for self sufficiency in the semiconductor sector. Data from S&P Global showed that U.S. chip giants Intel, Broadcom, Qualcomm and Marvell Technology all generate more revenue from China compared with the U.S. The U.S. has passed a series of export controls […]
Even though most users report having problems with buy now, pay later services, they’ve become broadly accepted across all income categories in the U.S. Roughly 40% of Americans have used the service, a number that is consistent among all household income levels. BNPL plans are often thought to be most useful for low-income individuals. But […]
Digital banking has become an expectation for consumers, prompting banks to partner with fintech companies to meet this growing demand. In the race to stay competitive, however, some banks forged relationships that left them vulnerable to security and compliance risks. This was evidenced by recent consent orders the FDIC entered against Ohio-based Sutton Bank and Piermont Bank, […]
