Since the financial crisis mergers and acquisitions by banks has reduced substantially. This has been a global trend that may...
American Banker shares a slideshow of the various moves banks have made in consumer lending this year; some banks featured include Barclays, PNC, Capital One and TCF. Source
Bank of America has filed over 20 blockchain and cryptocurrency-related patent applications since 2014; recent applications include the use of blockchain as a distributed database supporting the flow of certain actions; other patents involve the control of data, information verification, peer-to-peer payments and the protection of a generic cryptocurrency. Source
Speaking at a conference on Wednesday, Wells Fargo CEO Tim Sloan stated, “Personally I think blockchain has been way oversold…By...
Bank of America is the second big bank, following JPMorgan Chase, to announce a big expansion of branches; the bank plans to open more than 500 branches over the next 4 years and hire over 5,400 people; they also said they will redesign more than 1,500 branches with new technologies and layouts; the focus of the plan is to establish more branches in mid sized markets that are typically dominated by regional banks. Source.
Bank of America becomes the first of the big four banks to allow applications for the Paycheck Protection Program (PPP);...
Bank of America has announced their approximately 67 million consumer clients made $335 billion in total payments during January
At their NYC Technology Summit Bank of American executives talked about how the firm is implementing artificial intelligence; some of...
Bank of America’s Cathy Bessant says the bank’s talent is just as important as the technology they implement; the bank plans to spend more than $600mn on cybersecurity alone and says to TearSheet, “Sometime’s theres a misunderstanding that cyber defense is somehow all technology, and it’s not,” she said. “It’s judgment and how to assess a threat and think about mitigation every single day.”; technology is not only making the bank more efficient but it has also forced the bank to retrain employees for new technology skills, making the bank stronger overall; the bank is making a big push into AI and currently has more than 80 patents related to the new technology. Source.
BOA filed a lengthy regulatory filing this week; in it they mention the risks of cryptocurrencies to their business; the bank wrote: “The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions.”; they also discussed the regulatory consequences of cryptocurrencies which could limit the ability for the bank to track movement of funds. Source