In this week’s PeerIQ Weekly Update the company covers the recent spate of bank earning reports, securitization news and issues another round of hiring updates; banks have seen a continued drop in fixed income and commodities trading revenue, picking up the slack has been lending and wealth management; Citigroup and Morgan Stanley had strong reports while Goldman Sachs and American Express missed the mark; SoFi is issuing a $720mn securitization deal, Moody’s rated the A classes AAA; PeerIQ also lists five new hires stemming from the $12mn round last summer. Source.
As more and more fintechs disrupt the traditional banking sector, Citi is looking to embrace the new technological advances to ensure they stay relevant; the bank formed a Citi fintech division in November 2015 and stocked it with former employees of Amazon and PayPal; Citi is looking to launch a new version of their mobile app that will include voice and facial recognition to eliminate password entry; Stephen Bird, Citigroup's CEO of global consumer banking, recently told Fortune magazine, "what happens in an extinction phase is that you either rapidly adapt and new means of competition are created, or you go extinct."; the bank is looking to continue making advancements to keep up with industry tech trends. Source
Citigroup is committing $50 million to buy PPP loans from minority-owned depository institutional; the loan purchase program is in partnership...
In this week’s PeerIQ Industry Update they cover the continued slowing of the U.S. economy with payrolls and average hourly...
Citigroup is looking for new ways to attract customers to their new online bank; the bank is looking into offering...
JPMorgan Chase, HSBC and Deutsche Bank are amongst a group investing $20mn in online shareholder platform Proxymity; the company is...
According to a new study released by J.D. Power consumers gave the highest ratings to some of the biggest banks...
Citigroup will provide funding for mortgages which will eventually be securitized and sold; the terms of the deal were not disclosed; LendInvest has continued to grow loan volumes with 2017 volume at 500 million pounds. Source
Citigroup reported that the number of customers using its mobile app rose 25% to 10 million from the first quarter...
American Banker takes a close look at how APIs are being used at some of the world’s leading banks and...