After the 2008 financial crisis, when regulators were clamping down on banks' practices, they had all but stopped raising credit card limits for customers who hadn't requested it. Recently, however, proactive credit line increases have ramped up, leading to a record $880 billion in outstanding credit card debt as of the end of September 2019.
With a new generation of tech-savvy traders and salespeople on staff, Bank of America is tapping their know-how, in addition to that of its quants, to help with projects aimed at the bank's digital transformation. "A lot of innovation can be enabled by making the data and tools available to what we call 'citizen devs' in the business," said Brice Rosenzweig, global head of BofA's data and innovation group.
New York City Council on Thursday passed a law that prohibits businesses from refusing to accept cash or adding an extra charge for those who use it. Merchants will be required to implement the law nine months after it is signed by Mayor Bill de Blasio, who has expressed support for the bill.
The Clearing House raised its real-time payment transaction limit from $25,000 to $100,000 as the payment network faces increased competition, including a new payment network from the Federal Reserve. "Businesses and consumers often want to send higher value payments and the $100,000 limit helps to address their needs," said Steve Ledford, TCH's senior vice president of product strategy.
Customers who sign up for joint JPMorgan Chase-United Airlines credit cards will get new perks following complaints by United that its cards couldn't compete with JPMorgan's proprietary offerings. The joint cards now offer sign-up bonuses, and a new small-business card gives miles for spending on transit, gas, office supplies and restaurants.
Global investment banks are excited about increased access to markets in China, but experts say it could take years for foreign institutions to build up sizable market share. In 2019, foreign banks accounted for just 4% of investment banking revenue in China.
Of the four basic consumer mindsets identified in an Accenture study, pragmatists are found to be generally satisfied with financial service providers but cautious about things like data privacy. Technology and innovation are neither good nor bad to pragmatists; they tend to favor innovation only when it actually helps them achieve a goal or solve a problem, Accenture says.
The interest rate on a 30-year fixed-rate mortgage in the US averaged 3.6% in the week that ended Thursday, 5 basis points below the average from the previous week, according to Freddie Mac. The 30-year fixed-rate mortgage is one-quarter percentage point from a record low.
Quantitative strategists say data analytics plays a crucial role in improving the quality of the information used to make environmental, social and governance investment decisions. Current techniques used by quants allow them to plug informational gaps, process large volumes of poorly ordered data and put together a portfolio that is more closely tuned to the investor's ESG goals.
Sen. Elizabeth Warren, D-Mass., has asked eight US banks for information on how climate change will affect the financial industry and how proposed legislation aimed at the issue will affect them. The Democratic presidential candidate also asked the banks about their plans to mitigate climate risks.
- Page 1