JPM's second-quarter earnings report from the Friday before last was followed by new changes to its card payment policy last week.
This strategy may be driven by the bank’s expectation of upcoming credit losses, aiming to reduce defaults by guiding customers toward its own financial products.
JPM's Marianne Lake is cautioning that the bank may start charging for services that are currently free, such as checking accounts and wealth management tools.
Many interpret the announcement as a strategic power play at the intersection of politics and economics, effectively shifting the burden onto consumers.
With AI constantly in the conversation, we look at some of the recent developments in the field that have stood out this week.
Nubank acquires data intelligence firm Hyperplane and PayPal appoints a Walmart executive as CTO to enhance its AI capabilities. On the flip side, banking jobs could face increased vulnerability due to AI.
Wells Fargo and Bilt's partnership over the co-branded credit cards appears to be teetering on the brink of trouble.
The scenario is seemingly advantageous for the other two parties involved — Bilt and consumers — but less so for Wells Fargo, which naturally aimed to gain more than it stood to lose.