The popular financial management app for solopreneurs and freelancers, HoneyBook, has raised $28mn from Citi as they look to diversify...
I examine the unbelievable transformation and restructuring happening in high finance. Global bank HSBC is planning to lay off over 10% of staff, looking at reductions of 35,000. E*TRADE is being acquired by Morgan Stanley, integrating its 5,000,000 accounts and $360 billion of assets into the Wall Street investment firm. Legg Mason and its $800 billion of assets are being folded into Franklin Templeton for $4.5 billion, less than what Visa had paid for fintech data aggregator Plaid and half of what Robinhood is likely valued privately. How do we make sense of these developments? How do we appeal to the heart?
A new report out by Citi says that new digital-first challenger banks may cause a 30% revenue hit to incumbent...
There have been no shortage of bank partnerships in fintech, but this might be the most unique. Last week we...
Vanessa Colella is the head of innovation at Citi but she does not have a banking background; when she became...
Citi’s Treasury and Trade Solutions is building a new business line that expands beyond B2B into merchant acquiring, with a...
Last year will be known for a myriad of events. While the institutionalization of crypto might not make it to...
Cloud providers Amazon Web Services, Google Cloud, Microsoft, and IBM have been working to convince more financial services companies to...
While banks might have initially been slow to act when it came to embracing digital strategies they are now able...
Citi has reduced their branch network by more than 16 percent in the last two years and has plans to continue this trend; the bank has seen their retail banking revenues grow despite less branches as their digital channels have picked up the slack; digital users grew 13 percent and mobile users grew 21 percent as the company looks to expand their digital footprint; “We’re making investments in digital, and growing our franchise through digital rather than the physical footprint,” said CFO John Gerspach on an earnings call; the company has also looked to retool branches by rolling out digital aspects in the branch using computers and iPads. Source.