Standard Chartered\u00a0is undertaking sweeping job cuts as it increases its focus on AI.
The post Standard Chartered Cutting 8,000 Jobs as AI Focus Accelerates appeared first on PYMNTS.com.
\n", "content_text": "Standard Chartered\u00a0is undertaking sweeping job cuts as it increases its focus on AI.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nThe global bank\u00a0announced\u00a0a growth plan Tuesday (May 19) that included plans for a \u201creduction in corporate functions roles\u201d of more than 15%.\nStandard Chartered\u2019s most recent annual report showed it employing a little more than 52,000 people in support services, putting the cuts at around 8,000 workers. CEO\u00a0Bill Winters\u00a0discussed the company\u2019s plans in greater detail during a briefing in Hong Kong.\n\u201cIt\u2019s not cost cutting; it\u2019s replacing in some cases lower-value human capital with the financial capital and the investment capital we\u2019re putting in,\u201d Winters said, per multiple published reports.\nThe bank will have \u201cjob role reductions in favor of the machines, and that will accelerate as we go forward into AI,\u201d the CEO added.\nAccording to the plan released Tuesday, the bank says its next stage of growth would be \u201csupported by a simpler, faster and more connected operating model.\u201d\nBeyond the job cuts, Standard Chartered said it is \u201cscaling practical uses of automation, advanced analytics and artificial intelligence to streamline processes, improve decision\u2011making and enhance both client service and internal efficiency.\u201d\nResearch by PYMNTS Intelligence offers a glimpse into banking\u2019s\u00a0ongoing embrace of artificial intelligence, where, for example, 73% of top-performing credit unions are working on new payment features with external partners.\n\u201cFinancial firms are\u00a0not just experimenting with AI; they\u2019re operationalizing it at scale, and in the least visible parts of the enterprise, including the core systems that determine how work gets done,\u201d PYMNTS wrote last week.\nAdditional research has spotlighted an\u00a0inflection point\u00a0around the move from isolated use cases to integrated systems. Financial institutions are not adopting AI more broadly but more deeply, with an emphasis on back-office functions such as compliance, underwriting, fraud detection and operational workflows.\n\u201cIn that sense, the AI race is no longer just about technology. It is increasingly about execution, integration and the ability to turn potential into performance,\u201d the report added.\n\u201cThe practical challenge is not simply technical integration. Banks must determine whether external AI systems can operate inside environments governed by audit requirements, cybersecurity controls, model-risk standards and supervisory review.\u201d\nThe issue is catching the notice of regulators. For example, Federal Reserve\u00a0Vice Chair for Supervision\u00a0Michelle Bowman\u00a0warned earlier this month that AI capabilities are\u00a0progressing\u00a0quickly enough to warrant updated supervisory approaches.\n\r\n\r\nThe post Standard Chartered Cutting 8,000 Jobs as AI Focus Accelerates appeared first on PYMNTS.com.", "date_published": "2026-05-19T10:11:29-04:00", "date_modified": "2026-05-19T22:48:09-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/Standard-Chartered.jpg", "tags": [ "AI", "automation", "B2B", "B2B Payments", "banking", "Layoffs", "News", "PYMNYS news", "Standard Chartered", "What's Hot", "What's Hot In B2B", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3739869", "url": "https://www.pymnts.com/news/banking/2026/small-business-banking-has-a-segmentation-problem/", "title": "Small-Business Banking Has a Segmentation Problem", "content_html": "The term \u201csmall business\u201d has traditionally functioned as a sort of economic shorthand. Banks, payment companies, FinTech firms, and even policymakers spoke about small-and-medium-sized businesses (SMBs) as if they formed a single commercial bloc moving through the economy at roughly the same speed and under roughly the same conditions.
The post Small-Business Banking Has a Segmentation Problem appeared first on PYMNTS.com.
\n", "content_text": "The term \u201csmall business\u201d has traditionally functioned as a sort of economic shorthand. Banks, payment companies, FinTech firms, and even policymakers spoke about small-and-medium-sized businesses (SMBs) as if they formed a single commercial bloc moving through the economy at roughly the same speed and under roughly the same conditions.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nBut new findings in the May 2026 edition of the Main Street Health Index by PYMNTS Intelligence reveal that Main Street is no longer moving as one economy.\u00a0 A contractor in Texas, a healthcare practice in Arizona, and a retailer in the Northeast may all technically qualify as small businesses while facing entirely different economic conditions, labor markets and consumer demand environments.\nThe report found that growth for restaurants and brick-and-mortar retail businesses is slowing or contracting, while healthcare providers, contractors, fitness businesses and professional services firms continue to see their growth expand. The result is a fragmented SMB economy with sharply different operating models, risk profiles and financial infrastructure needs.\nTo stay ahead of this shift, financial services firms and FinTech providers are increasingly rethinking their underwriting, liquidity management, and embedded financial products for the next generation of SMB clients.\nEnd of the Main Street Monolith\nThe small-business economy is fragmenting into divergent sectors with sharply different growth trajectories, operating pressures, and financial infrastructure needs. Restaurants and retail, both traditionally considered foundational pillars of the small-business economy, have seen their business growth soften.\nEating and drinking establishments contracted 2.4% during the 12-month period measured by the index, while retail fell 2.0%. Restaurant wages declined 1.3%, making it the only segment in the index to post falling compensation. Retail business counts also dropped 1.9%, the steepest decline among the sectors tracked.\nFitness and recreational sports clubs, however, expanded 3.2% over the same period. Building contractors and remodelers grew 2.2%, while healthcare providers increased 2.0%. Professional services firms, including lawyers, consultants, accountants and real estate professionals, kept their spot as the highest-indexed category.\nThe emerging distinction between Main Street\u2019s myriad storefronts matters because different sectors increasingly operate with entirely different cash-flow structures, borrowing needs, payroll dynamics and capital investment cycles. A contractor managing months of booked renovation work no longer represents the same credit profile as an independent retailer facing declining foot traffic. Likewise, a healthcare practice with recurring reimbursement cycles behaves differently from a restaurant dependent on discretionary spending.\nThe next generation of SMB finance is likely to revolve around segmentation rather than aggregation. Dynamic underwriting, sector-specific credit models, cash-flow-based lending, embedded treasury products and real-time liquidity tools are all emerging from the same realization: Main Street is no longer one economy.\nRead the report: Why Main Street Is\u00a0Splitting: The Data Behind Small Business Winners and Losers\u00a0\nFuture of SMB Finance Is Fragmented but Embedded\nThe broader lesson is that Main Street is reorganizing around a different and new economic logic that centers on cash flow, and not the traditional balance sheet history. The shift is accelerating demand for sector-specific financial products.\nPayment processors, vertical SaaS providers, and FinTech lenders already possess large amounts of operational data from the businesses they serve. That data can allow them to build lending and treasury products calibrated to the rhythms of individual industries.\nThe broader Main Street economy remains enormous. PYMNTS data shows Main Street businesses account for 4.3 million establishments, 38.9 million workers, and approximately $2.5 trillion in annualized wages. They represent 36% of private-sector establishments and 29% of private-sector employment nationwide.\nBut scale no longer means uniformity. It is several economies moving at different speeds. And financial institutions that adapt to that reality fastest may end up better positioned to define the future of small-business banking.\n\r\n\r\nThe post Small-Business Banking Has a Segmentation Problem appeared first on PYMNTS.com.", "date_published": "2026-05-18T04:00:01-04:00", "date_modified": "2026-05-17T22:53:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2026/05/SB5newbank-x.png", "tags": [ "B2B", "B2B Payments", "banking", "economy", "embedded finance", "Featured News", "Mainstreet Index", "News", "PYMNTS Intelligence", "PYMNTS News", "small business banking", "SMB finance", "SMBs", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3738390", "url": "https://www.pymnts.com/news/banking/2026/revolut-adds-employee-incentives-fuel-business-banking-push/", "title": "Revolut Adds Employee Incentives to Fuel Business Banking Push", "content_html": "Revolut is offering employees across all departments 1,000 pounds (about $1,330) if they bring businesses to the digital bank as it expands its business banking offerings, Bloomberg reported Friday (May 15), citing a memo sent to staff by Revolut CEO Nik Storonsky.
The post Revolut Adds Employee Incentives to Fuel Business Banking Push appeared first on PYMNTS.com.
\n", "content_text": "Revolut is offering employees across all departments 1,000 pounds (about $1,330) if they bring businesses to the digital bank as it expands its business banking offerings, Bloomberg reported Friday (May 15), citing a memo sent to staff by Revolut CEO Nik Storonsky.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nStoronsky also said in the memo that the FinTech company plans to offer business banking alongside retail in the new markets it enters in 2027, launch credit products for businesses next year, and add a dedicated business growth and onboarding department, according to the report.\n\u201cMany legacy banks treat B2B as a stagnant side-bet, but we are making it P0 [priority zero] to supercharge our growth and valuation,\u201d Storonsky said in the memo, per the report.\nReached by PYMNTS, Revolut declined to comment on the report.\nRevolut said in an annual report released in March that it earned record profits last year, with profits of $2.3 billion and revenues of $6 billion.\n\u201c2025 was another landmark year,\u201d Storonsky said in a press release announcing the annual report. \u201cWe have built a diversified, resilient business that is profitable at scale, providing the foundation for our next phase of growth.\u201d\nRevolut said in its annual report that during 2025, its business customer base increased 33% to 767,000, its Revolut Business segment accounted for 16% of the company\u2019s income, and Revolut Business made up $365 billion of the firm\u2019s total transaction volume.\n\u201cRevolut Business was once again a key contributor to growth,\u201d Revolut Chair Martin Gilbert wrote in the annual report. \u201cThis year, revenue increased by 53%, as more companies adopted Revolut to manage global payments, spend and financial operations in a single, integrated environment.\u201d\nIt was reported in April that Revolut is targeting a valuation of $150 billion to $200 billion in its eventual public listing. Its most recent funding round in November valued the company at $75 billion, up from $45 billion in 2024.\nA day before that report, it was reported that Storonsky said an initial public offering for the digital bank might not happen until at least 2028. The report said Storonsky\u2019s comments ended speculation that the company could go public as soon as this year.\n\r\n\r\nThe post Revolut Adds Employee Incentives to Fuel Business Banking Push appeared first on PYMNTS.com.", "date_published": "2026-05-15T17:58:12-04:00", "date_modified": "2026-05-15T17:58:12-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2026/01/Revolut.png", "tags": [ "banking", "FinTech", "News", "PYMNTS News", "Revolut", "What's Hot", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3738175", "url": "https://www.pymnts.com/news/banking/2026/bunq-accelerates-global-expansion-with-mexican-banking-license-bid/", "title": "Bunq Accelerates Global Expansion With Mexican Banking License Bid", "content_html": "European neobank Bunq filed for a Mexican banking license, saying it aims to serve the growing number of global citizens within, and with ties to, Mexico.
The post Bunq Accelerates Global Expansion With Mexican Banking License Bid appeared first on PYMNTS.com.
\n", "content_text": "European neobank Bunq filed for a Mexican banking license, saying it aims to serve the growing number of global citizens within, and with ties to, Mexico.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nWith a full banking license, Bunq would be able to offer Mexican residents full-service banking, multicurrency accounts and protected deposits under the Institute for the Protection of Bank Savings (IPAB), the company said in a Wednesday (May 13) press release.\n\u201cBunq is designed for people who live, work and travel across borders, and as a vital hub connecting the Americas, Mexico is a natural home for us,\u201d Bunq founder and CEO Ali Niknam said in the release. \u201cOur users are global citizens, so they need a bank that is safe, secure and easy to use.\u201d\nThe company operates across more than 30 European markets. It was recently approved for a broker-dealer license in the United States, and it applied for a U.S. de novo banking license, per the release.\nWhen announcing its filing for a U.S. de novo banking license in January, Bunq said it was targeting \u201cdigital nomads\u201d who live and work between the U.S. and Europe.\nThe company said that once the license is approved, Bunq will launch services beginning with U.S. metro areas with large expat communities. It said it can help these users quickly build credit, often a challenge for new arrivals, by accessing European financial records.\nBunq received its approval for a U.S. broker-dealer license in October. The company said at the time that this license enables its users to invest in U.S. stocks, including mutual funds and exchange-traded funds (ETFs), and represents the first phase of its U.S. entry.\nWhen announcing that approval, Niknam said that for many of the global citizens the company serves, the U.S. is an important part of their lives.\n\u201cThat\u2019s why we\u2019re excited to bring Bunq stateside and make life easy for Americans and anyone who calls it home,\u201d Niknam said.\nBunq announced in September that as it marked the 10th anniversary of its first app launch, it had 20 million users across Europe and was the region\u2019s second-largest neobank. There, it offers bank accounts, savings accounts, cards, stocks and cryptocurrency.\n\r\n\r\nThe post Bunq Accelerates Global Expansion With Mexican Banking License Bid appeared first on PYMNTS.com.", "date_published": "2026-05-15T15:44:23-04:00", "date_modified": "2026-05-15T15:44:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/Bunq.png", "tags": [ "banking", "bunq", "FinTech", "mexico", "News", "PYMNTS News", "What's Hot", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3735673", "url": "https://www.pymnts.com/news/banking/2026/chase-opens-18-branches-in-may-amid-multibillion-dollar-expansion/", "title": "Chase Opens 18 Branches in May Amid Multibillion-Dollar Expansion", "content_html": "By the end of May, Chase will have opened 18 new branches this month and 52 new branches this year.
The post Chase Opens 18 Branches in May Amid Multibillion-Dollar Expansion appeared first on PYMNTS.com.
\n", "content_text": "By the end of May, Chase will have opened 18 new branches this month and 52 new branches this year.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nThe bank will have also renovated more than 160 branches since January, it said in a Thursday (May 14) press release.\nEach new Chase branch features full-service banking, extended ATM access, and relationship bankers and financial experts who can help families and small businesses with day-to-day needs and longer-term financial goals. The branches also complement Chase\u2019s digital tools, according to the release.\n\u201cBy expanding our physical footprint, we\u2019re ensuring more customers can access the banking services and financial guidance they need \u2014 how, when and where they want,\u201d Tom Horne, head of branch banking at JPMorganChase, said in the release.\nThe new branch openings and renovation mark a continuation of a multibillion-dollar investment in its branch network that Chase announced in February 2024.\nChase said at the time that it planned to open more than 500 new branches, renovate 1,700 locations and hire 3,500 employees over a three-year period ending in 2027.\nThe bank said those locations would join the more than 650 branches it added over the previous five years, meaning that when the current expansion is complete, it will have added more than 1,150 branches between 2018 and 2027.\nChase said that with the new branches, it would enter new markets and expand its presence in its existing markets.\nIn February, Chase said it plans to open 160 new branches and renovate nearly 600 locations this year.\nIn its Thursday press release, the bank said: \u201cChase operates the largest branch network in the United States and is the only bank with branches in all lower 48 states.\u201d\nIt was reported in April that the number of bank branch closures has been increasing due to banks slashing costs as they deal with competition from nonbanks and digital-only financial institutions. That report said 15% of all U.S. branch locations closed between 2015 and 2024.\nHowever, other banks are expanding their brick-and-mortar presence.\nTruist announced in August that it was set to open 100 new branches and renovate 300 more as part of an effort to cultivate relationships with affluent customers.\nBank of America said in May 2025 that it plans to open 150 new branches by the end of 2027. The bank also said it had invested $5 billion expanding and renovating its locations since 2016.\n\r\n\r\nThe post Chase Opens 18 Branches in May Amid Multibillion-Dollar Expansion appeared first on PYMNTS.com.", "date_published": "2026-05-14T21:42:16-04:00", "date_modified": "2026-05-17T22:51:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2026/05/Chase-bank-branches-1.jpg", "tags": [ "B2B", "B2B Payments", "branch banks", "brick-and-mortar banks", "Chase", "JPMorganChase", "News", "PYMNTS News", "What's Hot", "What's Hot In B2B", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3734444", "url": "https://www.pymnts.com/news/banking/2026/banks-use-payout-moments-to-build-new-customer-relationships/", "title": "Banks Use Payout Moments to Build New Customer Relationships", "content_html": "Payouts\u00a0don\u2019t\u00a0have to be a one-time transaction. They can be the beginning of a bank\u2019s relationship with a new customer, according to the\u00a0PYMNTS Intelligence report \u201cBanking Both Sides: Instant Payouts Turn Receivers Into Customers.\u201d
The post Banks Use Payout Moments to Build New Customer Relationships appeared first on PYMNTS.com.
\n", "content_text": "Payouts\u00a0don\u2019t\u00a0have to be a one-time transaction. They can be the beginning of a bank\u2019s relationship with a new customer, according to the\u00a0PYMNTS Intelligence report \u201cBanking Both Sides: Instant Payouts Turn Receivers Into Customers.\u201d\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nBanks can turn the payout flows of their commercial clients into a customer acquisition channel by creating a co-branded receiver account. These accounts are issued by the bank, wrapped in the commercial client\u2019s brand and offered to the payout recipient as the fastest way to get their money, according to the report.\nFor recipients, a co-branded receiver account offers a solution from someone they trust\u2014the sender\u2014and a way to get their money fast. For senders, it offers a way to deepen their relationship with the recipient.\nFor banks, co-branded receiver accounts are a way to acquire customers with the help of the sender\u2019s brand, retain the deposit and card spend, and offer a full ecosystem of savings, credit and lending products to go along with the account.\nWithout this offering, banks lose the opportunity to turn payout recipients into customers.\n\u201cA regional bank running $4 billion in annual disbursement volume is operating a $4-billion-a-year outbound pipeline to its competitors, a pipeline that, in many cases, isn\u2019t even fast,\u201d the report said. \u201cEvery payout is a deposit walking out, a customer the bank will never acquire, and an instant payout moment the bank could have owned.\u201d\nBanks adopting this strategy should first focus on category of recipients for whom the payout is income, and therefore urgently needed, and who are paid repeatedly. These recipients are most likely to readily accept a new account that will allow them to get their money faster. They are also the ones who will have the highest lifetime value, according to the report.\nThe report suggests that banks offer the account at the moment of payout; use the sender\u2019s brand as the bridge to recipient trust; make the account the default in the destination-selection step; make the account useful beyond the payout; and then build the ecosystem on top.\n\u201cThe first account is the door,\u201d the report said. \u201cOnce the recipient is a customer, the bank has a funded relationship, a known earning profile, transaction history and a trusted channel, making them an unusually qualified prospect for credit cards, savings, lending and small business products.\u201d\n\r\n\r\nThe post Banks Use Payout Moments to Build New Customer Relationships appeared first on PYMNTS.com.", "date_published": "2026-05-14T13:54:37-04:00", "date_modified": "2026-05-14T13:54:37-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/04/mobile-banking-digital-first-banking-earnings.jpg", "tags": [ "consumer finances", "News", "Payments Intelligence", "PYMNTS Intelligence", "PYMNTS News", "What's Hot", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3733028", "url": "https://www.pymnts.com/news/banking/2026/revolut-mulls-private-banking-as-trading-business-expands/", "title": "Revolut Mulls Private Banking as Trading Business Expands", "content_html": "Revolut\u00a0has received regulatory permission to expand the scope of its trading business.
The post Revolut Mulls Private Banking as Trading Business Expands appeared first on PYMNTS.com.
\n", "content_text": "Revolut\u00a0has received regulatory permission to expand the scope of its trading business.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nThe approval from the U.K.\u2019s\u00a0Financial Conduct Authority\u00a0(FCA) will allow Revolut Trading to bring \u201cinvestment, advisory and portfolio management under one roof,\u201d\u00a0Victoria Laffey, the unit\u2019s head of operations, said in a news release provided to PYMNTS on Thursday (May 14).\nThe approval, the release added, will help Revolut bring more sophisticated wealth management alongside the company\u2019s banking and payment services.\nRevolut Trading says it is revamping its model to offer more competitive pricing and a wider suite of products \u2014 including managed portfolio solutions and private wealth services \u2014 to serve retail investors, private clients and \u201cHigh Net Worth individuals\u201d in one ecosystem.\n\u201cOur mission has always been to remove the friction of fragmented financial services; and we can now put sophisticated wealth management products and tools in the hands of every type of investor, helping our customers build and manage wealth with confidence,\u201d Laffey added.\nThe FCA\u2019s approval follows the recent launch of Revolut\u2019s\u00a0bank in the U.K.\u00a0The company says it plans to integrate advances in artificial intelligence (AI) into its investment service, with an emphasis on improving the way customers manage their portfolios and financial decisions.\nMeanwhile, a\u00a0report\u00a0Thursday by the Financial Times, citing sources with knowledge of the company\u2019s plans, said Revolut is hoping to launch private banking services later this year for clients with at least 500,000 pounds to deposit.\n\u201cPrivate banking is an area we\u2019re exploring as part of our ongoing efforts to expand and enhance our product offerings,\u201d Revolut said in a statement to PYMNTS on that topic. \u201cWe have no further details to share at this stage.\u201d\nWriting about Revolut\u2019s place on the\u00a0FinTech landscape\u00a0earlier this year, PYMNTS said the company\u2019s results showed the importance of diversification, as its revenue mix encompasses subscriptions, payments, wealth and interest income.\nThis lessens dependence on any one line as the company looks to expand, including by seeking a\u00a0banking charter\u00a0in the U.S., the report added.\n\u201cFirms that lack that breadth may find that a charter adds cost without delivering sufficient returns,\u201d PYMNTS wrote. \u201cFor banks and FinTechs, the competitive lines are becoming more clearly drawn, and are no longer between incumbents and apps.\u00a0The jousting is between institutions that control the balance sheet and those that do not.\u201d\n\r\n\r\nThe post Revolut Mulls Private Banking as Trading Business Expands appeared first on PYMNTS.com.", "date_published": "2026-05-14T10:50:44-04:00", "date_modified": "2026-05-14T22:07:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/01/Revolut.jpg", "tags": [ "B2B", "B2B Payments", "banking", "Financial Conduct Authority", "FinTech", "News", "PYMNTS News", "Revolut", "wealth management", "What's Hot", "What's Hot In B2B", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3728598", "url": "https://www.pymnts.com/news/banking/2026/jpmorgan-banks-on-savings-to-woo-german-retail-customers/", "title": "JPMorgan Banks on Savings to Woo German Retail Customers", "content_html": "J.P. Morgan Chase is reportedly weeks away from launching its long-awaited Europe-based retail banking effort.
The post JPMorgan Banks on Savings to Woo German Retail Customers appeared first on PYMNTS.com.
\n", "content_text": "J.P. Morgan Chase is reportedly weeks away from launching its long-awaited Europe-based retail banking effort.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nThree years after CEO Jamie Dimon laid out plans to expand J.P. Morgan’s Chase brand in Europe, the U.S.’s biggest bank is readying its retail offering in the German city of Berlin, the Financial Times (FT) reported Wednesday (May 13).\nAccording to the report, the effort has hit a series of challenges, including the need to make sure its offering complied with both European Union standards and issues specific to Germany, such as the deduction of church tax on interest income.\n\u201cIt was the first time we were making the platform multi-country, multi-currency and multi-language,\u201d Daniel Llano Manibardo, head of the retail banking effort, told the FT.\u00a0\n\u201cThese initial investments are always bigger and take a bit longer than investments required to enter subsequent markets from here.\u201d\nThe report describes the bank’s “entry point” for Chase, an overnight savings account, as “deliberately narrow.” Dutch bank ING, the FT added, used a similar strategy that ignored brick-and-mortar branches while building what became Germany\u2019s third-largest retail lender.\n\u201cSavings is often the hook product \u2014 once customers join, banks can expand the product offering,\u201d said McKinsey partner Max Fl\u00f6totto.\nJ.P. Morgan announced plans to bring the Chase brand to Germany in early 2025, following a launch in the United Kingdom.\n\u201cIt has always been clear to us that we want to introduce Chase not only in the U.K., but also in Germany and other European countries. We have ambitious plans,\u201d Dimon said in a 2023 interview with German newspaper Handelsblatt.\n\u201cIn Germany, \u2018Chase\u2019 is not yet so well known, but worldwide it is a strong brand. We are also a trustworthy bank with a strong balance sheet \u2014 and private customers know that.\u201d\nIn other J.P. Morgan news, PYMNTS spoke last week with Meagan Sibbald, the lender’s head of product and general manager for real-time payments and pay by bank.\nShe discussed the importance of confirmation, transparency and safeguards in fostering trust in real-time transactions, leading to a shift from what Sibbald called a \u201csend and hope\u201d model to a \u201csend and know\u201d framework.\n\u201cIn a send and hope model, I click the button, and I hope that those funds get to where they\u2019re supposed to go when they\u2019re supposed to get there,\u201d she said. \u201cIn a send and know model, I know that the funds are going to go where they need to go, and they land in that account.\u201d\n \n\r\n\r\nThe post JPMorgan Banks on Savings to Woo German Retail Customers appeared first on PYMNTS.com.", "date_published": "2026-05-13T06:56:09-04:00", "date_modified": "2026-05-13T07:03:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/03/JPMorgan-Chase-banks.jpg", "tags": [ "banking", "Banks", "consumer banking", "europe", "J.P. Morgan Chase", "News", "retail banking", "What's Hot", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3723101", "url": "https://www.pymnts.com/news/banking/2026/augustus-gets-occ-green-light-to-become-national-bank/", "title": "Ivy Rebrands as Augustus After OCC Charter Approval", "content_html": "Financial services firm Ivy has rebranded as Augustus on its road to becoming a bank.
The post Ivy Rebrands as Augustus After OCC Charter Approval appeared first on PYMNTS.com.
\n", "content_text": "Financial services firm Ivy has rebranded as Augustus on its road to becoming a bank.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nThe German company announced the name change Monday (May 11) along with some progress on the banking front, as it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a full-service U.S. national bank.\nAugustus said its goal is to become the first clearing bank \u201cfor the AI era,\u201d founded on a \u201cstablecoin and AI-native core,\u201d as the company said in a news release.\n\u201cThis approval has been driven by our core thesis: the dollar is the best product in the history of the world, with practically infinite global demand – but distribution is broken,\u201d the company said in a Monday LinkedIn post announcing the name change.\u00a0\u201cThe existing clearing model runs on legacy correspondents that are closed 115 days a year, built for humans, and take two days to settle.\u201d\nFerdinand Dabitz, the company\u2019s 25-year-old co-founder, will be the bank\u2019s CEO. Augustus said this makes him the youngest chief executive of a federally-charted American bank in at least 140 years.\nJoining him as the bank\u2019s president is Greg Quarles, former CEO of Green Dot Bank, United Texas Bank, and H&R Block Bank and himself a former OCC official.\nAugustus is part of a wave of FinTechs seeking banking charters from the OCC recently, a trend PYMNTS chronicled earlier this year.\n\u201cTraditionally, FinTech companies have built around banks, not as banks,\u201d that report said. \u201cThe strategy was simple: partner for access to payments rails, deposit insurance and compliance infrastructure; don\u2019t built it from the ground up yourself.\u201d\nThat model brought with it speed but left companies dealing with fragility, as sponsor banks could alter terms, and regulators could reexamine guidance. In addition, public scrutiny increased following high-profile failures revealed the limitations of banking-as-a-service.\nHowever, receiving a charter is \u201cnot a monolith,\u201d that report said, as de novo charters in the U.S. apply to\u00a0 range of banking business models. Each are covered by different regulators, operate under different statutes and carry with them a variety privileges. While the headlines can blur these lines, the operational consequences are far from vague, the report added.\nA bank charter \u201cis not a trophy, and it certainly isn\u2019t a product label, but it\u2019s a public trust,\u201d Rodney E. Hood, former acting comptroller of the currency, told PYMNTS affiliate Competition Policy International, in an interview at the start of the year.\n\r\n\r\nThe post Ivy Rebrands as Augustus After OCC Charter Approval appeared first on PYMNTS.com.", "date_published": "2026-05-11T14:02:48-04:00", "date_modified": "2026-05-11T20:50:08-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2025/09/OCC-banks.jpg", "tags": [ "Augustus", "banking", "Banks", "Ivy", "News", "OC&C", "PYMNTS News", "What's Hot", "Banking" ] }, { "id": "https://www.pymnts.com/?p=3715424", "url": "https://www.pymnts.com/news/banking/2026/citi-rebuilds-cards-around-affluent-customers-and-ai/", "title": "Citi Rebuilds Cards Around Affluent Customers and AI", "content_html": "Citi\u2019s Thursday (May 7) \u00a0Investor Day presentation sketched out a bank betting on a technology-driven growth strategy, with executives demonstrating that artificial intelligence (AI) is now moving from back-office experimentation into a core operating layer across cards, payments, wealth management and consumer banking.
The post Citi Rebuilds Cards Around Affluent Customers and AI appeared first on PYMNTS.com.
\n", "content_text": "Citi\u2019s Thursday (May 7) \u00a0Investor Day presentation sketched out a bank betting on a technology-driven growth strategy, with executives demonstrating that artificial intelligence (AI) is now moving from back-office experimentation into a core operating layer across cards, payments, wealth management and consumer banking.\r\n\t\r\n\t\t\r\n\t\r\n\r\n\r\n\t\nCEO Jane Fraser framed the effort as a natural one for a bank that spent years rebuilding infrastructure and simplifying operations.\n\u201cWe rebuilt the engine,\u201d CFO Gonzalo Luchetti later said, describing the firm\u2019s investments in infrastructure, automation and controls as foundational to Citi\u2019s next phase of growth.\nFraser described AI as an \u201cend-to-end\u201d capability across the organization, while other executives\u2019 commentary during separate presentations highlighted ambitions around \u201cAI personal shoppers\u201d and broader automation tied to the U.S. consumer base.\nAndy Sieg, Citi\u2019s head of wealth, described the strategy in more concrete operational terms. AI orchestration, along with \u201cintelligently routing information and triggering actions in real time [ensure] that the right insights reach the right person at the right moment,\u201d Sieg said. \u201cWe\u2019re embedding AI seamlessly across our platform and partnering with true leaders like Google and Palantir to make it happen.\u201d\nSieg added that Citi\u2019s objective is to build \u201can autonomous intelligence system that enables personalized insight for every client 24/7 and at scale.\u201d\nThat AI discussion extended beyond wealth management into payments and treasury services. Citi\u2019s Shahmir Khaliq, head of services, described AI as being in the \u201cearly stages,\u201d but pointed to instant payments and cross-border transaction capabilities as key areas where the technology could reshape client operations. His presentation referenced seven separate AI use cases tied to payments modernization and cross-border innovation.\nLuchetti said Citi expects AI and automation to become increasingly important to margins. \u201cOur approach to expense management is to maintain strong cost discipline on a tactical basis and continue to drive structural efficiencies through tech and AI automation,\u201d he said.\nCards Strategy Shifts Toward Affluent Customers and AI Personalization\nAmong the business-level growth push, Investor Day centered on Citi\u2019s U.S. consumer cards franchise, where executives argued the bank is repositioning itself around affluent consumers, co-brand partnerships and AI-enabled engagement tools.\nPam Habner, head of U.S. consumer cards, said Citi has been reducing exposure to traditional private-label retail cards while investing more heavily in general-purpose and co-branded products. Materials accompanying her discussion indicated that general-purpose cards now account for 92% of spending activity, up from 89% in 2022, reflecting Citi\u2019s shift away from private-label cards.\nHabner repeatedly emphasized the importance of premium and affluent cardholders to Citi\u2019s broader strategy. The bank increased the share of affluent customers with incomes above $150,000 by more than 600 basis points since 2022.\nCiti executives also highlighted expanded partnerships with American Airlines and Costco, alongside efforts to bring more spending activity into Citi\u2019s ecosystem of travel, dining and rewards products. Habner described the strategy as a \u201cvirtuous cycle of growth\u201d fueled by partnerships, customer loyalty and digital engagement.\nAI again surfaced as a core theme. Habner said Citi is deploying AI models in underwriting, customer servicing, marketing and collections. \u201cThis isn\u2019t just about playing defense and reducing expense,\u201d she said. \u201cIt\u2019s about playing offense, leveraging AI to win with customers and unlock top-line growth.\u201d\nShe pointed to specific operational examples, including AI-driven underwriting models that increased approval rates while staying within Citi\u2019s existing risk framework. Citi also said AI-enabled servicing tools reduced customer-service handling times and improved digital collections efficiency.\nHabner also outlined Citi\u2019s early thinking around agentic commerce. \u201cAn AI agent could automatically rebook a canceled flight and arrange transportation, paying with the card that offers the best travel benefits and protections,\u201d she said.\nStill, executives spent at least as much time discussing credit discipline as futuristic commerce models.\nHabner acknowledged investor concerns around rising credit losses, saying Citi has been deliberately steering the portfolio toward higher-FICO borrowers and lower-risk general-purpose lending. \u201cStrong risk discipline has allowed us to grow loans while stabilizing loss rates,\u201d she said.\nLuchetti reinforced that message, saying the bank\u2019s consumer portfolio remains heavily weighted toward prime borrowers. \u201cWe are carefully managing a stable prime U.S. consumer portfolio with 85% of FICO scores greater than 660,\u201d he noted.\nHe also argued that Citi\u2019s broader transformation is beginning to show through financially. \u201cWe are confident in our trajectory,\u201d Luchetti said. \u201cThis is a new era for Citi.\u201d\n\r\n\r\nThe post Citi Rebuilds Cards Around Affluent Customers and AI appeared first on PYMNTS.com.", "date_published": "2026-05-07T14:11:01-04:00", "date_modified": "2026-05-07T14:11:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/679fcf5c2ed5358e99e8e23b22e3b5d761e37bdb76fa7b0e13d8ecd9ff01bf88?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/Citi.jpg", "tags": [ "AI", "Citi", "credit", "digital transformation", "financial services", "News", "partnerships", "PYMNTS News", "Banking" ] } ] }