Goldman Sachs is trimming its consumer business in the third quarter, turning its attention to bread-and-butter segments including wealth management, dealmaking and trading.  “We have been pretty clear with our messaging that we continue to narrow our consumer footprint,” Chief Executive David Solomon said today during the bank’s third-quarter earnings call. In its most recent […] The post Goldman narrows consumer footprint appeared first on Bank Automation News ..read more

Citi posted cost reductions in the third quarter as it benefits from ongoing simplification efforts.   The $1.7 trillion bank’s total operating expenses clocked in at $13.3 billion, down 2% year over year, according to the bank’s Q3 2024 earnings supplement. The bank’s technology spend, however, increased 1% YoY to $2.3 billion.  The savings were driven […] The post Citi reduces costs, invests in tech appeared first on Bank Automation News ..read more

Bank of America clients continued to flock to digital channels in the third quarter as the bank invested in transaction channels, wealth management and self-service capabilities.  “Digital adoption and engagement continue to improve, and customer satisfaction scores remain near record levels, illustrating the appreciation of enhanced capabilities from our continuous investments,” Chief Financial Officer Alastair […] The post Bank of America clients flock to digital tools in Q3 appeared first on Bank Automation News ..read more

Financial institutions can couple AI with “behavioral banking” to grow revenue, industry experts say.  Behavioral banking is a strategy that banks are exploring to analyze consumer data as a way to present timely products to customers to increase loyalty alongside bank revenue. Banks usually sell the same financial products at about the same price, Dorel […] The post How AI and ‘behavioral banking’ boosts FI revenue appeared first on Bank Automation News ..read more

Capital One is offering its AirKey authentication tool to other financial institutions to combat rising fraud.  Built in-house at Capital One seven years ago, AirKey is embedded into more than 75 million debit and credit cards and offers an added form of account authentication, Tom Poole, senior vice president, emerging payments, told Bank Automation News. […] The post Capital One offers its authentication tool to FIs appeared first on Bank Automation News ..read more

JPMorgan Chase expects AI and other new tech to increase employee productivity but remains wary of AI tech companies’ inflated valuations.  “Tech valuations, or any valuations, won’t stand these very inflated values,” Chief Executive Jamie Dimon said during the bank’s third-quarter earnings call today. The bank has a significant cash surplus “sitting in the store” […] The post JPMorgan Chase warns of inflated AI tech valuations appeared first on Bank Automation News ..read more

Wells Fargo trimmed its staff and total costs in the third quarter, with efficiency in mind.  “We have maintained strong credit discipline and driven significant operating efficiencies in the company while investing heavily to build a risk and control infrastructure appropriate for a bank of our size,” Chief Executive Charlie Scharf said during today’s Q3 […] The post Wells Fargo’s tech spend up and headcount down in Q3 appeared first on Bank Automation News ..read more

Scotiabank is exploring the use of AI and generative AI to bolster its cybersecurity infrastructure and aims to work with vendors to develop the technology. Google Cloud is in the running to partner on the tech, Louise Dandonneau, vice president of cybersecurity operations, told Bank Automation News.  “We have announced our partnership with Google Cloud, […] The post Scotia explores Google Cloud for cybersecurity solutions appeared first on Bank Automation News ..read more

Banks and credit unions are using data-driven insights to diversify their offerings, create personalized experiences and grow their operations.   Use of data-driven insights is one of three strategies banks and credit unions are investing in to create digital organizations, according to tech provider Alkami’s 2025 Digital Banking Playbook, released Oct. 9.  “Customers are just […] The post Credit unions invest to create personalized digital experiences appeared first on Bank Automation News ..read more

Toronto-Dominion Bank will plead guilty to money-laundering charges, a US Department of Justice prosecutor said in a Newark, New Jersey, courtroom on Thursday. Two of the bank’s US subsidiary units intend to enter guilty pleas, the prosecutor said during a hearing before a US District judge. The charges include failing to maintain an adequate anti-money […] The post TD will plead guilty to money-laundering charges in NJ court appeared first on Bank Automation News ..read more