Weekly Global News Wrap: Goldman Sachs launches online bank app; Visa buys Silicon Valley startup Plaid for $5.3b

And Wells Fargo’s new CEO sets $1.5b for legal costs of sales scandal.

From Reuters:

Goldman Sachs launched a long-waited app this week for customers of its online bank Marcus.

The lack of a mobile app had frustrated smartphone users who, until now, could only view account information, make loan payments or balance transfers on the bank’s website.

The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers.

From CNBC:

Payments giant Visa is buying Silicon Valley start-up Plaid in a deal worth $5.3 billion, the companies announced Monday.

Plaid’s API software, often referred to as the “plumbing” behind fintech companies, lets start-ups connect to users’ bank accounts

As of December, Plaid said one in four people in the United States with bank accounts have connected to the fintech company through an app.

From Reuters:

Wells Fargo & Co.,’s profit slumped 55% in the fourth quarter as new boss Charles Scharf set aside another $1.5b for legal costs related to the bank’s sales scandal and promised “fundamental charges”.

The bank racked up operational losses of $1.9b in the final quarter of the year, partly for reserves to cover pending litigation related to its fake-account scandal that erupted more than three years ago.

Wells Fargo, the fourth-largest U.S. lender by assets, has leaned on cost cuts to stabilize its bottom line while its revenue growth has been sluggish.

Photo courtesy of Wikimedia Commons.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Entrepreneurship remains a pipedream for many Filipinos
Enterprisers struggle with cumbersome loan requirements and high collateral.
Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
Westpac appoints Kate Dee as chief people officer
She has been the chief people officer of Bupa Asia Pacific since 2018.
Retail Banking
SMBC inks MOU to explore commercialization of stablecoins
They will explore technical, regulatory, and market infrastructure requirements for it.

Exclusives

Entrepreneurship remains a pipedream for many Filipinos
Enterprisers struggle with cumbersome loan requirements and high collateral.
Philippine central bank eyes AI rules for banks
Artificial intelligence should not diminish banks’ responsibility to uphold data privacy.
RCBC boosts rural presence with ATM Go
The service, which allows cardless transfers, is now available in all Philippine cities.
BCA superapp drives digital transaction growth
Inter-account transfers were the most widely used service, followed by virtual payments.