Fintech

Bank of America is keeping to its original hiring plans despite challenging economic conditions that have prompted others to pull back, Chief Executive Brian Moynihan said.

The card network's shares fell 10% on Thursday from news that it's conducting an independent investigation of its student loan operation, signaling potentially costly regulatory actions ahead.

Kristy Kim, co-founder and CEO of TomoCredit, started out trying to help immigrants like herself access credit. With the latest funding round, she hopes to expand beyond credit cards.

American Express, Capital One and JPMorgan Chase hope to entice affluent travelers by enhancing access to airport lounges, many of which have reached capacity after travel rebounded.

Investors have grown concerned that 40-year highs in inflation may take a bite out of consumers and lead to credit troubles, but Synchrony executives say consumers are continuing to manage “incredibly well.”

The New York megabank has a long way to go on its path toward simplification of its business, but some early investments — such as technology upgrades in the treasury unit, which serves commercial customers — are starting to pay small dividends.

The boss of the U.K. digital bank Monzo Bank said he’s targeting growth rather than immediate profit during a turbulent time for the fintech industry, after nearly doubling annual revenue while widening losses.

Consumers are feeling less confident about their economic prospects, and investors worry their loan repayments will slow. Those fears have led to large drops in stock prices for consumer finance companies, particularly for those who lend to borrowers with lower credit scores.

Almost 100% of small-bank executives who responded to a recent IntraFi survey say they expect the U.S. economy to fall into a recession by next year. The top reason why: an overcorrection by the Federal Reserve as the central bank tries to tame inflation.

Some banks in Europe, Latin America and Asia are issuing contactless cards that use fingerprints instead of PINs to authenticate users, but observers think the technology's U.S. prospects are limited.