Merchant

Inflation isn't only driving up travel costs — a key category for credit card spending — it's making shoppers more selective about how they earn and redeem loyalty points for products hit hardest by price increases.

When Goldman Sachs executives set out to woo investors in early 2020, they offered a promising outlook for their novelty Main Street business. The unit would go from a money-suck to break-even in 2022. It isn’t quite working out that way. 

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

Goldman Sachs Group plans to anchor a new office tower in Dallas that would hold thousands of employees, part of the bank’s expansion beyond its Manhattan base.

Bank of America is rolling out a host of travel sweeteners to ultra-high-net-worth customers. It’s partnered with the luxury-travel firm Indagare to offer the experiences to members with more than $10 million in their accounts.

The Dallas bank is joining the branch-consolidation trend that has accelerated during the pandemic, announcing plans to shutter 22 branches in Michigan, Texas and California.

Community development financial institutions proved themselves indispensable during the COVID-19 pandemic. They have earned a seat at the table.

The rules, which come almost four years after California lawmakers passed a landmark disclosure law, require lenders to inform borrowers about annual percentage rates. Some lenders have pushed back, arguing that APRs don’t make sense for certain types of financing.

The agency’s proposed data collection and reporting requirements would disproportionately burden community banks, which lead the nation in small-business lending.

Credit Suisse Group Chief Executive Thomas Gottstein batted away questions on whether the bank is a takeover target and said he’s still holding out hope for a profitable second quarter.