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Banks

The closing of American bank branches

Banks have shuttered over 10,000 since the financial crisis WINDSOR, a community of 6,200 people two hours outside Albany in New York state, offers many of the amenities commonly found in a small town, including a bakery, a car-repair outfit and several restaurants. There is just one thing missing: a …

Fintech lingo explained | Reuters

The world of financial technology – also known as fintech –involves lots of buzzwords, jargon and often obscure terminology. Here’s a list of some of the industry’s main lingo. FINTECH: Or financial technology is the industry known for championing software and technology in the financial sector. A very broad term, …

Quote of the Day

“People getting accounts they didn’t sign up for? I don’t need an M.B.A. in finance to understand that’s wrong.” ~STEVE BECK, the founder of a strategy firm that studies banks’ brand perception, on the scandal at Wells Fargo. Source: Quotation of the Day: Wells Fargo Says 2 Ex-Leaders Owe Bank …

The warrior monks who invented banking – BBC News

Why did a 12th Century religious order start offering financial services? On London’s busy Fleet Street, opposite Chancery Lane, is a stone arch through which anyone may step, and travel back in time. A quiet courtyard houses a strange, circular chapel and a statue of two knights sharing a single …

Why Poor People Make Expensive Financial Choices – The Atlantic

Often, the banking options available for low-income Americans are all fundamentally flawed.  Banks haven’t always been the giant, impersonal corporations Americans today are familiar with. For much of the twentieth century, they were more commonly small, community institutions that helped local residents manage their money and provided quick, small loans …

Seeing demand, Morocco approves first Islamic banks

RABAT, Morocco (AP) — Morocco has become the latest Muslim-majority country to authorize Islamic banks, amid growing market demand for Sharia-compliant banking. The Moroccan central bank announced this week it has approved five such banks, fulfilling a long-standing promise of the Islamist party leading a coalition government since 2011. Among …

Quote of the Day

“I went to the bathroom and took a drink of some hand sanitizer.” ~ANGIE PAYDEN, a former banker for Wells Fargo, describing a panic attack she had before meeting with a customer to sell unneeded services. Source: Quotation of the Day – The New York Times