A huge percentage of Americans, particularly Gen Z and millennials, score poorly on financial literacy tests, with predictable consequences. AI-powered agents can help empower them, writes Scott Smith, of Fizz.Adobe Stock Imagine you’re 25, applying for your first apartment, and suddenly discover your credit score is 200 points lower than you thought. Or you’re 35, … Read more
Sallie Mae’s earnings took a dive in the second quarter, dented by a large increase in its provisions for credit losses. But thanks to recent legislation, the student loans giant sees a big, beautiful future ahead. “We’re optimistic about the long-term outlook for private student lending, particularly in light of the recently passed federal student … Read more
Elijah Nouvelage/Bloomberg First Citizens BancShares managed to beat investors’ second-quarter earnings expectations as the $230 billion-asset company eked out a 2% gain in net interest income — its first sequential uptick in spread revenue in a year. The Raleigh, North Carolina-based First Citizens reported a $575 million profit for the quarter ending June 30, up … Read more
Kotak Mahindra Bank (KMB) reported a 47.5 per cent year-on-year (y-o-y) drop in first quarter (Q1 FY26) standalone net profit at ₹3,282 crore. This decline comes in the backdrop of the bottomline in the year ago period (Q1 FY25) getting buoyed by one-time gains from disinvestment of majority stake in Kotak General Insurance to Zurich … Read more
The government-sponsored enterprises’ exit from conservatorship could be unexpected and quick, the senior vice president of mortgage finance policy at the Independent Community Bankers of America said. While a methodical process may take place, he wouldn’t be surprised if the opposite happens, Ron Haynie said, speaking during an online presentation from Lenders One and the … Read more
A bipartisan group of lawmakers is leading an effort to increase housing supply through the introduction of a bill that would boost investments in affordable housing — a priority set by the Trump administration. Senate Banking Committee Chair Tim Scott, R-S.C., and Sen. Lisa Blunt Rochester, D-Del., along with several other senators, introduced the Community … Read more
The proposed merger between Pinnacle Financial Partners and Synovus Financial , two Southeast regional banks of similar size, drew a negative reaction from investors in the hours after it was announced, reflecting the market’s distaste for mergers of equals and the risks associated with crossing the $100 billion-asset threshold. Shares of each bank, which fell … Read more
Goldman Sachs has been rapidly deploying generative artificial intelligence throughout the company. It started giving its 12,000 developers Github Copilot coding assistants last year and is now giving developer teams Cognition’s Devin agentic AI to act as a team member. Most recently, it’s provided its GS AI, a platform that hosts generative AI assistants, to … Read more
Trovata, a fintech that provides cash management to small- and medium- size businesses, has acquired an enterprise treasury management system to expand its offerings to business customers. It bought Financial Science Corporation’s flagship treasury management system, ATOM, according to a company announcement. With ATOM, Trovata will be able to offer deeper treasury management features such … Read more
In this week’s banking news roundup: BankUnited names James Mackey, formerly of Wells Fargo, its new chief financial officer; Ponce Bank President and CEO Carlos Naudon will chair the Community Development Bankers Association; Jefferson Bank’s longtime President and CEO Danny Butler is retiring; and more.