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Banking Roundup

Banking Roundup

Banking Roundup: JPMorgan’s new $300M campus… Starbucks’ co-branded Visa card… Wells Fargo launches automated advisory service

The nation’s largest banks — such as JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), Citigroup Inc. (NYSE: C), Goldman Sachs Group Inc. (NYSE: GS) and Morgan Stanley — have operations around the country. Here are other recent stories reported by The Business Journals.

With big banks reducing retail lending, smaller competitors have a decision to make 

Three of the nation’s four largest banks have reduced loans to the struggling retail industry, leaving some to wonder how it might impact the strategy of smaller lenders. JPMorgan Chase & Co. cut its exposure to consumer and retail companies by 3.6 percent in the recently-completed third quarter, Bank of America reduced its retail portfolio by 7.7 percent and Citgroup cut its consumer, retail and health loans to 16 percent of its overall corporate portfolio from 17 percent in the second quarter, according to recent regulatory filings. (Philadelphia Business Journal) Subscriber content 

JPMorgan Chase’s new $300M Plano campus bringing firm together in new ways (Photos) (Video)

After being in Dallas-Fort Worth for more than 100 years, JPMorgan Chase & Co. decided it needed a campus to bring a culture together in North Texas, so they made sure they had a ‘Main Street,’ a backyard and a BBQ pit in its newly completing $300 million regional hub in Plano’s Legacy West. (Dallas Business Journal)

Following in Costco’s footsteps, Starbucks is launching a co-branded Visa card

Starbucks is launching a Starbucks Visa card through JPMorgan Chase this winter. The co-branded credit card will let customers rack up Starbucks Rewards “with their purchases both in and out of Starbucks stores,” Starbucks CEO Kevin Johnson said during a call with analysts Thursday to discuss fiscal year results. (Puget Sound Business Journal)

New JPMorgan Chase initiative could mean lower interest rates for N.C. vets  

Just in time for Veterans Day, New York finance giant JPMorgan Chase & Co has picked three organizations for a $4.2 million initiative. In North Carolina, the firm has tapped the Carolina Small Business Fund for more than $1 million of the grant tranche, intended to help expand access to capital to veteran-owned small businesses in the Carolinas and Florida. (Triangle Business Journal) Subscriber content 

JPMorgan Chase initiative in DFW helps young men the boom leaves behind 

As the North Texas economy grows, not everyone prospers equally…To address that problem, and to help DFW employers fill a gap between job openings and workers with the skills to fill them, JPMorgan Chase & Co. has launched The Fellowship Initiative, which is expanding into Dallas. (Dallas Business Journal) Subscriber content 

Brazen wins grant from JPMorgan Chase Foundation to support women entrepreneurs 

Brazen, the St. Louis-based organization formerly known as Prosper Institute that helps women-led startups and aspiring young female entrepreneurs, has received a $90,000 grant from the JPMorgan Chase Foundation. (St. Louis Business Journal) Subscriber content 

Wells Fargo launches automated advisory service

Wells Fargo Advisors has launched an automated online investment service that will give investors a lower-cost way to enter the markets. (St. Louis Business Journal)

Wells Fargo’s new Raleigh region president talks market share growth 

Given the “up and down noise” of Wells Fargo over the past year, the fact that the San Francisco bank has seen market share growth in North Carolina is a testament to the faith of its customers, says Mike Golden, the bank’s new Raleigh region president. (Triangle Business Journal) Subscriber content 

Wells Fargo to give almost $10 million in grants to help solve Bay Area’s housing crisis 

Wells Fargo said Thursday that it’s donating $9.7 million to boost homeownership in Alameda, Contra Costa, San Francisco and Solano counties as part of the bank’s national NeighborhoodLift program. (San Francisco Business Times)

New digital product part of Citizens Bank strategy to enhance fee, commercial offerings 

In its latest attempt to expand its product offerings, Citizens Bank has launched a new digital lending capability designed to make it easier for small business customers to apply and receive approvals for loans. (Philadelphia Business Journal)

Navient completes $155M acquisition of fintech lender

Student lender Navient (NASDAQ: NAVI) completed its $155 million planned acquisition of San Francisco-based fintech lender Earnest. (Philadelphia Business Journal)

Detained Saudi prince owns stakes in Twitter, Lyft and the Plaza Hotel in N.Y.C.

One billionaire’s arrest is expected to have a ripple effect across hundreds of global companies. Saudi Arabian Prince Alwaleed bin Talal, the so-called “Warren Buffett of the Middle East,” owns stakes in Twitter (NYSE: TWTR), Lyft, Citigroup (NYSE: C) and News Corp. (NASDAQ: NWS) (New York Business Journal)

Banking Roundtable: The business lending landscape 

If you are interested in getting a loan to fund your business, South Florida banking executives want you to know they are lending. In fact, they say there has never been a better time to get a loan, and it is truly a borrower’s market. (South Florida Business Journal) Subscriber content 

Article Source: https://www.bizjournals.com/newyork/news/2017/11/09/banking-roundup-jpmorgans-new-300m-campus.html


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