Latest news with #Banking
Yahoo
2 hours ago
- Business
- Yahoo
BMO hires former BofA executive Aron Levine to lead US, rejigs teams
By Nivedita Balu TORONTO (Reuters) -Bank of Montreal has named former Bank of America executive Aron Levine as the head of its U.S. business, the Canadian lender said on Thursday. Levine will lead BMO's U.S. personal and business banking, commercial banking and wealth management businesses. He will report to BMO CEO Darryl White and Darrel Hackett, its U.S. CEO. The bank made several executive changes alongside Levine's appointment as it bets on the U.S. market. Over almost 32 years at BofA, Levine expanded its investments business and grew its branch network, often criss-crossing the country to visit its offices. He left BofA in April, most recently serving as its president of preferred banking. "These experienced leaders bring the capabilities that will help us accelerate our performance," White said. Combining the U.S. businesses will help BMO boost its return on equity, he added. BMO's focus on the United States follows its $16 billion acquisition of Bank of the West in 2023, which tapped into a lucrative market in western United States. It is seeking new opportunities outside of its home market in Canada. The bank has also hired Tony Sciarrino from JPMorgan Chase as the head of its U.S. commercial banking business and named former EY executive Kristin Milchanowski as its chief AI officer. Ernie Johannson, BMO's head of North American personal and business banking, will retire in 2026, the lender said. Sharon Haward-Laird and Mat Mehrotra were named co-heads for Canadian personal and commercial banking. Haward-Laird will also be responsible for Canadian commercial banking and North American shared services, while Mehrotra will lead Canadian personal and business banking. Nadim Hirji, BMO's commercial banking head, will become vice chair, the bank said. All appointments are effective July 7, BMO said. Sign in to access your portfolio
Independent Singapore
14 hours ago
- Business
- Independent Singapore
Standard Chartered Bank boosts Bonus$aver maximum interest rate to 8.05%, bucking savings interest rate trend
Standard Chartered SINGAPORE: Standard Chartered Bank is going against the downward trend in savings interest rates in the city-state by raising its maximum rate for its Bonus$aver savings account to 8.05% per year. The increase from 6.05% took effect on Sunday (June 1), Channel News Asia (CNA) reported. Banks typically follow the monetary policy decisions of the US Federal Reserve. Since the Fed began cutting rates last year due to uncertain economic conditions, banks have lowered the interest rates paid to savers. But Standard Chartered is doing the opposite by raising its rates. When asked why it is doing so and whether the move was sustainable, the bank told CNA that its 'headline rate matches the overall relationship value' with clients, including daily banking and wealth services. Usman Khalid, the bank's global and Singapore head for deposits, mortgages and payments, said this approach lets them sustainably offer rewards to clients who choose the bank as their primary banking partner. See also Three ways to Save up on All-Time High Petrol Costs in Singapore To get the bonus interest, account holders must meet certain conditions. They need to credit a salary of at least S$3,000 a month, spend at least S$1,000 a month on eligible credit or debit cards, and have investments or insurance with the bank. One change is that equity investments of at least S$20,000 made through the bank's online trading platform now count for the investment category. The bank said the change follows a noticeable rise in trading interest, with new client acquisition up 50% in 2024 compared to the year before. Account holders who spend at least S$1,000 a month on eligible credit and debit cards can now earn a 1.5% bonus interest rate, up from 1%. The bonus interest rate for salary credits also increased to 1.5% a year, up from 1% before. In addition, account holders who invest or get insured can now earn a 2.5% bonus, compared to the previous 2%. The bonus interest rates apply to the first S$100,000 of savings. /TISG Read also: Netizen calls Meta's AI tool for advertisers a 'waste of time and space' amid launch plans next year
RTÉ News
a day ago
- Business
- RTÉ News
Are you being ripped off by the 'loyalty penalty'?
Analysis: From banks to insurance, companies punish loyal consumers with higher prices, while new customers are rewarded with better deals There's growing concern that many of us are being quietly overcharged by service providers. Consumers are urged to check their contracts and avoid overpaying, especially when better deals may be just a click away. In a market economy, we benefit from competition. We enjoy choice, innovation and, most of all, paying less. Price matters. But competition doesn't work unless we, as consumers, play our part. It takes two to tango. Without active engagement from consumers, the benefits of competition stall. We're used to shopping around when buying goods, but the economy has shifted. Many services now run on a subscription model. You sign up once and continue paying indefinitely. That's where the so-called 'loyalty penalty' creeps in. Companies quietly raise prices or reduce service quality - or, in the case of goods, shrink product sizes (have you heard of shrinkflation?) - relying on the assumption that we're not reviewing our contracts or comparing alternatives. It's easier than ever to be taken for granted—or taken for a ride. From RTÉ Radio 1's Today With Claire Byrne, just how worthwhile are loyalty cards? The loyalty penalty is both costly and unfair. Those who stay loyal are often punished with higher prices, while new customers are rewarded with better deals. That's upside-down logic. In other walks of life, loyalty is valued. In many markets, it's penalised. A well-known example is car insurance. Letting a policy auto-renew without shopping around usually means overpaying. The same applies to mobile phone plans. If your contract includes paying off a handset, but you don't renegotiate once the term ends, you'll keep paying the same high price—even though your phone is already paid off. Another important example is health insurance. Recent research shows that consumers in Ireland have been facing very steep price increases. Effectively, if they stayed with their providers— they were paying a loyalty penalty. From RTÉ Radio 1's Today with Claire Byrne, there are significant savings to be made on mortgage switching but is it worthwhile? In a cost-of-living crisis, every euro counts. Yet many of us still pay hundreds more each year than we need to. Making time to review your recurring bills might be one of the simplest ways to ease household pressure. Market regulators like the Competition and Consumer Protection Commission (CCPC) can do their bit by removing barriers and making switching easier, but they can't force us to act. If we accept poor deals or bad service, competition loses its power. Fortunately, tools for switching are improving. In the UK, the Competition and Markets Authority (CMA)'s Open Banking reforms means switching current accounts can now be done swiftly without any hassle. All your payments and standing orders move automatically. Even transfers to your old account get redirected. I know, I've used it! In effect, UK banks are now offering over £150 to new customers, yet fewer than 3% of UK adults make the switch each year. From RTÉ Radio 1's Today with Claire Byrne, what's the best current account for you? In Ireland, bank switching is not that straightforward, but it can be done. However, new research shows that over 60% of Irish customers have stayed with their main bank for over seven years. Inertia still wins. Of course, not everyone finds it easy to switch. Some people feel overwhelmed by digital tools or are unsure where to start. That's why making comparison websites more user-friendly and support more accessible matters. Ensuring all consumers can benefit from competition should be part of the policy agenda. We need to change that. We need to vote with our wallets. Think about your recurring expenses such as health, car and travel insurance; mobile and broadband contracts; bank services (both current account and mortgages; energy suppliers; streaming services (Netflix, Amazon Prime, Spotify) and gym subscriptions. Now ask: are you getting a good deal? From RTÉ Radio 1's Today with Claire Byrne, are more Irish consumers looking to switch banks? What to do? Take action. Use free comparison tools to check your current deals and see what else is out there. Start with visiting the Money Tools pages of the CCPC. There, you'll find pages dedicated to comparisons of different service, from bank accounts to credit cards. Consider a website like Power to Switch for energy comparison. Both and offer useful comparisons across broadband, mobile services, insurance products and more. (I have no connection with these sites and this isn't an endorsement, just a suggestion.) For competition to work, consumers must take an active role. We cannot afford to be passive. If we fail to challenge rising prices or deteriorating service, we weaken the very forces that should be working in our favour. Markets respond to signals, and consumer behaviour is one of the most powerful signals there is. The rewards for engaging are real: better prices, improved quality, and fairer treatment. In short, when we act, competition delivers. Final tip: Get empowered, go shopping and shop around. If consumers start switching more often, businesses will need to treat their customers better to keep them. So next time your policy auto-renews or your bill creeps up, pause and take control. A better deal might be just a few clicks away.
Finextra
2 days ago
- Business
- Finextra
Westpac pilots AI assistant to help staff deal with customers who have been scammed
Westpac has built an AI assitant to help support staff deal with customers who think they've been scammed. 0 The real-time call assistant technology is being integrated within the bank's frontline customer service and operations platforms. The AI synthesises information from customer phone conversations as they take place to highlight key indicators enabling bankers to respond more effectively. Currently being piloted in the bank's specialist scam and fraud team, the AI can aid operators with live transcripts, provide alerts when key indicators are detected and offer prompts to help reach an outcome more efficiently. It can also help uncover instances where a scammer may be coaching a customer in the background. Westpac CEO Anthony Miller says: 'Our customer service specialists are often trying to solve complex puzzles with many missing pieces. In urgent circumstances, like when a customer thinks they've been scammed, these calls can be very emotive with lots of information that our operators need to synthesise very quickly. This AI tool is helping fill some of those gaps and is aiding our teams in real-time so they can more effectively respond. 'Early results from our pilot demonstrates the potential this technology has to unlock faster and more effective and consistent outcomes for customers in important moments.' The technology is one of the first frontline AI innovations running through the bank's 'AI Accelerator', bolstering its scam detection and prevention capabilities. 'Beyond scams and fraud this tool has significant potential," says Miller. "While still in trial phase we're already thinking about how the AI could be deployed elsewhere in the bank to improve and streamline how our bankers support customers.'
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Wells Fargo Freed From Asset Cap Imposed After Fake-Accounts Scandal
Federal regulators moved to lift an unprecedented punishment that had handcuffed growth at Wells Fargo WFC 1.24%increase; green up pointing triangle, a milestone in the bank's efforts to repair its tarnished reputation after its fake-accounts scandal erupted nearly a decade ago. The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank's assets at around $2 trillion. It was the most severe rebuke handed down after the bank's disclosure it had opened millions of unauthorized customer accounts. The 2018 order had pointed to 'widespread consumer abuses and compliance breakdowns.'
