Tag: bank earnings

NatWest using data, tech to boost CX | Bank Automation News

[ad_1]

NatWest is looking to customer data to drive deposits amid uncertain macroeconomic conditions. The $890 billion bank is dealing with inflationary pressures and working to reduce costs. Technology is part of the strategy, Chief Executive Paul Thwaite said during the bank’s third-quarter earnings call today. “We remain focused on driving and delivering the outcomes we […]

[ad_2]

Vaidik Trivedi

Source link

October 27, 2023
Barclays prioritizes efficiency & tech| Bank Automation News

[ad_1]

Barclays PLC is looking to reduce its expenses to provide more returns to shareholders while increasing investment in technology. Despite that, the $1.9 trillion bank saw its total operating expenses increase 2% year over year to $4.8 billion in the third quarter, partly driven by investment in tech and talent, according to the bank’s earnings […]

[ad_2]

Vaidik Trivedi

Source link

October 24, 2023
Truist reduces costs for efficiency | Bank Automation News

[ad_1]

Truist Financial continues its effort to save $750 million as the bank prioritizes efficiency and eliminates redundancies. The savings are to be addressed by: $300 million in reductions, $250 million in organizational alignment and $200 million in rationalizing technology spend, according to today’s earnings presentation. No specific examples of reductions were provided by the bank. […]

[ad_2]

Vaidik Trivedi

Source link

October 19, 2023
Fifth Third tech spend rises 8% YoY | Bank Automation News

[ad_1]

Fifth Third Bank is modernizing its platform to better serve clients while cutting costs amid uncertain macroeconomic conditions. “In the last four years, we’ve managed expenses to the lowest growth rate among peers, despite investing in growth by building more new branches, raising our minimum wage, modernizing our technology platforms and acquiring fintech companies,” Chief […]

[ad_2]

Vaidik Trivedi

Source link

October 19, 2023
Ally aims to save $80M in 2024 | Bank Automation News

[ad_1]

Ally Bank will continue to invest in technology to gain a competitive advantage over its peers. The bank is looking to keep expenses flat in 2024, and recent measures, like trimming its workforce by nearly 5%, will lead to “$80 million in annualized savings next year,” Chief Financial Officer Russell Hutchinson said during Ally’s third-quarter […]

[ad_2]

Vaidik Trivedi

Source link

October 18, 2023
Citizens commited to cloud migration | Bank Automation News

[ad_1]

Citizens Bank reiterated its commitment to migrating all operations to the cloud by 2025 to create a modern banking platform during today’s third-quarter earnings presentation. “On the technology front, we have a very extensive agenda with a multi-year next-gen tech cloud migration targeting the exit of all of our data centers by 2025,” Chief […]

[ad_2]

Vaidik Trivedi

Source link

October 18, 2023
Goldman Sachs headcount dips 7% YoY | Bank Automation News

[ad_1]

Goldman Sachs increased its investment in tech in the third quarter amid headcount reductions to boost operational efficiency and cost savings. The $2.6 trillion investment banking company said today that its tech spend increased to $468 million in Q3, up 2% year over year. Goldman said in February that it wanted to cut payroll expenses […]

[ad_2]

Vaidik Trivedi

Source link

October 17, 2023
BNY invests in AI for innovation | Bank Automation News

[ad_1]

BNY Mellon is investing in automation, AI and new technologies to increase efficiency and drive innovation. Automation of processes, digitization and AI across the firm will make it easier for our employees to do their jobs and subsequently channel their energies towards new innovations,” Chief Executive Robin Vince said during the bank’s third-quarter earnings call. […]

[ad_2]

Vaidik Trivedi

Source link

October 17, 2023
Wells Fargo reduces headcount in Q3 | Bank Automation News

[ad_1]

Wells Fargo is leveraging technology and automating investments to streamline its operations as the $1.6 trillion bank continues to trim its workforce. “I would say there are very few parts of the company that are optimized at this point,” Mike Santomassimo, chief financial officer at Wells Fargo, said today during the bank’s third-quarter earnings call. […]

[ad_2]

Vaidik Trivedi

Source link

October 13, 2023
JPM Q3 expenses and tech spend jumps | Bank Automation News

[ad_1]

JPMorgan Chase’s expenses increased in the third quarter as the bank invested in people and technology. The $3.7 trillion bank’s consumer and community banking expenses increased 7% year over year to $8.5 billion in the quarter driven by compensation, increased personnel, and spending allocated to technology and marketing, according to the earnings presentation today. WHY […]

[ad_2]

Whitney McDonald

Source link

October 13, 2023
PNC cuts jobs to bolster tech | Bank Automation News

[ad_1]

PNC Bank is looking to reduce and manage expenses and use the resulting funds to invest in technology. “We are focused on expense management, particularly in the current environment, and have taken actions to maintain discipline expense control,” Chief Executive Bill Demchak said today during the bank’s third-quarter earnings call. “We will use savings from […]

[ad_2]

Vaidik Trivedi

Source link

October 13, 2023
Scotiabank’s tech spend rises 10% YoY | Bank Automation News

[ad_1]

Scotiabank increased its investment in technology, personnel costs and advertising to grow business operations and remain competitive. In the third quarter of 2023, which ended June 30, the $1.3 trillion bank reported its tech expenses increased to $524 million, up from $476 million in Q3 2022, an increase of 10% year over year, according […]

[ad_2]

Vaidik Trivedi

Source link

August 29, 2023
TD’s non-interest expenses up 5% YoY | Bank Automation News

[ad_1]

Canada’s TD Bank increased its investments in technology in the third quarter to remain competitive and serve a growing number of technology entrepreneurs. The $1.9 trillion bank saw its non-interest expense increase to $1.8 billion in Q3 2023, up by 5% year over year, “reflecting higher spend supporting business growth, including technology and higher employee-related […]

[ad_2]

Vaidik Trivedi

Source link

August 25, 2023
RBC invests in tech, employees in Q3 | Bank Automation News

[ad_1]

Royal Bank of Canada’s discretionary and technology-related spending accounted for 23% of the bank’s non-interest expenses in the third quarter. In Q3 2023, the $1.4 trillion bank’s non-interest expenses increased 22% year over year to $5.8 million, which included equipment and amortization costs, professional fees and marketing, travel and training expenses, according to the bank’s […]

[ad_2]

Whitney McDonald

Source link

August 25, 2023
NatWest invests in tech for efficiency| Bank Automation News

[ad_1]

London-based NatWest Group increased its tech spend in the first half of 2023 as the company looks to remain competitive, create resilient operations and leverage tech to accomplish its climate transition plans. The $28 billion bank spent $10.8 million in H1 2023 on technology while its operating expenses jumped by 13.4% year over year to […]

[ad_2]

Vaidik Trivedi

Source link

July 28, 2023
$Barclays employs automation for CX\ | Bank Automation News$

Barclays employs automation for CX\ | Bank Automation News

[ad_1]

Barclays PLC is looking to increase its investment in technology and automation to improve customer experience and reduce costs. The company reported an increase in operating costs of 6% year over year to £3.9 billion ($4.4 billion) in the second quarter, driven by “continued investment in talent, systems and technology,” the company’s earnings presentation stated. […]

[ad_2]

Vaidik Trivedi

Source link

July 27, 2023
Q2 earnings roundup | Bank Automation News

[ad_1]

Financial institutions looked to automation in the second quarter to reduce costs and create more efficient operations. The $3.2 trillion Bank of America, for one, saw its Q2 noninterest expenses increase by 5% year over year to $16 billion. U.S. Bank, Goldman Sachs and Wells Fargo increased their tech spends while BNY Mellon grew its […]

[ad_2]

Vaidik Trivedi

Source link

July 24, 2023
Truist tech expenses jump to $237M | Bank Automation News

[ad_1]

Truist Financial invested heavily in technology and related professional services in the second quarter of 2023 as rising expenses overshadowed income growth. Truist’s software expense rose 10.7% quarter over quarter to $237 million from $214 million, according to the bank’s earnings supplement. This hike was accompanied by a 12.7% QoQ growth in professional fees and outside […]

[ad_2]

Victor Swezey

Source link

July 20, 2023
Fifth Third tech spend up by 16% YoY | Bank Automation News

[ad_1]

Fifth Third Bank ramped up its modernization efforts in the second quarter as it looks toward automating its core platform to drive down expenses. The $211 billion bank aims to invest “in the core platform to bring automation,” which will bring intermediate positive expense outcomes, Chief Executive Tim Spence said during the bank’s earnings call today. In looking […]

[ad_2]

Vaidik Trivedi

Source link

July 20, 2023
BNY Mellon tech spend up by 11% YoY | Bank Automation News

[ad_1]

BNY Mellon is looking toward digitization and automation to increase efficiency, drive down operational costs and improve consumer experience. WHY IT MATTERS: The $425 billion bank focused on digitally cleaning inefficient operations and planning medium- and long-term digitization efforts, Chief Executive Robin Vince said during BNY Mellon’s second-quarter earnings call today. The bank’s Q2 software and equipment spending jumped […]

[ad_2]

Vaidik Trivedi

Source link

July 18, 2023