PNC is planning to increase spending for its technology development program this year after reducing noninterest expenses through workforce cuts in the fourth quarter of 2022 in preparation for an economic downturn. WHY IT MATTERS: Personnel-related expenses were down 5% year over year to $1.9 billion in Q4 but were up 8% sequentially, driven […]
Brian Stone
Source link
Citizens Financial Group will continue to modernize its cloud-based digital platforms and move away from internal applications in 2023 following last year’s cloud migration efforts. WHY IT MATTERS: In 2022, the $225 billion Citizens moved its direct-to-consumer digital platform Citizens Access to a cloud-based platform and will continue take to the cloud through its newly […]
Whitney McDonald
Source link
Goldman Sachs turned its focus to Platform Solutions growth in the fourth quarter of 2022 as the section saw a 171% increase in revenue year over year to $513 million and help with the offset of its shrinking team. WHY IT MATTERS: Goldman reported a “disappointing” and “challenging” Q4 with a 25% year-over-year decline […]
Brian Stone
Source link
Wells Fargo is keeping to its multiyear digital transformation path and planning further investments in its online platforms in 2023. WHY IT MATTERS: Since 2020, the $1.8 trillion Wells Fargo has decreased its headcount by more than 10%, or 30,000 people, and there are more gross expenses within the company that can be reduced, Chief […]
Whitney McDonald and Brian Stone
Source link
Despite the layoffs across the finance industry, there were no signs of a staffing pullback in JPMorgan Chase & Co’s or Bank of America Corp.’s fourth-quarter results. JPMorgan’s headcount rose 2% to 293,723 from 288,474 last quarter, the company said in its earnings release Friday. This is up 8% from 271,025 a year earlier. Overall […]
Bloomberg News
Source link
JPMorgan Chase reported increased revenue and mobile usership in the fourth quarter of 2022 despite a year-over-year decrease in tech spend. WHY IT MATTERS: The $3.3 trillion bank’s tech spend in Q4 fell 8% YoY to $2.2 billion while total tech spend for 2022 declined 6% YoY to $9.3 billion, according to the bank’s earnings […]
Whitney McDonald
Source link
Bank of America continued to invest in technology and people during its fourth quarter amid global economic uncertainty. WHY IT MATTERS: The $3 trillion bank’s Q4 non-interest expenses rose 8% year over year to $5.1 billion, “primarily driven by investments in technology and employees, including hiring, higher costs from return to work, and client engagement,” […]
Brian Stone
Source link
Bank of Montreal (BMO) is looking to modernize its technology stack by investing in cloud architecture and tech talent. WHY IT MATTERS: The $805 billion bank saw a 4% year-over-year bump in expenses due to “higher employee costs and technology investments,” Tayfun Tuzun, chief financial officer at BMO, said during the bank’s fiscal fourth-quarter earnings […]
Brian Stone
Source link
TD Bank reported an increase in technology and employee-related expenses to meet growth within its digital channels during the bank’s fourth-quarter earnings call on Thursday. WHY IT MATTERS: The $1.4 trillion TD Bank attributed the year-over-year rise in non-interest expenses to its “strategic investments in our people, in technology and in new capabilities in our […]
Brian Stone
Source link
National Bank of Canada (NBC) is set to continue its digital innovation strategy through hiring technology-focused talent. “We will continue to invest in our people, focus on deepening our client relationships, capitalize on our momentum in digital innovation and leverage our collaborative models to drive growth across the country in the years to come,” Chief […]
Brian Stone
Source link
Royal Bank of Canada’s (RBC) fourth-quarter expenses were up year over year, driven by its focus on digitalization and growth in digital usership. WHY IT MATTERS: The $1.4 trillion USD bank attributed the rise in expenses to “[investing] in the business around our application development, our technology costs and providing for our clients,” RBC Chief […]
Brian Stone
Source link