Tag Archives: Retail Banking

Business, Finance, Occupation & Industry

Dr. Gavin Michael Joins JPMorgan Chase as Head of Digital for Consumer and Community Banking

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By Business Wirevia The Motley Fool

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Dr. Gavin Michael Joins JPMorgan Chase as Head of Digital for Consumer and Community Banking

NEW YORK–(BUSINESS WIRE)– Chase announced today that Dr. Gavin Michael has joined the firm as Head of Digital for Chase’s Consumer and Community Banking division. Michael served as the Chief Technology Innovation Officer at Accenture since 2010, where he was responsible for the innovation agenda, technology strategy, and research and development. He will report to Gordon Smith, CEO of Chase Consumer and Community Banking, and Guy Chiarello, Chief Information Officer for JPMorgan Chase.

“We are extremely pleased to have Gavin join the firm,” said Gordon Smith, CEO of Consumer & Community Banking. “With over 31 million active Chase.com users and more than 12 million active mobile users, it’s important that we continue to innovate and provide exceptional customer experience in our internet and mobile channels. Gavin has more than 20 years of experience across Retail Banking technology, including governance, organization, strategy, and innovation. His experience in running large, complex global projects across financial services and consulting makes him a great fit to lead Chase’s mobile and digital channel.”

Prior to joining Accenture in 2010, Michael had a series of senior technology roles at Lloyd’s Banking Group, including Retail Chief Information Officer. In this role, he drove branch technology innovations at the center of their customer experience strategy. He previously held senior roles at National Australia Bank and IBM.

Michael received his Ph.D. in Computer Science from Australian National University and his undergraduate degree from University of Western Australia.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYS: JPM) , a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. Chase serves more than 52 million consumers and small businesses through more than 5,600 bank branches, 18,700 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.

Media:
JPMorgan Chase & Co.
Lauren Francis, 212-270-4435
lauren.m.francis@jpmorgan.com
Follow us @ChaseNews

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From: http://www.dailyfinance.com/2013/04/18/dr-gavin-michael-joins-jpmorgan-chase-as-head-of-d/

Business, Finance, Occupation & Industry

Bank of America Adds Human Touch to New ATMs

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By Business Wirevia The Motley Fool

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Bank of America Adds Human Touch to New ATMs

New ATM with Teller Assist ® Makes Interactions Easier for Customers

CHARLOTTE, N.C.–(BUSINESS WIRE)– Bank of America today announced the launch of its newest banking innovation, ATM with Teller Assist. This next-generation banking offering combines the technology and convenience of an ATM with the human touch of a teller.

The new technology gives customers access to a range of services during extended hours to address their daily banking needs, and provides them with convenience, control and flexibility over how, when and where they bank. Using the new ATMs, customers can speak with a Bank of America teller via real-time video and receive the same quality of personal assistance they would if they walked up to a banking center counter.

ATM with Teller Assist, which will offer bilingual support in both English and Spanish, offers customers many of the services a traditional banking center teller would, including the ability to:

  • Cash checks for the exact amount, including receiving change.
  • Receive cash withdrawals in a variety of denominations ($1, $5, $20 and $100).
  • Deposit checks with cash back (future functionality).
  • Split a deposit into two or more accounts (future functionality).
  • Make loan or credit card payments (future functionality).

“We know that customers want to bank on their schedule – not ours – so we are constantly looking at how to deliver more convenient banking options to them,” said Katy Knox, Retail Banking and Distribution executive at Bank of America. “This technology gives customers easy, convenient access to ATM banking services with the added option of having a personal interaction and the support of a teller available at the push of a button.”

ATMs with Teller Assist will be installed in banking center, drive-up, and remote locations and teller-assisted transactions will be accessible during extended hours: 7 a.m. – 10 p.m. local time on weekdays and 8 a.m. – 5 p.m. local time on Saturdays and Sundays, excluding holidays. Consumers also have the option to make a transaction as they would with any standard ATM 24/7.

Initially available in April at a Bank of America banking center in Boston, ATMs …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

How Profitable Is PNC Financial?

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By Robert Eberhard, The Motley Fool

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Earlier this week, I took a look at where PNC Financial gets its money, but revenue is only part of the story. It is more important to take a look at what is spent in the form of expenses to make that money, and how much money eventually makes its way to investors.

In this article, I will do just that, exploring some of the larger costs associated with running a bank of PNC‘s size. I will also take a look at one area where PNC has been able to improve dramatically over the past few years, as well as compare PNC to some of its competitors in one very important banking metric.

To the numbers!
As I mentioned in my previous article, PNC Financial breaks its business into six segments, and these six segments earned $14.9 billion in revenue during 2012. However, after all the costs associated with running the business, these segments earned nearly $3.4 billion, with one segment ending with a loss:

Business Segment

2012 Revenue

2012 Net Income (Loss)

Profit Margin

Retail Banking

$6.33 billion

$596 million

9.4%

Corporate & Institutional Banking

$5.70 billion

$2.33 billion

40.9%

Asset Management Group

$973 million

$145 million

14.9%

Residential Mortgage Banking

$526 million

($308) million

N/A

BlackRock

$512 million

$395 million

77.1%

Non-Strategic Assets Portfolio

$843 million

$237 million

28.1%

Total business segments

$14.88 billion

$3.39 billion

22.8%

Source: Company 10-K. 

It is not all that surprising that PNC‘s largest expense last year was the nearly $4.6 billion it spent for personnel. The bank had over 56,000 employees at the end of last year, including nearly 28,000 in the Retail Banking business alone. Unless it chooses to close some of its 2,900 branches, this is an expense that will probably remain a large portion of its business going forward, but it should also be seen as one of the costs of being one of the largest regional banks out there.

Another expense that tends to be high at banks, especially since the 2008 banking crisis, is the provision for credit losses. This is money set aside by banks that gives them some leeway should some loans go bad and they have to write off the the loan. This is one area where PNC shines. Since reporting $3.9 billion in this expense in 2009, PNC has been able manage its loan portfolio, as well as benefit from improving economic conditions, and reduce this cost to $987 million in 2012. In essence, this has freed up nearly $3 billion in income over the past four year, further strengthening the bank’s bottom line.

A bank’s efficiency is important
One important and often overlooked metric that we can examine with banks is its efficiency ratio. This ratio, which is calculated by dividing noninterest expense by …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Suffolk Bancorp Appoints Ramesh N. Shah Director

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By Business Wirevia The Motley Fool

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Suffolk Bancorp Appoints Ramesh N. Shah Director

RIVERHEAD, N.Y.–(BUSINESS WIRE)– Suffolk Bancorp (the “Company”) (NAS: SUBK) today announced that the Board of Directors, at its regular meeting yesterday, appointed Ramesh N. Shah as director of Suffolk Bancorp and its subsidiary, Suffolk County National Bank. As previously announced, Susan V.B. O’Shea, will be retiring from the Boards of the Company and the Bank on the day prior to the 2013 annual meeting of the Company’s Shareholders.

Mr. Shah is currently on the boards of directors of Cardon Outreach, a national provider of revenue cycle management services to hospitals and health service providers, and Safety Services, a leading supplier of OSHA compliant safety products. Mr. Shah enjoyed a career at Greenpoint Bank as CEO of Retail Banking from 1996 to 2004 and prior thereto held senior executive positions at Shearson Lehman Brothers and American Express.

Chairman Joseph A. Gaviola remarked, “We are very pleased to welcome Ramesh to our Board of Directors. With his wide range of experience at both large companies and in community banking, we know Ramesh will add considerable expertise to our Board. His proven success and expertise in retail banking, marketing, capital markets, management and technology will bring significant value to our deliberations and we look forward to working with him in the years to come.”

Howard C. Bluver, President and Chief Executive Officer of the Company added, “I am thrilled that Ramesh has agreed to join our Board of Directors. Having worked directly with Ramesh for a number of years in community banking, I know firsthand the expertise and industry savvy he will bring to our Company. No one understands the challenges faced by banks in the current economic and interest rate environments better than Ramesh, and I look forward to getting his advice and counsel in many areas as we move forward with our growth plans.”

Mr. Gaviola concluded, “On behalf of the Board of Directors, I want to thank Susan O’Shea for over a decade of dedicated service to our company. Susan’s focused insight and many contributions to our Bank and its business community are noted and most appreciated as she retires and spends less time on Long Island. We wish her nothing but the very best in the years to come.”

Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank, a full service commercial bank headquartered in Riverhead, New York and Suffolk Bancorp‘s wholly owned subsidiary. Organized in 1890, the …read more
Source: FULL ARTICLE at DailyFinance