Seventeen banks have failed so far this year, but their customers can rest easy — thanks to the Federal Deposit Insurance Corporation, as Sr. Producer Paddy Hirsch explains.
The two major banks beat expectations with JPMorgan reporting a $5.4 billion profit last quarter, and Wells Fargo making a $4.2 billion profit. Both said an uptick in mortgage lending helped their bottom lines.
Barclay’s, JPMorgan Chase, and Capital One announced that they’ll launch a trial program for a mobile payment system this summer, joining the ranks of Google Wallet and other mobile payment programs.