Banks Claim to be Taking Market Share from Fintech During the Crisis

Leading bankers claim that consumers are gravitating towards big, stable institutions during the financial crisis, reversing a decade long trend; the CEO of Morgan Stanley reminded everyone at the U.S. Financial conference this week that some of the new online robo players have had outages in recent times; Bank of America claims to have opened 300,000 new investment accounts during the crisis; Citizens Bank is gaining market share in mortgages as “a lot of the nonbanks are having some real challenges at the moment,” according to Brendan Coughlin, their head of consumer banking; according to the Federal Reserve, deposits at the 25 largest banks rose by about $1.3 trillion from the end of February through May 27. Yahoo

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