Goldman Sachs, long dominant in M&A and IPOs, is pushing to expand its smaller but faster-growing Asset & Wealth Management (AWM) division to diversify away from the cyclical swings of investment banking, which makes up about 70% of its revenue. Global AWM head Marc Nachmann sees an opportunity to gain market share in a fragmented field, focusing on ultra-high-net-worth clients ($30M+ accounts) and expanding advisor headcount, especially in Europe and Asia. A key growth lever is lending — both to existing clients and to wealthy, liquidity-constrained prospects — to deepen relationships and attract new business. Goldman is also moving into alternatives for retirement plans, notably private credit in 401(k) target-date funds, leveraging its experience with ultra-wealthy clients. This push aligns with a more favorable regulatory environment under President Trump, allowing broader access to alternatives. Additionally, the firm is integrating generative AI into AWM to improve efficiency and advisor productivity, such as portfolio monitoring and asset allocation analysis. Overall, Goldman aims to build a steadier, fee-based revenue stream while capitalizing on its leadership in high-end wealth management and alternatives.
Clinical studies and regulatory certificates have enhanced the trustworthiness of smart rings and next-gen contactless payment mechanism through NFC technology, combining health tracking with convenience
Smart rings are a revolutionary advancement in the wearable technology category, providing powerful technology in a small package that tracks health and connects with simple convenience. Brands like Oura, Samsung, and Ultrahuman lead this revolution, using advanced optical sensors to measure vital signs, forecast health trends, and incorporate artificial intelligence for personalized advice. The international wearable technology market is projected to reach USD 99.4 billion by 2029-2025, with bright rings playing a pivotal role in this growth. Non-invasive glucose monitoring is a key focus of bright rings, as companies like Ultrahuman use advanced optical sensors to measure glucose levels in real-time, enabling users to take more initiative in their health and diminishing the need for invasive actions. AI-powered insights are also used in these devices, providing individualized health data, such as sleep analysis and stress monitoring. Bright rings are designed to be minimal and comfortable, with strong sensors for monitoring heart rate, oxygen levels, and electrodermal activity. They offer a contactless payment mechanism through NFC technology, combining health tracking with convenience. Clinical studies and regulatory certificates have further enhanced the trustworthiness of smart rings, with Circular in France introducing a groundbreaking device featuring an FDA-approved ECG sensor capable of detecting atrial fibrillation. With bright rings becoming a growing trend, they will easily dethrone smartwatches as people with health concerns choose wearables. These devices are not accessories but vital equipment of personal empowerment, offering breakthroughs such as non-invasive glucose monitoring, AI-powered expertise, and FDA 510(K) approved sensors.
Guild originated $7.4 billion in mortgages in Q2, with 89% from purchase loans compared to the industry’s 67% average
Guild Holdings Co., the parent company of Guild Mortgage, returned to profitability in the second quarter and posted a sharp rise in refinance recapture ahead of its proposed $1.3 billion sale to Bayview Asset Management. Guild reported net income of $18.7 million for the quarter, reversing a $23.9 million loss in Q1. Adjusted net income totaled $41.4 million and adjusted EBITDA was $58 million, according to Securities and Exchange Commission (SEC) filings. Despite a constrained and challenging market, “We delivered our best adjusted net income, adjusted EBITDA and adjusted return on average equity since 2021,” said Guild CEO Terry Schmidt. “In the origination segment, we delivered origination growth of 44% quarter-over-quarter and 15% year-over-year, with expense and profitability metrics improving to levels we last delivered in 2022,” Schmidt added. The company’s refinance recapture rate climbed to 37% as of June 30, up from 31% as of March 31 and 22% a year earlier. Purchase recapture held steady at about 27%. The metric will be closely watched as loan officers assess how Guild might integrate its refinance capabilities with the $770 billion servicing portfolio of soon-to-be sister company Lakeview Loan Servicing, the nation’s second-largest mortgage servicer. Guild reported earnings, but executives did not hold a conference call with analysts due to the merger proposal. Guild originated $7.4 billion in mortgages in Q2, with 89% from purchase loans compared to the industry’s 67% average. That’s up from $5.2 billion in Q1 and $6.5 billion a year earlier. The company’s gain-on-sale margin was 329 basis points, down from 376 bps in Q1 but above 326 bps a year ago. Its servicing portfolio reached $96.2 billion at quarter’s end, compared to $94 billion in Q1 and $89 billion a year ago. The segment delivered $27.3 million in net income, factoring in a $41.3 million MSR valuation adjustment due to interest rate volatility. Guild retains 61% of the loans it sells. Bayview has signaled interest in Guild’s “customer-for-life” strategy and grassroots brand. Schmidt described the company as operating with two integrated channels — distributed retail and servicing — that feed into each other, with no plans to turn the lender into a refinance-focused shop. The company’s cash and equivalents were $107.4 million as of June 30.
Citizens appoints new CFO with extensive experience in managing complex enterprise transformation and optimization programs
Citizens Financial announced the appointment of Aunoy Banerjee as Executive Vice President and Chief Financial Officer, effective October 24. He will serve on the company’s Executive Committee and report to Chairman and CEO Bruce Van Saun. Banerjee joins from Barclays, where he is currently CFO of Barclays Bank PLC, leading a large global team supporting U.S. Consumer, Global Corporate and Investment Banking, and Private Bank and Wealth Management. Current CFO John Woods will depart on August 15, with Chris Emerson, EVP and Head of Corporate Planning & Enterprise Finance, serving as interim CFO. Van Saun described Banerjee as a seasoned leader with extensive experience in finance functions at major institutions and in managing complex transformation and optimization programs. Banerjee expressed enthusiasm for joining Citizens to help drive sustainable growth and value, noting the bank’s transformational journey. With 25 years in financial services, Banerjee will oversee Financial Planning and Analysis, Business Line Finance Groups, Controller, Investor Relations, Treasury, Tax, and Capital Management, along with Property & Procurement. His career includes eight years at State Street, where he was Head of Investments & Third Party Management, Chair of State Street India, Chief Transformation Officer, and Head of Corporate FP&A. He also spent 11 years at Citi in roles such as Business Unit CFO for Capital Markets and Securities Services, Finance Head of CCAR, and Head of Corporate Forecasting and Planning, and began at General Electric in its Finance Management Leadership Program. Notable achievements include overseeing a £1.1 trillion balance sheet at Barclays and co-leading its investment bank simplification initiative; managing a $100 billion-plus investment portfolio at State Street; and leading an enterprise-wide transformation to simplify operations, improve margins and productivity, and drive growth. Banerjee holds an MBA from the University of Rochester Simon School of Business and a BSc from St. Stephen’s College, University of Delhi.
Higher interchange fees from Discover deal would give Capital One an additional adjustment knob in competing for deposits; increased presence in payments, and its new direct relationship with merchants would give greater opportunities to provide financing to small businesses
Capital One’s Richard Fairbank, chairman and CEO made it clear that the deal will be not just a payments story but also a banking story — one example being the way it will augment the acquirer’s long-term effort to build a national full-service digital bank with a thin physical presence. He also made it clear that he’s playing a long game, although there may be early payoffs. Case in point: Discover’s debit network. This is one of the jewels of the deal, in part because it makes its owner exempt from Durbin amendment restrictions on debit interchange pricing. Fairbank means to treat this jewel carefully. One aspect of this is that the network will retain the Discover name — “absolutely the right brand for the network.” Indeed, Fairbank plans to continue using the Discover brand on the credit card side as well. Fairbank told analysts that “we don’t plan to come roaring out of this acquisition on national TV really leaning into the network brand.” Instead, the concentration will be on moving the Capital One debit business to the Discover debit network, as well as some of its credit card business. He pointed out that a large portion of Capital One’s existing customer base consists of people who travel internationally. Then building international acceptance will be a priority, ahead of promoting the brand name in its new setting. The potential competitive potential of this move can’t be ignored, according to Tony DeSanctis, senior director at Cornerstone Advisors. “By no longer having to adhere to Durbin requirements, they will have the opportunity to dictate interchange rates,” says DeSanctis. “Merchants can choose not to accept the cards, but for the most part the rates aren’t going to be so prohibitive that folks won’t accept them.” Being able to squeeze more interchange out of the process will enable Capital One to offer attractive rewards to debit card holders, he continues. This will draw certain customer segments to Capital One for banking. “So this has the potential to be incredibly disruptive in terms of growing their deposit base and their core banking activities,” says DeSanctis. DeSanctis says the ability to pull in higher interchange fees would give Capital One an additional adjustment knob in competing for deposits. It could tweak rewards to find the optimal balance points with deposit account interest. Forte Fintech’s Erin McCune points out yet another banking side to the deal: Greater opportunities to provide financing to small businesses that are hungry for working capital. McCune says Capital One could parlay its increased presence in payments, and its new direct relationship with merchants, into an opportunity to offer such financing. This could be done at more attractive pricing and terms than the nonbank providers currently offer, she suggests. Another potential avenue is facilitation of agentic AI purchasing, which McCune sees as the wave of the future.
M&T Bank to remain exclusive debit card partner of Buffalo Bills supporting financial literacy workshops, executive speaker panels, unique fan experiences and community impact programs
M&T Bank and the Buffalo Bills announced a multi-year, long-term extension during a special event they held today to celebrate the 40th anniversary of their first sponsorship agreement and the community impact they’ve made together in the years since. M&T will remain the “Official Bank of the Buffalo Bills” and become a founding partner for the Bills’ new Highmark Stadium, set to open in 2026. In the Bills’ new Highmark Stadium, M&T will serve as a founding partner, gaining access to unique opportunities to contribute to the in-stadium gameday experience alongside a prestigious group of brands. The Bills collaborated with global premium experiences company Legends to secure M&T Bank as a founding partner for Highmark Stadium. Legends is the Bills consultant on project development, global partnerships, premium sales, ticket sales, retail, and hospitality for the new Highmark Stadium. Community impact will remain a priority for the now-extended partnership. M&T and the Bills have agreed to build on the foundation of one of their flagship programs, Touchdown for Teachers, and continue to grow their shared impact on the regional education system. Since its launch, Touchdown for Teachers has recognized over 50 outstanding educators for their impact in their school communities and awarded more than $55,000 to schools across Western New York. Additional features of the multi-year, long-term partnership extension include:
- M&T will be a Training Camp Cornerstone Partner, securing robust brand exposure and new opportunities to engage with fans at camp practices and scrimmages.
- Buffalo Bills-branded debit cards will remain exclusively available through M&T Bank.
- M&T and the Bills will partner on an event series, including Chalk Talks, Financial Literacy Workshops, and Executive Speaker Panels.
- M&T will have opportunities to provide unique fan experiences and deliver community impact programs in collaboration with Bills players, alumni, coaches, and executives.