Banks cling to fees as income slows from low rates
Banks report weak third quarter results as lending yields shrink under record low rates and new rules curb traditional charges. Bank of America faces backlash over a $5 monthly debit fee while Wells Fargo and JPMorgan warn of fee income declines. Activists decry high costs amid job losses and anti-Wall Street sentiment.
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Banks roll out new fees to shore up revenue
Banks test and implement monthly fees to offset revenue drops. Citi plans a $20 monthly charge for customers with balances under $15,000 across accounts starting December. Wells Fargo tests a $3 debit card fee in five states. JPMorgan Chase tested a $3 debit card fee in Wisconsin and Georgia. SunTrust in Georgia adds a $5 debit fee for basic checking. Regions Financial introduces a $4 debit card fee.
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Gypsy Trading Co Brings Fashion Jewelry to Amherst
Carol Park leaves 22 years in medical billing to open Gypsy Trading Co in Amherst offering fashion jewelry and accessories. She praises unique, affordable items, noting customers laugh and shop with a sense of fun, with prices lower than Kohl’s and quality above Walmart.
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Gypsy Trading Co Opens Brick and Mortar Store in Amherst
Park opens Gypsy Trading Co at 936 Amchester Drive Amherst Ohio after years of home shows and craft bazaars. She cites Amherst hometown ties and a Texas modeled shop as the inspiration with a late August opening and positive community feedback.
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New Lorain County Retailer Eyes Regional Growth
Park opens a new Lorain County store with wholesale aims to gift shops beauty parlors and hospitals. She plans more small town locations next year and has enjoyed travel opportunities. Contact Rob Swindell at 329-7155 or ctnews chroniclet.com.
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ctnews@chroniclet.com
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Rob Swindell
Chroniclet
Goldman Sachs Posts 428 Million Q3 Loss Amid Market Swings
Goldman Sachs Group Inc reports a 428 million dollar loss in the third quarter as underwriting and trading revenue decline. The result, worse than estimates, follows sharp market volatility and souring investments across stocks and bonds. Analysts warn the move could reflect ongoing industry weakness and tighter government controls.
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