During Thursday’s trade, Shares of Bank of America Corporation (NYSE:BAC), lost -0.28% to $17.57.
If the top 10 retail banks don’t shape up, they could lose a combined 8 percent of their customer base and nearly $11 billion in retail revenue in the next year, according to Business Journals.
The stakes are high, according to financial consulting firm cg42. This week, the firm released its 2015 Retail Banking Vulnerability Study, and although big banks have made some progress since the last study was released in 2013, customers still aren’t thrilled. The firm looks at frustrations that cause customers to leave banks and then leverage that information to “create the bold moves that will redefine their customer experience and, therefore, their brands,” managing partner Stephen Beck wrote in a letter introducing the study. Business Journals Reports
Charlotte, N.C.-based Bank of America Corp. (NYSE: BAC) leads the pack of banks most at risk once again. BofA is projected to lose 10.3 percent of its customers and $1.7 billion in net revenue in the next 12 months. And 29 percent of the bank’s customers are at risk of leaving.
Bank of America is the second-largest bank in Central Florida, with $9.56 billion in local deposits and 61 branches. Business Journals added
Bank of America Corporation is a bank holding company. The company, through its auxiliaries, operates through Consumer and Business Banking; Consumer Real Estate Services; Global Wealth and Investment Administration; Global Banking; Global Markets; and Other segments. Its Consumer and Business Banking segment offers a range of deposits and consumer lending services.
Shares of Alphabet Inc. (NASDAQ:GOOG), declined -0.26% to $760.41, during its current trading session.
Google is nearly doubling the amount of renewable energy feeding its massive data centers that enable more than 1 billion people to search for information, watch video clips and communicate virtually anytime they want, according to AP.
The long-term commitments declared Thursday cover up to 842 megawatts of power that will flow from six different wind and solar power projects planned to be finished within the next two years in the U.S., Chile and Sweden. Google isn’t disclosing how much it anticipates to pay for the power.
Some of the deals were signed several weeks ago, but Google timed its declaration to coincide with the U.N. conference in Paris that is exploring ways to reduce the volume of carbon emissions widely believed to be changing the Earth’s climate. AP Reports
Alphabet Inc., through its auxiliaries, builds technology products and provides services to organize the information. The company offers Google Search that provides information online; Google Now that offers information to users when they need it; AdWords, an auction-based advertising program; AdSense, which enables Websites that are part of the Google network to deliver ads; DoubleClick Ad Exchange, a marketplace for the trading display ad space; and other advertising platforms, such as AdExchange and AdMob.
Finally, Paychex, Inc. (NASDAQ:PAYX), lost -0.42%, and is now trading at $53.69.
Paychex, declared the acquisition of Advance Partners, a leading provider of integrated financial, operational, and planned services to support independent staffing firms. The Cleveland, Ohio-based company offers customizable solutions to the temporary staffing industry, counting payroll funding and outsourcing services, which comprise payroll, invoicing, and tax preparation.
“The staffing outsourcing business is a growing industry that serves many small and mid-sized firms, which is a perfect fit for Paychex,” says Martin Mucci, Paychex president and CEO. “We are excited about Advance Partners joining the Paychex family. And, given Paychex’s extensive product suite, financial strength, and access to capital, we can assist expand Advance Partners’ product offering and accelerate client growth.”
Industry data shows there are more than three million temporary staffing employees in the United States, and about 10,000 small and mid-sized staffing businesses that support this employee population.
Paychex, Inc. provides payroll, human resource, insurance, and benefits outsourcing solutions for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that comprise the calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and administration reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients payroll obligations.
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