New York (CNN Business)America's banks have rapidly shut down branches over the past decade to slash costs and adapt to a world in which deposits can be made on smartphones. The number of US bank branches has shrunk by more than 3,000 since 2010, according to Deloitte. Bank of America (BAC) alone has slashed its branch count by more than 1,400. Not only does the shift away from physical branches save banks money, it makes sense given how much younger Americans rely on their smartphones for daily life. Yet new research suggests banks should think twice before they shut down their next bank branch: Many customers, especially younger ones, still regularly rely on physical banks to make deposits, get paper money and even pay bills. Seventy-two percent of GenZ consumers visit a physical bank branch at least monthly, the highest of any age group, according to a study of 1,000 consumers by Adobe Analytics shared exclusively with CNN Business. And 60% of Millennials say the same. … [Read more...] about Exclusive: Why Millennials and GenZers love going to the bank
Millennial money when ethical funds arent so ethical
University of Miami professor Bruce Bagley was arrested on Monday, charged with laundering three million dollars. Professor Bagley allegedly cleaned and helped to distribute approximately three million dollars between November 2017 and April 2019. The newly-laundered money was collected through bribery, as well as a public works project in Venezuela. Prosecutors also claim Bagley pocketed about 10% of the money, around $300,000. He has been charged with two counts of money laundering, and one count of conspiracy.U.S. Attorney for the Southern District of New York Geoffrey Berman said Bagley “opened bank accounts for the express purpose of laundering money for corrupt foreign nationals.” Further, that “the funds Bagley was allegedly laundering were the proceeds of bribery and corruption, stolen from the citizens of Venezuela.” The 73-year-old international relations professor has been one of the top experts in Latin American organized crime, with a … [Read more...] about Money Laundering Expert Arrested for Laundering Money
For the most part, crisis pregnancy centers stay away from offering or even recommending any kind of “artificial” birth control. Photo: Adam Hart-Davis/Getty Images/Science Photo Librarary Like nature, federal funding streams abhor a vacuum. So when the Trump administration pushed Planned Parenthood out of women’s family-planning programs by stipulating that recipients could not refer patients to (or have an organization connection with) abortion providers, a pot of about $60 million a year suddenly became available to anyone who could supply the stipulated services without running afoul of the new regs. For the most part, the anti-abortion movement’s favorite alternative to Planned Parenthood clinics, its huge (an estimated 2,750 of them) network of so-called “crisis pregnancy centers” don’t really pretend to offer “family planning” or women’s health services. They mostly exist to talk or coerce pregnant women into … [Read more...] about Can Anti-Abortion ‘Crisis Pregnancy Centers’ Snag Federal Family-Planning Funds?
Reid Hoffman, the co-founder of LinkedIn, is reportedly funding politicians and political campaigns opposed to President Donald Trump. Hoffman is reportedly preparing to spend hundreds of millions of dollars on causes and campaigns that he believes will directly fight the president’s agenda. Hoffman has already donated to the American Civil Liberties Union (ACLU), which has challenged President Trump on a number of his key policy implementations, such as the temporary travel halt earlier this year. Hoffman has also invested in movements such as Win the Future, a group founded by Hoffman and Zynga co-founder Mark Pincus, which aims to rethink the Democratic party’s failing strategy.Hoffman’s friends have spoken about his concerted efforts to apply the business skills and money he’s earned in the Silicon Valley tech scene to politics. “I’ve seen him spend a huge amount of his mental cycles and time on politically related … [Read more...] about LinkedIn Co-Founder Takes on Trump, Funds Democratic Causes
Photo: Getty Images/Composited by New York E-commerce is a massive industry, and it’s only getting bigger. Sales are expected to double between 2019 and 2020, going from nearly $2 trillion to over $4 trillion. Yet it’s also a risky business, and failure is not the exception but the norm. If you’re launching any kind of online store, it’s vital to know what separates those that succeed from those that don’t. Two women who’ve considered that question are Maddy Moelis and Sierra Tishgart, co-founders of the year-old kitchenware company Great Jones. The childhood friends spotted a hole in the direct-to-consumer market in early 2018. Within months, they quit their jobs — Tishgart was a senior food editor at Grub Street — to create high-quality, design-minded cookware and sell those wares exclusively on-site. A year after launching, they’ve raised over $3 million in seed funding, garnered plenty of press, and sold enough pots and pans … [Read more...] about How This Millennial Cookware Brand Mastered Selling Online