The Latest

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  A year after reorg, progress at Citi comes in ‘fits and starts’

  New penalties gave the bank focal points for its tech overhaul. But Citi is also aiming to keep staff robust enough – in the right places – to chase opportunity, CFO Mark Mason said.

  Regulations & Policy

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  BofA, JPMorgan, others urged to stop financing livestock production

  An open letter singles out the nation's largest banks for their support of food giants like JBS, saying lending activities undermine the sector’s environmental commitments.

  Commercial

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  JPMorgan Chase to equip 140K workers with genAI tool

  The bank expects up to $2 billion in artificial intelligence-related upside, President Daniel Pinto said at this week's Barclays conference.

  Technology

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  RBC names interim CFO Gibson as permanent

  The move presumably puts more distance between the bank and Gibson’s predecessor, Nadine Ahn, who has sued the bank for wrongful dismissal and damages.

  Commercial

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  9 crucial reactions to the capital requirements preview

  BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.

  Commercial

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  TD to pay CFPB $28M for giving credit agencies inaccurate data

  The penalty is hardly the largest that Canada’s second-largest lender expects. TD is facing criminal and civil investigations into its U.S. anti-money laundering program and anticipates a fine in the billions of dollars before year’s end.

  Regulations & Policy

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  Citi’s chief accounting officer exits

  Johnbull Okpara is leaving the bank after nearly four years to pursue another opportunity, according to an SEC filing Tuesday. Robert Walsh was named interim CAO.

  Commercial

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  Innovation may slow amid bank-fintech partnership scrutiny: analysts

  Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.

  Regulations & Policy

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  Ansa debuts in-store digital wallet capabilities

  Ansa last week launched a software development kit, which can be integrated into a brand’s mobile app. “The pain’s on our side to make sure all their systems talk,” co-founder Sophia Goldberg said.

  Payments

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  PNC’s Demchak wants to lean in to open banking for growth

  The Pittsburgh-based lender’s CEO is wary of larger rivals building branches in every city but said he won’t pay “silly” M&A prices for a “busted” franchise. 

  Commercial

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  Bank of America boosts minimum hourly wage to $24

  The move puts the Charlotte, North Carolina-based lender presumably one raise away from its long-held goal of lifting its pay floor to $25 per hour by next year.

  Regulations & Policy

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  NBT to merge with in-state lender in $236M deal

  The deal, set to close in the second quarter of 2025, will extend NBT’s footprint into western New York by adding 18 Evans Bank branches.

  Commercial

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  Basel revamp would boost capital requirements by 9%: Fed’s Barr

  The central bank’s vice chair for supervision previewed changes that would cut in half the extra capital the nation’s largest banks would be forced to hold.

  Regulations & Policy

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  Airwallex eyes embedded payments in globalization push

  Headcount increases in Brazil and Mexico are among the “immediate bets” the company is making, executive GM Ravi Adusumilli said.

  Payments

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  Huntington wants to open 55 branches in Carolinas over 5 years

  The Columbus, Ohio-based bank aims to add 350 employees and expand on a commercial-banking effort it launched in the two states last year.

  Commercial

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  Morgan Stanley fined $2M over ex-First Republic CEO stock sales

  The consent order issued by a Massachusetts regulator Thursday states the lender failed to properly monitor the former executive, who sold over $6.8 million in First Republic stock from February 2022 to March 2023.

  Regulations & Policy

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  Discover’s top lawyer to join Ally

  Hope Mehlman will leave Discover on Nov. 29, or once the card company’s acquisition by Capital One is finalized, whichever date is sooner. She's expected to start at Ally on Dec. 2, the bank said.

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  The fintech CEO who is becoming a frequent flier with SpaceX

  On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.

  Payments

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  RBC ‘selectively quoted’ texts to justify CFO’s firing, lawyer says

  In a new filing, the bank's ex-CFO, Nadine Ahn, said she received “differential treatment” as a woman and denied knowledge of “Project Ken” or an online “LoveBook” another executive allegedly ordered.

  Regulations & Policy

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  Many regionals lack clear strategy for private credit threat: analyst

  Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.

  Commercial

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  Morgan Stanley int’l chair suffocated, autopsy indicates

  Jonathan Bloomer, along with his wife and two others, appear to have died due to a lack of oxygen while trapped aboard British tech entrepreneur Mike Lynch’s sunken yacht, Reuters reported.

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  ConnectOne to expand in NY with $284M deal

  The New Jersey-based bank aims to create a premier middle-market bank focused on the greater New York metro area following its merger with The First of Long Island Corp.

  Commercial

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  Morgan Stanley drops plastic pollution financing goal

  A spokesperson for the bank told ESG Dive it would no longer have the standalone goal due to data availability and quality challenges as required climate disclosures near.

  Risk

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  Visa to upgrade pay-by-bank service in UK next year

  The card network plans to make the account-to-account service available to consumers for paying bills, like rent, but eventually for other uses too, such as digital streaming.

  Payments

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  Ex-Discover exec alleges age, gender bias in lawsuit

  Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.

  Risk

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