The Latest

  • Varo to Anyone is displayed on a mobile phone.
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    Varo aims to displace Venmo, Cash App volume with new P2P feature

    The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

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    Bank of Utah faces embezzlement lawsuit

    Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.

  • Bank of America, Erica, AI, chatbot, earnings, quarterly report, Brian Moynihan, CEO
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    Bank of America boosts minimum hourly wage to $23

    If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.

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    Eastern Bank to buy Cambridge Bancorp for $528M

    The merger will create a $27.1 billion combined company, without Eastern’s insurance operations, which will be sold to global insurance brokerage firm Arthur J. Gallagher & Co. for $510 million.

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    New guidance encourages banks to define a fintech’s maturity level

    Guidance released by the Alloy Labs Alliance aims to give banks an idea of how risk-management oversight may change or evolve as their fintech partner’s maturity develops.

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    Citizens pledges $50B to help commercial clients go greener

    The Providence, Rhode Island-based lender also aims to achieve carbon neutrality by 2035 and to engage with its oil and gas clients by next year regarding transition options.

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    Goldman in advanced talks to sell GreenSky: reports

    The group of potential buyers includes investment firms Sixth Street, Pimco and KKR, according to The Wall Street Journal. A deal would be worth roughly $500 million, the outlet’s sources said.

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    JPMorgan taps Gusto to offer embedded payroll services

    Chase Payment Solutions’ small and medium-size business customers can use Gusto to combine the payroll process with financial operations.

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    Citi launches token service for institutional clients

    The service uses blockchain technology to convert clients’ deposits into digital tokens that can be used for instant cross-border payments 24/7, the bank said.

  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Santander retools its structure

    The bank is consolidating its retail and commercial business into a new global unit and creating a global digital consumer banking division in a move meant to enhance profitability.

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    Morgan Stanley faces $750M lawsuit over rail-line lending

    Two private-equity firms accused the bank of breach of contract and fraud over the restructuring of a deal involving investments in a loan to high-speed rail operator Brightline Holdings.

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    Rakuten withdraws bid for NCUA charter

    The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.

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    Senate panel to hold vote on cannabis banking bill

    The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

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    BMO winding down indirect auto loans

    The move by the Canadian lender appears to be on-trend, with other lenders also stepping away from their indirect auto loan businesses in a challenging market.

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    FinCEN fines Puerto Rico bank $15M on alleged BSA violations

    Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

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    Brex adds more AI to CFOs’ expense management arsenal

    Brex is one of many software vendors that are racing to bet on AI following the swift rise of ChatGPT, created by Microsoft-backed OpenAI.

  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Wells Fargo ex-exec Tolstedt avoids prison time

    A federal judge sentenced the former retail-banking chief to six months of home confinement and three years of probation for her role in connection with the bank's 2016 fake-accounts scandal.

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    City National hires ex-Fifth Third CEO as executive board chair

    Greg Carmichael will report directly to RBC CEO Dave McKay. The Toronto-based lender acquired City National in 2015.

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    USAA poised to offer no-interest loans as government shutdown looms

    USAA said the loans are aimed at assisting customers who are likely to experience a paycheck disruption in the event of a government shutdown.

  • Rep. Patrick McHenry, R-N.C.
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    Column

    Capital-requirements dissent escalates

    Two dozen Republican lawmakers are asking the Fed and others to withdraw the rule, asserting it puts politics ahead of data.

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    No buyer for Laurentian Bank after strategic review

    Canada's ninth-largest bank will instead increase its "focus on efficiency and simplification."

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    Goldman fires transaction banking chief, execs over communication breach

    Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

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    Column

    TD, First Horizon lay out post-breakup woes at the same conference

    TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.

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    Incoming Lazard CEO aims to double revenue by 2030

    Peter Orszag wants to boost productivity in the bank’s investment-banking and asset-management businesses after taking the helm Oct. 1.

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    Citi reboots its management chain

    The bank scrapped a structure that split its business between two units, opting instead for five unit chiefs reporting directly to CEO Jane Fraser.