Gemini cutting another 10% of staff: report

The crypto exchange has been affected by Genesis' bankruptcy and the FTX contagion.

Big banks to launch digital wallet operated by Zelle parent: report

The wallet, which is expected to launch in the second half of the year, aims to compete with PayPal and Apple, sources told The Wall Street Journal. But serious competition may take a while, an analyst said.

FDIC, BofA go to court in deposit insurance battle

The regulator, which claims Bank of America owes $1.1 billion in deposit insurance payments, first filed the suit in 2017.

FTX-connected Farmington State Bank retreats from crypto, cannabis

The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

Morgan Stanley cuts CEO Gorman’s pay by 10% to $31.5M

The cut comes after a year that saw the bank’s profit and return on tangible common equity return to 2020 levels. David Solomon can become banking’s highest-paid CEO if Goldman Sachs pays him the same as it did in 2021.

Capital One cuts 1,100 tech jobs

The cuts affect employees in the bank’s “agile” job family. Responsibilities associated with the eliminated positions will be folded into existing engineering and product manager roles, Capital One said.

JPMorgan Chase keeps CEO Dimon’s pay steady at $34.5M

The bank agreed not to grant Dimon any “special awards” in the future — a nod to a $52.6 million share-options package that drew strong shareholder blowback last year.

Webster Bank CIO tapped to become Payoneer’s next CFO

Bea Ordonez joined the company last week, with the expectation that she would succeed Payoneer CFO Michael Levine, who is stepping down in March.

Crypto lender Nexo to pay $45M in SEC settlement

Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”

Bank of America institutes partial hiring freeze: report

The bank does not have plans for widespread job cuts, a spokesperson said, but will hold off on bringing in new hires until at least midyear or until the economy improves.

ESG debate escalates as GOP goes after influencers

Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.

Genesis prepping to file bankruptcy: report

If the lending arm of Digital Currency Group is unable to come to an agreement with creditor groups, it is poised to become the latest in a series of crypto sector bankruptcies, Bloomberg reported.

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

Fintech wreckage spells opportunity for bargain-hunting banks

Following a challenging year for the fintech sector, enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Klaros Group’s Jonah Crane.

Fed, OCC approve BMO’s $16.3B Bank of the West acquisition

The tie-up, expected to close Feb. 1, could be an early test of the central bank's proposal to revamp capital requirements for banks with $250 billion to $700 billion in assets.

Grasshopper, Ramp partner on small-business corporate card

The New York City-based digital bank will offer its customers access to Ramp’s spend management tool to help maximize savings and cut expenditures.

Fed lays out details of its climate pilot

The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.

Why Citi expects to see more of its less productive workers

Less productive workers can expect to come into the office to get “coaching they need until they bring the productivity back up again,” CEO Jane Fraser told Bloomberg.

CEO of bank software firm Temenos steps down

Max Chuard’s departure follows a drop in earnings, and comes amid pressure from activist investors who claimed the executive was "far out of his depth."

Three Arrows, CoinFlex founders eye new exchange to help FTX victims

The entrepreneurs aim to raise $25 million for an effort to let depositors transfer claims caught up in bankruptcy for a new token. The exchange’s placeholder name, GTX, saw considerable backlash on Twitter.

LendingClub to cut 225 employees

The fintech, which has a bank charter from its 2020 acquisition of Radius Bank, noted “reduced marketplace revenue” in the wake of last year’s series of interest rate increases by the Federal Reserve.

BNY Mellon to lay off 1,500 employees this year

The cuts will largely target management positions, a source told The Wall Street Journal. CEO Robin Vince, meanwhile, reiterated the bank's commitment to digital assets.

Goldman details $3B in losses since 2020

The bank's Platform Services unit, housing Apple Card, GreenSky and some Marcus business, lost nearly twice as much in 2022's first nine months as in 2020. Goldman reports earnings Tuesday.

Fifth Third closing 23 branches

The bank is concentrating its consolidation in the Midwest but says it aims to open 30 to 35 branches this year. The move comes during a week when Fifth Third launched early tax refund access to some account holders.

City National Bank to pay $31M redlining settlement

The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.