FedNow zooms past RTP participation in inaugural year

The Federal Reserve’s nascent instant payments system has collected hundreds of bank participants across the country in its first year of operations, although a few major banks are holdouts.

SEC drops enforcement action against Paxos

The SEC dropping its enforcement action against Paxos a year after issuing the firm a Wells notice may have reignited the crypto regulation debate.

Truist to cut tech jobs amid restructuring

The bank will make an undisclosed number of cuts over the next three to four months and help affected employees in finding other opportunities.

Morgan Stanley sees 41% profit jump, but wealth management teeters

CFO Sharon Yeshaya assured investors “both sides” of the bank are “working.” The lender saw a 51% gain in investment banking fees.

BofA projects net interest income improvement later this year

Second-quarter results for the Charlotte, North Carolina-based lender are yet another sign banks are getting bit by higher-for-longer interest rates.

Missouri’s First Bank leans on ‘Goldilocks size’

The family-owned bank, which also serves customers in Illinois and California, is planning to enter the Texas market this year.

First Republic ex-employees’ suit dismissed against FDIC

A federal district judge said his court “lacks jurisdiction” over the lawsuit, brought by 170 ex-First Republic employees who say the FDIC is blocking them from $150 million in retirement funds.

Goldman’s profit more than doubles, but enthusiasm is muted

CEO David Solomon repeated his displeasure around the Fed’s demand that Goldman increase its stress capital buffer. The bank has appealed the test result, according to the Financial Times.

BofA tackles digital banking’s transaction pain points

The latest CashPro platform update is designed to better address transaction-related inquiries — one of the top reasons business customers call and email the bank.

Citi leans on tech modernization to fix data quality management failings

Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."

Why Morgan Stanley teamed with Disney to sponsor a Serena Williams docuseries

CMO Alice Milligan explains how the move was a natural fit for a financial services marketer that has made amplifying women’s sports a priority.

Dive Deposits: It was Citi’s week and, arguably, everybody won

The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.

Wells Fargo cites customer movement as net interest income drops

The bank looked for a boost from higher fees in investment banking as it aims to reduce its reliance on net interest income.

Bain, Reverence to acquire Envestnet in $4.5B deal

The transaction, expected to close in the fourth quarter, will take the publicly traded wealth technology platform private.

Banks should proactively tackle instant payments fraud: BNY

Use of data-sharing protocols among banks could warn customers before they send money, said Carl Slabicki, a BNY executive.

Citi to pay $135.6M in new penalties over 2020 orders

The bank has made insufficient progress toward resolving nagging data quality, risk management and internal control issues, the OCC and Federal Reserve said Wednesday.

Senators press Jamie Dimon on alleged climate turnabout

The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank's environmental "commitments" and "aspirations."

RBC shakes up C-suite, splits personal and commercial banking

A spate of moves appears to elevate Neil McLaughlin as a contender to succeed Dave McKay as CEO, but that transition may not be soon. The bank did not disclose the future of its still-interim CFO.

Senators grill FDIC chair nominee Goldsmith Romero

The CFTC commissioner aiming to replace Martin Gruenberg pledged Thursday during a Senate committee hearing to bring accountability to an agency reeling from toxic-culture allegations.

Archegos founder found guilty of fraud, market manipulation

Bill Hwang was found guilty of 10 out of 11 criminal counts, while former CFO Patrick Halligan was found guilty of all three counts he faced, including fraud and racketeering.

First Citizens’ poaching claims against HSBC largely dismissed

A judge allowed claims alleging theft of trade secrets and breach of contract to proceed. First Citizens claimed an SVB alum hatched a plan to persuade more than 40 employees to follow him to HSBC.

Bank-fintech guidance needs more clarity, FDIC’s McKernan says

“Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.

MoneyLion doubles down on AI to bolster customer experience

The fintech's gen AI-powered search engine, currently in beta, is set to be launched by end of summer, CEO Dee Choubey said. 

Citi vet joins Blackstone’s credit unit

Tyler Dickson was seen as a contender to lead Citi’s banking unit. He left the bank after JPMorgan alum Viswas Raghavan was hired for the role.

Warren presses Fed’s Powell on bank exec compensation

The central bank chair engaged in a heated back-and-forth with the senator, and also weighed in on CRE, Chevron deference and liquidity in hearings this week.