The Latest

  • Image attribution tooltip
    Courtesy of State Street
    Image attribution tooltip

    State Street CFO to leave for S&P Global

    S&P will pay Eric Aboaf a $2.4 million signing bonus when he joins the credit ratings firm in February. He’s also in line for a one-time $5.9 million equity award.

  • image of woman on phone
    Image attribution tooltip
    Permission granted by The Federal Reserve
    Image attribution tooltip
    Sponsored by Federal Reserve Financial Services

    Increasing ROI and managing risk with the FedNow® Service

    Benefits of instant payments extend beyond customer convenience.

  • An exterior shot of the Department of Justice building shows the words "Department of Justice" and an American flag flying above.
    Image attribution tooltip
    Kevin Dietsch / Staff via Getty Images
    Image attribution tooltip

    Fairway to pay $9.9M in redlining settlement

    The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”

  • M&A due diligence lawyers legal
    Image attribution tooltip
    ArLawKa AungTun via Getty Images
    Image attribution tooltip

    ABN Amro stake sale stirs ghost of UniCredit-Commerzbank

    The Netherlands will offload roughly 10.5% of the bank “in the coming days.” European governments have sold more shares in bailed-out banks in 2024 than in any other since 2008. Observers await whether the top bidder will be another bank.

  • person standing outside of sofi technologies headquarters
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    SoFi, Best Egg get boosts from private credit

    Fortress Investment Group extended $2 billion to SoFi and led a $500 million purchase facility to Best Egg to help grow their loan platforms.

  • Citi CEO Jane Fraser speaks into a microphone as people sit behind Fraser.
    Image attribution tooltip
    Win McNamee / Staff via Getty Images
    Image attribution tooltip

    Citi ‘can walk and chew gum at the same time’: Fraser

    CEO Jane Fraser cited the bank’s ability to cut expenses while addressing the data, risk and control flaws regulators have flagged.

  • Goldman Sachs CEO David Solomon appears onstage.
    Image attribution tooltip
    Paul Morigi via Getty Images
    Image attribution tooltip

    Goldman profits soar 45% year over year

    CEO David Solomon touted an “improving operating environment” and reported gains in wealth management and investment banking fees. But its Platform Solutions business saw a 42% quarterly drop.

  • Michelle Bowman speaks at an April 2024 event
    Image attribution tooltip
    (2024). [Photo]. Retrieved from Federal Reserve.
    Image attribution tooltip

    Credit unions, fintechs should face same regulations as banks: Fed’s Bowman

    “[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.

  • Vice President Harris Holds Campaign Event In Kalamazoo, Michigan
    Image attribution tooltip
    Chris duMond via Getty Images
    Image attribution tooltip

    Harris tries to court Black men voters with forgivable loans, crypto

    Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.

  • An aerial shot of Green Bay, Wisconsin at night shows buildings near the riverfront.
    Image attribution tooltip
    Creative via Getty Images
    Image attribution tooltip

    Associated Bank takes ‘needs-based’ approach to growth

    The Wisconsin lender’s sales team has retrained to have “more holistic conversations” with clients and use “advice and guidance” as its bedrock, an executive said.

  • A skyline shot of Toronto, Ontario, with a bright blue sky in the background.
    Image attribution tooltip
    R.M. Nunes via Getty Images
    Image attribution tooltip

    Ousted RBC CFO joins Canadian investment firm

    Nadine Ahn, whom RBC dismissed in April, is expected to transition into the CFO role next year as Canaccord Genuity’s current CFO, Don MacFayden, focuses on the company’s capital markets business.

  • A Chevrolet Volt extended-range electric vehicle
    Image attribution tooltip
    Bill Pugliano via Getty Images
    Image attribution tooltip

    Barclays replaces Goldman Sachs as GM card issuer

    The London-based bank will issue two credit cards for the automaker in the U.S., beginning next summer.

  • American bank building is pictured with an American flag flag on cold morning.
    Image attribution tooltip
    sshepard via Getty Images
    Image attribution tooltip

    Data overload thwarts digital transformation in banking

    Despite eagerness to scale AI capabilities, the financial sector remains mired in technical debt.

  • The Justice Department building on a foggy morning in Washington, DC.
    Image attribution tooltip
    Samuel Corum/Getty Images via Getty Images
    Image attribution tooltip

    Philly-area credit union to pay $6.5M in DOJ redlining settlement

    Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.

  • JPMorgan CEO Jamie Dimon, seated near a floral arrangement, speaks during an event hosted by The Atlantic.
    Image attribution tooltip
    Tasos Katopodis / Stringer via Getty Images
    Image attribution tooltip

    Dimon won’t rule out government role

    The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.

  • grand rapids michigan skyline at dusk
    Image attribution tooltip
    Sean Pavone via Getty Images
    Image attribution tooltip

    Michigan bank ex-exec sues for alleged retaliation

    Todd Gray says bank higher-ups pushed him away when he showed concern about a new mortgage subsidiary. That subsidiary cost the bank millions of dollars before shutting down last year, he said.

  • First Interstate hires 37-year Colorado banking vet as next CEO

    Jim Reuter retired this year as FirstBank’s CEO, saying he was “looking forward to pursuing other interests.” As it turns out, that includes leading another bank.

  • Woman stands under TD Bank sign.
    Image attribution tooltip
    Drew Angerer via Getty Images
    Image attribution tooltip

    TD hit with asset cap, $3B in penalties over AML woes

    The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.

  • Bottled water and other supplies are stacked in the foreground with a Truist branch location in the background.
    Image attribution tooltip
    Permission granted by Truist
    Image attribution tooltip

    After Helene, banks aim to meet needs ‘exactly where they’re at right now’

    With Hurricane Milton tearing through Florida just after Helene devastated parts of the Carolinas and Tennessee, banks with a heavy Southeast presence are working to provide employees and customers with financial relief and basic needs like showers.

  • A person displays their open wallet and cards
    Image attribution tooltip
    Joe Raedle / Staff via Getty Images
    Image attribution tooltip

    LendingClub, Pagaya acquire tech assets of defunct Tally

    Tally’s assets will be integrated into the existing products of both firms, according to company spokespeople. Tally shuttered in August this year over failure to raise funds.

  • two people shaking hands
    Image attribution tooltip
    Getty Images/Staff via Getty Images
    Image attribution tooltip

    Credit union deal record extends

    Community First Bank is the 18th proposed whole-bank acquisition by a credit union this year, and the sixth with ties to Washington state.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi urges judge again to dump NY AG’s fraud suit

    Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”

  • Wall Street
    Image attribution tooltip
    Spencer Platt via Getty Images
    Image attribution tooltip

    NY comptroller projects Wall Street bonus boost for 2024

    Wall Street salaries, on average, slid again last year as profits tumbled from pandemic highs, but the state comptroller’s office predicts bonuses will grow 7.4% this year, as profits in the first half of 2024 soared.

  • Digital bank, Grasshopper Bank
    Image attribution tooltip
    Permission granted by Grasshopper Bank
    Image attribution tooltip

    Grasshopper Bank to buy Auto Club Trust

    Grasshopper's deal with ACT, a subsidiary of The Auto Club Group, would increase its assets to $1.4 billion.

  • cryptocurrency graphic
    Image attribution tooltip
    Dan Kitwood via Getty Images
    Image attribution tooltip

    Crypto.com sues SEC

    The exchange is now one of several sparring with the Securities and Exchange Commission.

  • Truist plaza is shown, with a sign reading "Truist" and the company's logo in the foreground, and the skyscraper in the background.
    Image attribution tooltip
    The image by Tyler Lahti is licensed under CC BY-SA 4.0
    Image attribution tooltip

    Truist customer data exposed in third-party breach

    The February breach involved personal information held by debt collector Financial Business and Consumer Solutions and did not impact Truist’s network, the bank said in a letter.