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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Old National names CFO amid predecessor’s child molestation case
Brendon Falconer, who was put on administrative leave, left the bank Aug. 31 with a $2.6 million payout. John Moran, the now-permanent CFO, has filled the post on an interim basis since April.
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REV Credit Union to buy West Virginia bank
The South Carolina-based credit union’s proposed acquisition of First Neighborhood Bank is the 15th announced whole-bank purchase by a credit union this year — one off 2022’s record of 16.
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Fed dings banks over flood insurance, crypto
First Interstate Bank must pay $70,000 to the National Flood Insurance Program, and United Texas Bank must revamp its compliance programs.
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OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
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TD’s US branch opening plans have slowed ‘dramatically,’ CEO says
As the bank tackles its anti-money laundering issues and sets aside money for expected penalties, TD CEO Bharat Masrani indicated plans to open branches in the U.S. have been reduced.
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Debt recovery software firm acquires SpringFour
Under the acquisition by C&R Software, social impact fintech SpringFour plans to continue innovating and bringing new solutions and products to the collections and debt recovery market.
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VersaBank completes purchase of tiny Minnesota bank
The purchase gives the Canadian lender a bank charter and access to federal deposit insurance as it strives to grow its primary point-of-sale lending product.
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Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
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Truist approves $4.5M bonuses for CFO, top consumer banker
The stock awards were given “to support the retention of key leadership critical to taking full advantage of the business opportunities” created by the sale of Truist’s insurance arm, the bank said.
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Goldman to cut hundreds of jobs: reports
The staff reduction, tied to annual performance reviews, could affect between 1,300 and 1,800 employees, or 3% to 4% of the bank’s workforce, The Wall Street Journal reported Friday.
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Republic First acquirer Fulton Bank to cut 111 NJ employees
“With the recent Republic Bank transaction, we brought in more than 300 team members, many with redundant roles to our existing corporate staff,” a bank spokesperson said Friday.
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Warren grills FINRA over enforcement decline
“Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.