Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Varo slows burn rate, shifts marketing strategy

The bank cut its marketing budget and shifted its focus from maximizing user numbers to growing the segment that uses Varo as its primary bank.

By Anna Hrushka • Jan. 31, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Crypto firm Gemini picks new finance chief

Tyler Skelton joins Gemini from small-business payment service provider Till Payments. He also held finance roles at crypto insurance marketplace Nayms and financial services provider Bakkt.

By Grace Noto • Jan. 30, 2023

Marqeta names new CEO, makes $275M deal

The company is elevating its chief product officer and acquiring cloud-native credit card program management platform Power Finance.

By Gabrielle Saulsbery • Jan. 30, 2023

Crypto firm Dinara takes proactive stance on compliance, general counsel says

The company's work to meet Banking Secrecy Act standards serves as a key differentiator in the industry amid FTX's bankruptcy, Yanire Martes says.

By Lyle Moran • Jan. 27, 2023

The crypto world is sending mixed signals

Nearly 2,000 crypto workers have been laid off in 2023, but the value of Bitcoin climbed enough in January for Goldman Sachs to take note.

By Gabrielle Saulsbery • Jan. 27, 2023

Morgan Stanley claws back bankers’ pay over WhatsApp scandal

The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.

By Dan Ennis • Jan. 26, 2023

Former BofA CEO-backed fintech launches to match SMBs with lenders

“What we want to do is to put people that want to lend money together with people who need money. It's not complicated,” said ex-Bank of America CEO Hugh McColl Jr., a founding investor in Foro.

By Anna Hrushka • Jan. 25, 2023

Feds seize $150M from Farmington, Silvergate amid FTX probe

Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”

By Gabrielle Saulsbery • Jan. 25, 2023

Inside Jenius Bank’s plan to tap the US consumer market

Japanese giant Sumitomo Mitsui Banking Corp. has invested $150 million in the digital bank, which aims to roll out personal loans, savings and checking accounts within the next 12 to 18 months.

By Anna Hrushka • Jan. 24, 2023

Gemini cutting another 10% of staff: report

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

By Gabrielle Saulsbery • Jan. 23, 2023

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.

By Anna Hrushka • Jan. 23, 2023

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.

By Anna Hrushka • Jan. 20, 2023

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.”

By Gabrielle Saulsbery • Jan. 20, 2023

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.

By Gabrielle Saulsbery • Jan. 19, 2023

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.

By Anna Hrushka • Jan. 18, 2023

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."

By Anna Hrushka • Jan. 17, 2023

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.

By Gabrielle Saulsbery • Jan. 17, 2023

Banks have an urgent need to transform for the future — and they know it

Are you missing out on the great migration?

Jan. 17, 2023

SEC charges Gemini, Genesis with selling unregistered securities

The regulator took issue with Gemini's high-yield Earn product, which was terminated this week. Gemini has faulted Genesis for pausing withdrawals, which has kept investors from accessing millions.

By Gabrielle Saulsbery • Jan. 13, 2023

JPMorgan shuts down college-aid site Frank amid legal dust-up

The bank is suing the startup's founder for exaggerating Frank's customer base ahead of JPMorgan's 2021 purchase of the platform. Frank's founder, in a separate suit, said the bank fired her unjustly.

By Dan Ennis • Jan. 12, 2023

Frost Bank to offer home loans after more than 20-year hiatus

Despite market headwinds, the bank is bullish on its return to home lending, and has a long-term vision for its mortgage operation, the bank’s CIO said.

By Anna Hrushka • Jan. 12, 2023

Coinbase cuts 20% of workforce

New layoffs of about 950 people mean the crypto exchange has reduced headcount by more than 2,000 since June. CEO Brian Armstrong, however, expressed optimism about the future.

By Gabrielle Saulsbery • Jan. 10, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Metropolitan Commercial Bank backs out of crypto

The bank, which served as a partner to bankrupt exchange Voyager, said it began pivoting away from the sector in 2017 and that digital-asset deposits “have never represented a material portion” of its business.

By Gabrielle Saulsbery • Jan. 9, 2023