JPMorgan's Ben Carpenter will join Evercore as a senior managing director; Wells Fargo appoints Jackie Krese to head syndications within its fund finance group; the SEC is probing Jefferies over its relationship to bankrupt auto parts supplier First Brands Group; and more in this week's banking news roundup.
It's hard to sell a big bank something regardless of the tech company's size. But for early-stage startups with only a handful of employees and a product still under development, the challenge is far greater than for seasoned tech vendors.
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The card brands and tech giants are expanding their payments reach in one of the world's largest markets, while facing a multi-billion-dollar class action complaint by British businesses over fees. That and more in American Banker's weekly global roundup.
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The trucking and transportation industry is highly fragmented with hundreds of thousands of participants and different processing systems. The $1 trillion in revenue has drawn processors and card companies armed with new tech.
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Credit card company is seeking to secure online payments using tokens based on consumers' biometric information.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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Bank of America, the second-biggest U.S. bank by assets, said second-quarter profit fell 21% as it took an accounting charge and posted a decline in wealth management revenue.
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The U.K.'s mobile-first Starling Bank has received a banking license from the Financial Conduct Authority and Prudential Regulation Authority.
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BancAlliance, a consortium of more than 200 community banks, is partnering with the digital wealth management firm Personal Capital.
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Tenants have threatened to suspend payments during the pandemic to pressure officials into providing rental assistance, but the effects on multifamily loans would compound concerns about servicers' liquidity and, ultimately, lenders' performance.
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The National Credit Union Administration this week will consider an interim final rule regarding its Central Liquidity Facility and changes to real estate appraisal requirements.
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In blue states in particular, governors and attorneys general are taking up the mantle of consumer protection during the coronavirus emergency, effectively adding another layer of regulation to the patchwork of state and federal oversight.
Amid steady customer growth, USAA's banking arm failed to make the investments necessary to satisfy either its regulators or some decades-long customers. Changes in the executive suite haven't fixed the problems.
Federal Reserve Vice Chair Philip Jefferson said in a speech Wednesday that elevated tariffs will likely lead to inflation, but time will tell how impactful that spike in prices might be.
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The National Credit Union Administration is addressing two of the main reasons why new institutions aren't being formed — making it easier for the organizers to raise the required capital and easing the burden of the application process, says Todd Harper, the agency's chairman.
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Edward M. Lamont's biography of his grandfather, Thomas W. Lamont, who advised presidents and extended credit to foreign nations as JPMorgan & Co.'s chief executive in the first half of the 20th century, will be rereleased in paperback this fall. Given that more concise, analytical histories of the banker have been published since, this long tome may have been better left collecting dust.
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Banking crises always recur. But time and again, bankers have been shown to operate on the assumption that good times are permanent.
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Royal Bank of Canada now expects to achieve an annual return on equity of at least 17% by 2027, executives said Wednesday, up one percentage point from the bank's earlier goal.
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Companies such as Google, Visa and Mastercard are building a framework that will allow AI agents to shop and make payments. There are signs that consumers are warming to the idea.
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The Toronto-based loan fintech received an IFE license from Puerto Rico to launch Propel Bank.
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As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.
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The Troy, Michigan-based lender and servicer faces at least seven lawsuits over a hack in June allegedly perpetrated by a known ransomware gang.
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In a relatively mild oversight hearing in the House Financial Services Committee Tuesday morning, regulatory heads at the Federal Reserve, Office of the Comptroller of the Currency, National Credit Union Administration and Federal Deposit Insurance Corp. outlined plans for reduced capital requirements and debanking enforcement.
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A recent $450 million loan is par for the course at Beal Bank USA, which has developed a reputation for seeking out nine-figure loans backed by tangible property.
The Montreal-based bank brought its earned media value up to $1 million by building an internal system for employees to share social posts about BMO.
The 23rd annual ranking of women leaders in the banking industry.
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