Glen Herrick, a veteran bank director, penned a resignation letter criticizing the West Virginia company's executive-compensation policies and what he described as a failure to focus on core profitability.
Bank executives say artificial intelligence will create jobs, while analysts say the opposite. Employees are anxious but willing to try to work with it. All agree AI is already making an impact.
-
The payments division of the country's largest bank posted $4.9 billion in revenue in the third quarter as transaction volumes in merchant services outpaced volume in 2024.
-
SEO Steve Squeri told analysts its platinum card upgrade has gotten off to a strong start, and added he's not noticing signs of consumer weakness due to recent political battles.
-
Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.
Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
-
The Alabama bank hopes that its new InvestPath platform, which combines automation and personal interaction, will attract first-time investors.
-
The new service, which will offer one-on-one advice, is open to people with at least $100,000 in investable assets. It’s part of the company’s ongoing efforts to build a full suite of retail banking products.
-
The former JPMorgan Chase executive will will replace Jim Hays, who is retiring.
-
Some legal experts say the U.S. Supreme Court justices appeared to favor national rules preempting state regulations in the Bank of America in a case regarding mortgage escrow accounts.
-
For the first time since mid-December, the Freddie Mac survey reports mortgage rates over 6.7%.
-
The company was able release credit reserves because of actual and forecasted prices that boosted net income, CEO Priscilla Almodovar said.
AlumniFi, the digital banking arm of Michigan State University's official credit union, is now an official bank partner for the NCAA's Big East conference.
U.S. District Judge Amy Berman Jackson said the administration must request funds from the Federal Reserve, rejecting a Trump DOJ legal theory.
-
The creation of a Strategic Bitcoin Reserve creates a tempting target for bad actors, and raises the stakes for everyone in the areas of anti-money laundering, cybersecurity, market-volatility and sanctions-screening.
-
The STATES 2.0 Act, currently pending in Congress, would go a long way toward giving banks confidence that they can provide services to legal cannabis businesses without putting themselves in legal jeopardy.
-
The probability of a trade war-induced recession is unclear and fluctuates almost daily. However, the possibility is real enough that banks have a responsibility to prepare for a serious economic downturn on par with the 2008 financial crisis.
-
The financial advisory firm initially sought an industrial loan charter back in 2020. It's the third company to receive the necessary approvals this year, joining General Motors and Ford.
-
Though changes to bank capital rules previewed by Federal Reserve Vice Chair for Supervision Michelle Bowman in February are being viewed as welcome, experts say other more significant hurdles — not all of them regulatory — are keeping banks on the sidelines of mortgage servicing and lending.
-
The proposed national trust charter company would be a wholly owned subsidiary of Morgan Stanley. The application was filed on Feb. 18.
-
Fulton Financial received the necessary approvals to acquire Blue Foundry Bancorp; JPMorgan hired two Bank of America health care veterans while shuffling leadership; Mizuho Financial Group has plans to replace about 5,000 administrative jobs with artificial intelligence over the next 10 years; and more in this week's banking news roundup.
-
Preferred Bank moved a $115 million block of loans to nonaccrual status after the borrower, which is battling fraud charges leveled by other banks, began missing payments.
-
A final rule published by the Office of the Comptroller of the Currency Friday will formalize a 2021 interpretive guidance allowing national trust banks to perform non-fiduciary custody. The banking industry complained that the rule runs counter to the traditional scope of the charter.
- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- TechnologyWednesday, ThursdayThe latest industry developments from digital banking to cybersecurity to AI.
- PaymentsDelivered Every WeekdayAn early-morning roundup of important headlines from the past 24 hours.
- Best of the WeekFridayThe most important and widely read stories from the previous week.
The payments company will fire about 40% of its employees, with CEO Jack Dorsey attributing the move to the impact of artificial intelligence. While investors cheered the move, analysts also raised questions about the company's functionality, and Dorsey said other companies will make similar moves.
A new report from Cerulli Associates shows older, affluent investors are far more skeptical of AI use than their younger counterparts. Financial advisors who use AI tools in their practices say transparency is key to setting wary clients at ease.
The 23rd annual ranking of women leaders in the banking industry.
- Sponsored by S&P Global
- Sponsor Content from Chargebacks911
-
Partner Insights from Earnix - Sponsor Content from Finzly
