Between 2021 and 2025, the Japanese bank SMBC has raised its stake in the U.S. investment firm from 4.5% to 20%.
Many remain skeptical of the blockchain because it is associated with bitcoin. Eyes glaze over at the details of how it works. Applications for the average bank seem to be distant still. If this is how you think about the blockchain that is, when you think about it at all expect to be paying far closer attention soon.
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The stable outlook is an indication that — at least for some lenders — the much-feared cycle of cardholders defaulting on their obligations in the wake of the COVID-19 pandemic may not turn out to be so bad.
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Fiserv's Money Network will officially start managing the state's prepaid debit card program for distributing unemployment and disability benefits to 850,000 beneficiaries. BofA had been trying to exit its contract for several years due to financial risks.
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The card network said that recent weeks' cold snap in key cities had a chilling effect on U.S. spending, and reaffirmed its sunny outlook for the year.
Federal Reserve Vice Chair Philip Jefferson said in a speech Friday that long-term productivity gains brought on by artificial intelligence could compel the central bank to maintain higher rates to keep prices stable.
Sandro DiNello, who briefly led New York Community Bancorp amid turmoil earlier this year, is staying on the company's board. But Joseph Otting, the company's recently installed CEO, is taking on the executive chairman position.
The Federal Reserve is no longer exploring the idea of creating a new liability for interbank settlements. Instead, it is looking for ways to improve existing systems.
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The credit scoring firm takes issue with an article questioning changes to its scoring model.
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The Federal Home Loan banks and their clients were well represented in the Federal Housing Finance Agency's recent "listening tour." The public, not so much.
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Legislation that would make it simpler for banks to work with cannabis firms is always just about to arrive. But it never does.
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The Massachusetts bank is being accused of aiding and abetting the operation of a Ponzi scheme centered in Hamilton, New York. The bank declined to comment on the allegations.
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City National Bank promotes Brandon Williams to head private banking and wealth management; a former U.S. Postal Service letter carrier is sentenced to five and a half years for stealing over $10 million in checks from the mail; Lazard expands its North American investment banking franchise with two managing director hires; and more in this week's banking news roundup.
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The government-powered network is allowing larger payments to settle instantly, a move The Clearing House has also made for its RTP network. Payment experts say more than higher limits are needed to make speedy processing ubiquitous.
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The world's largest stablecoin issuer is preparing to launch USAT, its U.S.-regulated, dollar-backed stablecoin, by the end of the year, Tether CEO Paolo Ardoino told reporters at an event in New York. Bo Hines was also named CEO of USAT.
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The AI-powered auto lender is the latest fintech to debut an IPO in recent months, even as a different auto lender filed for bankruptcy this week.
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Biometrics for in-store payments are taking off; the next logical step is e-commerce. Here's how that may work.
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The Federal Open Market Committee is expected to announce guidance on the end of its quantitative tightening program later Wednesday. As that process draws to a close, experts are questioning when and how the central bank should use its balance sheet to smooth economic stress in the future.
Content marketing through the use of blogs, videos, social media, and email newsletters can feel a little dated.
The 23rd annual ranking of women leaders in the banking industry.
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