The Latest

Wall Street is spending more than ever on technology designed to keep an eye on traders after regulators extracted record fines from many of the world's biggest banks for lapses in monitoring communications.

Rising interest rates and tightening consumer credit are likely to drive many consumers to use interest-free point-of-sale loans, putting BNPL fintechs' data-driven underwriting to the test.

Thomas Montag, once the second-most powerful executive at Bank of America, is returning to Wall Street with the launch of a carbon-credit venture backed by TPG Inc.

A group of investors led by Mexico's Banca Mifel and backed by the U.S. private equity giant Apollo Global Management are in talks with banks for about $2 billion of financing for their bid to buy Citigroup's Mexican retail unit Banamex.

Mastercard lost a bid to narrow the size of the U.K.'s largest- ever class action claim over its payment fees after appeal judges rejected its attempt to exclude some 3 million people who died since the claim was first filed.

Advisors overseeing the group's ruins have more broadly pointed to a potential commingling of digital assets, raising concerns about misuse of customer funds and making ties between the two firms a likely focus for regulators and investigators probing the collapse.

Royal Bank of Canada agreed to buy HSBC Holdings' Canadian unit — the country's seventh-largest bank — for C$13.5 billion ($10 billion) in cash, expanding its roster of business clients and bulking up its retail presence on the West Coast as HSBC focuses on Asia.

The three megabanks will see their surcharges rise by 50 basis points, according to a new analysis of regulatory data. The Federal Reserve assesses the levies as a way to compensate for the impact that the collapse of a global systemically important bank would have on the financial system.

John Williams, the president of the Federal Reserve Bank of New York, praised the Fed's new guidelines for granting fintechs and other nonbanks access to the payment system. He also echoed calls for new rules to govern stablecoins and cryptocurrencies.

However, a tiered pricing system will limit an inflation-driven increase to under 10% for a small group of originators.