DENVER - (12/21/05) -- Financial processing giant FirstData Corp. said last week it plans to layoff 3% of its workforce,or about 1,000 people, by year-end, as it seeks to cut costs. Mostof the layoffs will be in the company's Card Issuing Services unit,which First Data is trying to sell. The company expects to takeadditional actions aimed at further reducing overall operatingcosts prior to the end of 2005 that would result in additionalcharges during the quarter.
A new analysis from the White House's Council of Economic Advisers says the banking industry's fears about deposit flight are overstated. Experts familiar with the banking industry's concerns say the report's conclusions are beside the point.
The card brand introduced tech for businesses to tap agentic AI, while Revolut counters Italy's accusations of inaccurate marketing. That and more in the American Banker global payments and fintech roundup.
The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers.
Closing its Brex acquisition adds a corporate-focused fintech and new agentic commerce tools to an already considerable consumer payments division.
American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.
A new Basel III proposal offers mixed results for warehouse lending, with some risk-weight relief for banks but tougher terms that could crimp credit availability for nonbank mortgage lenders.
