A lawsuit accusing U.S. Bank of harassing and discriminating against its former head of AI can proceed following a federal magistrate judge's ruling. The suit's defamation and blacklisting claims, however, were thrown out.
A former Democratic congressman will serve as vice president of wholesale banking at Truist Financial; Bank of America's $72.5 million settlement with sex trafficking victims of the late financier Jeffrey Epstein is approved by a New York federal judge; HDFC plans to challenge the bankruptcy resolution involving a personal guarantee by media tycoon Subhash Chandra; and more in this week's banking news roundup.
State races — including governorships and attorney general contests — are more important for the banking industry as more states pick up consumer enforcement slack and pass aggressive legislation on fees.
The buy now/pay later lender posted its most profitable quarter, but analysts and company CFO Rob O'Hare said there's plenty of room in its addressable market and an opportunity to compete for market share.
Stripe and Advent had bid to acquire the payments firm for about $53 billion, an offer PayPal's board reportedly rejected. An analyst says that puts pressure on PayPal's new leadership to boost performance.
Federal Reserve Chair Kevin Warsh reiterated his stance against offering markets forward guidance on interest rate moves and expressed concern about inflation in the first Jackson Hole speech of his tenure.
