Daily Edition

Citigroup’s planned sale of its Banamex unit should go to Mexican investors and avoid mass firings, Mexican President Andres Manuel Lopez Obrador said, adding new restrictions that may undermine some of the bids. 

Truist Financial is raising the low end of its pay scale to $22 an hour, while JPMorgan Chase is implementing a floor of between $20 and $25. The wage hikes will likely put pressure on smaller banks to take similar steps to stay competitive.

Michael Barr, awaiting confirmation as the Federal Reserve’s top regulator, wants to holistically rethink the central bank’s capital requirements. Karen Petrou, managing partner of Federal Financial Analytics, has some ideas on how to do that.

The Washington company, which already has a presence in Idaho, is now moving south to Salt Lake City. Columbia also said it’s nearing the finish line on its merger with Umpqua Holdings.

Consumers welcome more generous forgiveness policies and the chance to have past defaults erased from their record, but they need assistance connecting the dots, financial services executives say.

The Department of Justice is prosecuting ex-JPMorgan Chase bankers under federal racketeering law, a move public interest advocates hope could lead to more accountability for financial firms.

The startup FuturePay is working with Cross River Bank to offer an instant line of revolving credit in a manner similar to how BNPL lenders operate.

Tuesday’s announcement provides clarity to institutions that are trying to stay ahead of quantum computing’s threat to data security.

Authentic Brands Group, which owns and licenses brands like Forever 21, has settled its lawsuit against Bolt Financial. The agreement ends months of legal wrangling between the troubled payments startup and its largest active customer, which had claimed that Bolt’s technology was faulty. 

The bank began trimming its payroll after a dismal first-quarter origination performance. It will announce second-quarter results next week.

When Walden Mutual opens this year, it will end a decades-long dry spell for de novos owned and governed by depositors.

In global news this week, the European Central Bank weighs in on fractured crypto regs, China's digital wallets come to Qatar, Amazon brings buy now/pay later to Egypt, and more.

Dermot McDonogh will be the custody bank's chief financial officer, as incoming CEO Robin Vince starts making his mark. The two each spent more than two decades at Goldman Sachs.

The nine banks in the group are experimenting with lending, secondary market and payments activities on the Provenance blockchain as they seek ways to perform basic banking tasks more efficiently.

The finance app Revolut is teaming up with Stripe to support payments in the U.K. and Europe.