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Meta's Facebook has discontinued a digital wallet that was originally meant to help people use the Diem stablecoin. But its Meta Pay platform is more conventional — and thus more likely to succeed where Novi failed.
July 7
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The HSBC Holdings executive at the center of a row over climate change risks has resigned from the bank as he issued a broadside against corporate “cancel culture.”
July 7
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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.
July 7
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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.
July 6
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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.
July 6
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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.
July 6
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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.
July 6
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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.
July 6
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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.
July 6
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Tuesday’s announcement provides clarity to institutions that are trying to stay ahead of quantum computing’s threat to data security.
July 6
