The Latest

A handful of banks concentrated in the Southeast U.S. are facing elevated charge-offs amid the liquidation of Mountain Express Oil. First Horizon Corp., which led a syndicated loan of more than $200 million to the bankrupt company, expects to take a $70 million hit.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

Jeff Disterhoft, 56, has left GreenState Credit Union after 24 years as its chief executive.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

The bank is testing artificial intelligence tools that aim to detect possible signs of misconduct from the tone of traders' phone conversations.

The top three fintech investors in the ranking have 76 combined VC investments as of June 2023.

But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.

This week in global news, Ant gets bullish on AI, PayPal's stablecoin has a fan in the bitcoin world, and more.