Finance

The COVID-19 pandemic revealed the fragility of complex global supply chains. Bankers say they are hearing from more U.S. clients who want to change that by moving manufacturing and supplier operations closer to home.

BankTech Ventures, which is the product of five firms including two community banks, finds fintechs that its bank partners could work with and invest in.

An account of the debate at the Federal Reserve's July policy meeting, set to be published after two weeks of whiplash on Wall Street, will probably offer clues as to what would push the central bank to go big with tightening yet again in September.

Funding constraints are a "business problem that we need to address," CEO Dave Girouard said. The online consumer lender has seen a significant drop in demand for its loans from banks and investors.

Goldman Sachs Group has extended a $150 million credit line to the Mexican startup Clara, which lends to corporations and helps manage their spending, the latest Latin American fintech to receive support from the New York-based banking giant.

A federal judge in New York vacated the guilty plea of a former Deutsche Bank trader who admitted to conspiring with others to manipulate the Libor interest rate benchmark, after an appeals court overturned the convictions of two of his ex-colleagues earlier this year.

The San Francisco fintech collected $1.6 billion in deposits during the second quarter after buying a small bank earlier this year. Though SoFi pays relatively high rates to its depositors, CEO Anthony Noto said the company's funding costs are far lower than they were before the bank acquisition.

The three-month London interbank offered rate for dollars climbed to a nearly 14-year high as traders brace for steady interest rate hikes from the Federal Reserve, backing away from speculation the central bank will ease up as the economy shows signs of cooling. 

Toronto-Dominion Bank is looking to bolster its stateside capital markets business with the acquisition of Cowen. The deal comes even as the Canadian banking giant awaits approval of another merger that would make it a top-six U.S. bank.

Robinhood Markets cut almost a quarter of its workforce in a broad reorganization after a punishing first year as a public company.