Finance

Tally Technologies, a startup that automates credit card payments, has tripled its valuation to $855 million in a funding round led by Sway Ventures.

The amount of money that investors are parking at a major Federal Reserve facility climbed to yet another all-time high as funds sought out places to stash short-term cash.

Bank of Nova Scotia shares are on pace for their worst year since 2008 as analysts warn of weakness in the Canadian lender's international business and uncertainty about the shake-up in its leadership.

These 10 large banks posted superior returns between 2019 and 2021.

Most Americans are more indebted than ever, underscoring a persistent and widening wealth divide in the U.S.

The Bank of England's stress tests are meant to provide an unlikely "tail risk" scenario designed to test the resilience of British lenders. The current U.K. market turmoil means this year's scenario is looking increasingly plausible.

Two new academic research papers consider what the Fed is trying to communicate and what it means.

The parent company of Silicon Valley Bank has hired a law firm to assess its "Access to Innovation" effort. That program aims to provide support, including more funding, to startups and venture firms that were started by women and members of certain minority groups.

On paper, the deal was a no-brainer: a $15 billion debt financing that would net banks hefty fees and kick off a year of mega-acquisitions even as central banks tightened the spigots on their pandemic support. Yet eight months after agreeing to finance the leveraged buyout of Citrix Systems, Wall Street is now staring at a very different picture.

The Fed chair said actively selling securities will become necessary as it looks to reduce its balance sheet, but not anytime soon.

Banks including Wells Fargo, Bank of America and JPMorgan Chase have pulled back on financing for offices and other commercial real estate following a record burst of lending in the first half of this year. 

More U.S. consumers are saddled with credit card debts for longer periods of time, according to a survey, struggling to pay down amid high inflation and rising interest rates.

The neobank combines digital banking with community-based assistance.

Consumer spending continues to rise, but last quarter's acceleration in loan growth is starting to lose momentum, and bankers are tempering expectations about fee income. Meanwhile, deposit outflows have yet to result in strong competition for customers' money.

The average rate on variable-rate cards rose above 18% this week, the highest level since 1996, according to data from Bankrate.com. The industry has been enjoying large profits, which has caught the attention of the Consumer Financial Protection Bureau.

Mike Maguire will succeed Daryl Bible as the North Carolina bank's finance chief. Maguire has been in charge of Truist's consumer finance and payments businesses for nearly two years.

A shift is underway at the Federal Reserve in how to describe neutral — the interest rate level that neither stimulates nor restrains growth — as it debates how much higher to hike.

Flow Traders and Hudson River Trading have backed Sei Labs, a crypto startup founded by Goldman Sachs and Robinhood Markets veterans that is developing a blockchain aimed at speeding up decentralized finance transactions.

The pending deal will help keep the Canadian bank's funding costs low, since Bank of the West has a strong core deposit portfolio, executives said Tuesday. BMO is sticking with its year-end timeline for closing the acquisition.