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.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

The digital commercial bank has been fleshing out its business lines and technology over the past year. Its new capital raise will help further those efforts.

The last time inflation burned hot, consumers could put money in the bank and watch it grow like the prices on store shelves, easing much of the pain. Not this time — and that’s stoking profits for U.S. lenders.

JPMorgan Chase CEO Jamie Dimon and other big-bank chief executives have been speaking about how they plan to manage higher capital requirements following the Federal Reserve’s recent stress tests.

Fed Chairman Jerome Powell brushed off concerns that rapidly tightening monetary policy could disrupt the financial system. Some economists and policy experts beg to differ, raising concerns about loan defaults or even the collapse of a key institution or counterparty.

The San Antonio-based bank reported 17% deposit growth during the second quarter. CEO Phil Green was critical of competitors that resist paying more to depositors, saying: “We don’t think that’s a credible position.”

The Maryland bank has lost 13% of its credit card customer base in the past year amid a flurry of marketing activity by newer players. But it is refusing to panic.

The New York City bank is forecasting that consumer lending will come under pressure amid higher interest rates and concerns about the economy. “That said, still putting forth 8%-10% loan growth is significantly better than where the industry is,” said CEO Ira Robbins.

The San Francisco company is relying more on banks and credit unions, and its own acquisition of a bank last year, to fund its consumer lending business. The flexibility has proved helpful as demand from other loan buyers wanes.

The Salt Lake City company benefited during the second quarter from the Federal Reserve’s rate increases, partially offsetting higher expenses and falling noninterest income.