Finance

Chairman and CEO Phillip Green said the decision to lay off 68 employees was "really the last thing" the San Antonio company wanted to do as it wrestles with low interest rates and challenges tied to the coronavirus pandemic.

Cross-border payments technology provider Routefusion plans to expand its embedded software services and global partnerships after a recent funding round.

Bank of New York Mellon, State Street and Northern Trust have even more reason to slash costs than commercial banks because their options to boost revenue are more limited. Problem is, they also have fewer cost-cutting options.

The fintech world is expanding at a sometimes breathtaking pace. Much of that growth is driven by venture capital, but how do VCs decide which companies to invest it in--or not? Join Greycroft partner Will Szczerbiak in a discussion with Olugbenga Agboola, the founder and CEO of Flutterwave, the San Francisco-based startup building the largest payments infrastructure in Africa. Guest host James Ledbetter, editor and publisher of the fintech newsletter FIN, will explore these questions: What are VCs looking for in a fintech startup? What are the hottest fintech sectors in 2021? How has the rise in fintech valuations affected the market? Where will growth be strongest in the next few years?

The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision.

Comerica, Citizens Financial and other companies are buying up securities, paying off high-cost borrowing and trying to develop specialty lending niches. But loan growth remains weak, and the likelihood of extreme volatility in deposits makes it hard to plan ahead.

The company wants to join in on the rush to develop stablecoins and central bank digital currencies, in part to show that it can still be a player in cutting-edge technologies after its merger deal with Plaid fell through.

The company wants to join in on the rush to develop stablecoins and central bank digital currencies, in part to show that it can still be a player in cutting-edge technologies after its merger deal with Plaid fell through.

The banker, who led the 2013 recapitalization that created Byline, will replace a longtime colleague who will continue to run the company's bank.

Organizers have been working raising capital and preparing an application for about four years.

The pandemic has accelerated the card brand's shift toward providing ancillary services including analytics and dispute resolution.

Y-Combinator fintech Stilt has secured a new loan facility from Silicon Valley Bank to diversify its funding sources and expand its lending efforts to immigrants and thin-file borrowers.

Capital One Financial is the latest credit card issuer to release loss reserves because its loans have performed better than expected during the pandemic.

The Georgia company increased its target for annual expense cuts and new revenue to $175 million from $100 million. But executives warned that low interest rates and weaker mortgage volume, along with a need to invest in technology, will delay some of the bottom-line benefits.

Fast has received a new round of funding from backers including Stripe.

The card brand is betting on homebound consumers' eagerness to get out, but restrictions will need to ease. And corporate spending will take much longer to come back.

The card brand is betting on homebound consumers' eagerness to get out, but restrictions will need to ease. And corporate spending will take much longer to come back.

Under a proposed rule change, credit unions would no longer need to seek pre-approval from the regulator before entering into interest rate swaps, speeding up transactions for some of the industry’s biggest institutions that already hold over 80% of total assets.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.

Deposits are soaring while loan demand lags and mortgage-backed securities offer weak returns. So the Alabama company has parked loads of cash at the Fed in hopes the economy will pick up steam before profit margins suffer.