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A new survey found artificial intelligence was a top compliance-related priority for 85% of firms responding, while cybersecurity was only a concern for 37%.
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Digital lender Chime and Visa this week became the latest firms to cite AI as part of a downsizing. While bots usually aren't directly replacing workers, machine learning changes customer access to financial products in a way that's increasingly making some work less necessary.
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Fincen's Andrea Gacki will join Citi as global head of sanctions, BBVA promoted Gonzalo Rodríguez to chief financial officer, HDFC Bank penalized three senior officials for their role in a controversial deposit arrangement, and more in this week's banking news roundup.
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A recipe of no securities, mostly adjustable-rate loans and a cheap rural deposit base made the Texas bank the top performer in the $2 billion-$10 billion asset class.
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"Increase Bank is the bank I needed at Stripe," CEO Darragh Buckley said as he announced the rebrand of a community bank he acquired last year.
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LPL saw its net income swell while considering price changes meant to lower payouts on client assets.
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