MasterCard Inc. said Friday that it had lured Ajay Banga from Citigroup Inc. to become the card network's president and chief operating officer.
Banga, 49, had been Citi's CEO of Asia-Pacific operations. The $2 trillion-asset New York company said that it would name Banga's successor shortly.
Banga is to join MasterCard on Aug. 31.
Federal Reserve Governor Lisa D. Cook highlighted concerns over private credit growth, commercial real estate distress, and escalating cyber threats in remarks on financial stability at the Brookings Institution Wednesday.
Consumer debt aggregators such as Method, Payitoff, Spinwheel and Tally are partnering with financial institutions to embed solutions that aggregate account information and devise ways to optimize repayment — including with low-interest offers from the bank itself.
Federal Deposit Insurance Corp. Chair Martin Gruenberg will testify next week in Congress. Those hearings — which will come after the publication of a bombshell report detailing widespread misconduct at the agency — could signal whether he has a future at the FDIC.
Bank stocks are up this year as interest rates have leveled off and there are hopes that pressure on lenders' profits could moderate.
National Australia Bank is adding a Pay By Bank option for near-instant payments, Italy is bringing open-loop payments to buses in Tuscany, and more.
DCI in Hutchinson, Kansas, is giving employees unsure about retirement the option to work part-time and gradually ease into the next phase of their lives.
