Fintech

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

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

A new report from American Banker's parent company finds that traditional banks are vulnerable to competition from online banks and fintechs such as PayPal and Square. It recommends that banks build deeper relationships with small-business owners by adding more products to their traditional suite of offerings.

Societe Generale will appoint Slawomir Krupa as chief executive officer, favoring the investment bank chief over retail head Sebastien Proto after a close contest to replace outgoing boss Frederic Oudea. 

Hello Alice's small-business self-help platform amassed 1 million users by offering grants, recommendations and skills-building courses. With a pair of new credit cards, the startup aims to reward users for expanding their knowledge.

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.

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

Western Alliance, in its first appearance on the list of leading banks with more than $50 billion of assets, landed at No. 1. The Phoenix company and the other top performers in this class have either created niche businesses, made acquisitions or done both.

The San Francisco bank announced the hiring of a nine-member team led by Merrill Lynch veterans Harold Reinstein and Michael Nelson. First Republic reported 26.4% growth in wealth management revenue during the second quarter.

Bipartisan legislation co-sponsored by Reps. Lance Gooden of Texas and Peter Welch of Vermont would require large banks to support at least one network other than Visa or Mastercard. Banking industry groups argue that it would help big retailers at the expense of consumers.