Merchant

Financial institutions have a solid track record of keeping customers for the long haul, but technology firms, fintechs and challenger banks are gaining ground on the incumbents.

Coinbase Global said it's being probed by the Securities and Exchange Commission over its staking programs, which allow users to earn rewards for holding certain cryptocurrencies.

Data as of Mar. 31, 2022. Dollars in thousands.

A warning for investment bankers who enjoyed lavish bonuses for 2021, when banks opened their wallets to reward busy dealmakers amid a war for talent: Don't expect a repeat this year.

Robinhood Markets cut almost a quarter of its workforce in a broad reorganization after a punishing first year as a public company.

As competition tightens in the buy now/pay later arena, fintechs including Klarna, Afterpay and Zilch are upgrading perks to keep consumers from straying to their rivals.

Visa and Mastercard credit card-issuing banks with more than $100 billion in assets would be required to give merchants a lower-cost choice for processing each transaction under a new bill proposed to spur competition.

Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter. 

With Ulrich Koerner taking over as chief executive officer, Credit Suisse Group’s top ranks are looking more like UBS Group, suggesting the firm may draw from its crosstown rival’s playbook.

Visa said it will hand out annual raises for more-junior employees earlier as it seeks to help staffers battling once-in-a-generation levels of inflation.