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Cloud providers don't communicate well about outages and small banks lack the right staffers, among other issues federal regulators identified.
February 9
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Goldman Sachs, Capital One and New York Community Bank are shrinking their workforces, and other banks are planning to do the same. Whether such reductions become more widespread will depend largely on loan demand in 2023, according to analysts.
February 9
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The bank was already mulling headcount and compensation reductions in early September.
February 9
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A reporter tried for more than two years to speak with Michael Bacon, the megabank's former chief security officer. Bacon eventually sat for around 30 interviews, painting a detailed picture of the Wells executive suite as the fake-accounts scandal unfolded.
February 9
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The North Carolina bank's new financing program will allow electric car buyers to include the cost of an at-home charging station in their auto loan.
February 8
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A fraught but often-overlooked episode near the end of the retired baseball legend's life carries lessons and inspiration for financial professionals.
February 8
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Adelphi Bank in Columbus was given the green light by the Federal Deposit Insurance Corp. to open.
February 8
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The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."
February 8
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Primis Financial in McLean believes its multimillion-dollar investment in a subsidiary that makes online loans to doctors, dentists and veterinarians will begin paying off this year, after build-out costs weighed on the bottom line in 2021 and 2022.
February 8
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The top five have just under three billion dollars in noninterest income as of September 30, 2022.
February 7
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Bank executives are slowing their momentum across commercial and consumer lending segments, a Federal Reserve report finds. Many still expect growth this year, but not as much as in 2022.
February 7
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SEBA Bank, a crypto bank backed by Julius Baer Group Ltd., hired an ex-JPMorgan Chase banker as its Asia Pacific chief executive.
February 7
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In February 2018, the Federal Reserve prohibited the San Francisco-based bank from growing beyond $1.95 trillion. Five years later, analysts, investors and lawmakers are left with more questions than answers about the unprecedented enforcement action.
February 7
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Toronto-based BMO Financial is increasing the minimum wage of all U.S. hourly employees as the company begins its absorption of the recently acquired Bank of the West.
February 6
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Regulators are bringing enforcement cases while also proposing wider changes that would alter the industry for years to come. The scrutiny covers pricing discrimination, products that make car purchases more expensive and lenders' handling of repossessions.
February 6
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The New York Stock Exchange busted more than 4,000 trades in 251 symbols due to an opening auction malfunction two weeks ago. Market participants and analysts recommend automating systems and upgrading technologies.
February 6
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After the scandal explodes, Wells Fargo's former chief security officer embarks on a long journey into the legal system.
February 6
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The Patent Trial and Appeal Board has invalidated three patents owned by USAA, and some think this could be a turning point in ongoing patent litigation, in which USAA has already won more than $500 million from Wells Fargo and PNC.
February 3
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After soured loans rose above the private student lender's expectations in 2022, its stock price fell 16% on Thursday. One analyst wrote that "persistent credit issues have damaged management's credibility."
February 3
