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The merger, which was initially expected to be approved last year, will create one of the 10 largest banks across Illinois, Indiana and Wisconsin.

The retailer is funding a challenger bank called One that would be formed from the combination of several fintech firms. The startup would have a strong product set and cash position but could struggle to stand out in a crowded neobank field.

Blazing demand for leveraged loans is allowing companies to reduce borrowing costs by tinkering with a provision many viewed as key to weaning the industry off the London interbank offered rate.

James Blake plans to retire in May, culminating a 25-year run at the helm. Joseph Casey, the bank's president, was named his successor.

The recent increase in online payments, whether through shopping or government disbursements, has created more openings for fraud. Companies and government agencies in Europe are trying to combat the problem by developing digital ID systems.

The Massachusetts bank is purchasing a fellow Bay State institution's pot banking operation and says one of its first steps will be encouraging dispensaries to accept credit and debit cards.

Michael Miebach told analysts that the card network expects earnings growth despite the economic impacts of the omicron variant and shipping delays. Mastercard does not have as contentious a relationship with the e-commerce giant as Visa does, he said.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

The move could impact payments providers that rely on Apple’s iPhones to facilitate sales, such as Block’s Square, which dominates the market.

Daily edition for January 27, 2022

Bank of America is among Wall Street firms seeking to hold onto employees at risk of being poached as competition for top performers escalates.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, described many charges by banks, credit unions and fintechs as "junk fees" and said they often exceed the cost of providing the service. Several trade groups called Chopra's claims "distorted and misleading."

Federal Reserve Chair Jerome Powell said the central bank was ready to raise interest rates in March and didn’t rule out moving at every meeting to tackle the highest inflation in a generation.

Multifamily and specialty finance loans, which were highlights during the fourth quarter, should increase further in 2022, company executives said.

The Spanish bank introduced the installment product in Germany nine months ago, and is planning to bring it to 18 European markets this year.

Bessant & Erdoes: In conversation

JPMorgan Chase's recent purchase of a stake in the Greek fintech will allow the U.S. company to offer new services like merchant credit in Europe, where it is No. 5 among merchant acquirers.

The Toronto-based bank is ramping up hiring on both sides of the border and looking for expertise in cloud technology, machine learning and more.

The North Carolina company will also eliminate nonsufficient-funds fees as it aims to keep pace with larger rivals, including Bank of America, that have revised their overdraft policies.

The expenses jumped 33% last quarter, which was generally in line with trends elsewhere in the credit card industry. The battle for new customers is “intense,” CEO Richard Fairbank told analysts.