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UBS agreed to buy the U.S. robo advisor Wealthfront for $1.4 billion in cash, the first major acquisition of a fintech company under Chief Executive Ralph Hamers.

The cryptocurrency exchange recently refunded $35 million to customers whose accounts had been drained by hackers. Here's what banks and other financial firms can learn from the attack.

Some are eliminating their charges for overdrawn accounts in response to recent reforms by big banks and the consumer-friendly practices of neobank rivals.

The Consumer Financial Protection Bureau's inquiry into buy into the installment products should make sure fintechs abide by the same underwriting requirements as banks in this growing market.

Acquiring the earned-wage-access firm and challenger bank would further efforts by the retailer and its partners to develop a "super app" featuring mobile financial tools.

The Texas attorney general’s office is seeking more information on Citigroup’s gun policies as the bank stages a comeback in the state’s municipal-bond market after a GOP law upended its public-finance business there last year.

Affirm Holdings, known for its buy now/pay later options, beefed up its app as the firm works toward a crypto offering.

Goldsmith, the grandson of City National Bank’s co-founder, is set to retire as its chairman. In an interview, he betrayed no regrets about the company’s sale to Royal Bank of Canada, which was propelled by a similar logic about the need for scale that drives many deals today.

Daily edition for January 26, 2022

The buy now/pay later craze already has retailers demanding lower fees, according to Klarna.

The controversial cryptocurrency project that Mark Zuckerberg once defended in front of Congress is unraveling after regulatory pressure.

After regulators signaled their intention to crack down on banks that lean on the controversial charges, First National Bank Texas adopted a reform. A bank spokesperson said the move was unrelated to any pressure from Washington.

Bank of America is rewarding almost all of its employees with a pool of $1 billion in restricted stock, further boosting compensation as financial firms compete to attract and retain workers.

The Pennsylvania bank is working with the data provider Enigma and Capital One on a platform they are hoping other banks will use. The technology handles all aspects of the loans and provides data and analytics on borrowers.

Pat Toomey, the top Republican on the Senate Banking panel, questioned the backgrounds of President Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.

The new service was designed to lower costs for community banks while adding security features and providing customers with access to Venmo and other peer-to-peer payment systems.

The Winston-Salem-based organization, having been certified as a community development financial institution, plans to launch a lending program next year to meet the needs of the underserved consumers.

Bank of America employees have returned or are making their way back in the coming weeks based on their region’s COVID-19 data and medical guidelines, according to people with knowledge of the plans.

Wells Fargo is considering a sale of its minority stake in a Hong Kong lender, as the U.S. bank continues to unload assets as part of a turnaround plan, people with knowledge of the matter said. 

American Express predicts travel will account for just 20% of its spending for the foreseeable future, compared with 30% before the pandemic, as younger consumers spend more on merchandise.