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The unit, which includes a $10.2 billion portfolio of private student loans, could fetch interest from alternative asset managers or rival student-loan platforms.

While proponents of a central bank digital currency tout modernity and financial inclusion, House Financial Services Committee members of both parties fear lending could suffer under a digital dollar and are wary of handing the Federal Reserve even more power.

Kristine Braden, the head of Citigroup's Europe unit, is leaving the U.S. lender amid Chief Executive Officer Jane Fraser's comprehensive reorganization of the top management structure to boost returns.

Former Deutsche Bank investment banker Rashawn Russell, who has denied defrauding investors in a cryptocurrency fraud, appears ready to change his mind and plead guilty to fraud charges, court records show.

A movement is afoot to transfer the job of the Federal Home Loan banks to the Federal Reserve. This would be a disaster for small lenders.

Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.

The impact on things like servicing rights would raise costs even for lenders that aren't banks, according to Mortgage Bankers Association President and CEO Bob Broeksmit. Others disagree.

Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.

Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company's phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.

A new model rates large banks on their efforts to develop and deploy artificial intelligence technology. 

Rep. Andy Barr, R-Ky., pressed one witness to say that bank regulators' Basel III endgame proposal, which would raise capital significantly for the largest banks, may have violated the Administrative Procedure Act.

Instead, the Canadian bank will try to ramp up its current strategy, which includes growth in commercial lending and technology upgrades, as well as streamline management. 

Executives at Citizens Financial Group and community banks such as Seattle Bank and Citizens Bank of Edmond say there are potential use cases for large language models. Yet they have concerns that impersonal service and likely errors could erode customers' faith in their financial institutions.

Revenue challenges are driving the Utah bank's plan to reduce expenses, according to CEO Harris Simmons. "I talk to our peers, and everybody's looking for ways to cut costs," he said.

The secretive world of private credit is increasingly being funded by public money, and there will be no FDIC there to bail us out when things go bad.

The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn't comply with an internal review.

Since the country's instant-settlement network doesn't cover everyone, ANZ is extending its excess capacity to other financial institutions. It's a strategy that's emerging in the U.S. and other markets.

Staring Jan. 1, only amounts spent on fares and Delta credit cards co-branded with American Express will be used to calculate rewards.

The former U.S. vice president turned climate crusader says Big Oil and the banks backing it still have huge financial incentives to stick with fossil fuels, even though their decision to do so is the leading cause of the climate crisis.