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Aiming to capture a bigger share of the cross-border payments market, Visa has signed a five-year agreement with the U.K.-based fintech.

Fraser has a plan to reduce the number of management layers at Citi, shrink its workforce, speed up decision-making and give herself more control of the bank's five core businesses. "It's going to make some of our people very uncomfortable," she said.

The five-year deal puts Citizens' brand name in front of New Yorkers, as the bank continues to expand after buying HSBC's East Coast branches as well as Investors Bank last year.

Frontline staffers are asking for better pay, internal talent development programs and more flexible work environments.

A handful of banks concentrated in the Southeast U.S. are facing elevated charge-offs amid the liquidation of Mountain Express Oil. First Horizon Corp., which led a syndicated loan of more than $200 million to the bankrupt company, expects to take a $70 million hit.

Lenders either write down portions of soured credits or charge them off altogether to remove them from their balance sheets. Banks also set aside reserves to cover potential future bad loans. This allowance creates a buffer for lenders to absorb losses.

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

Jeff Disterhoft, 56, has left GreenState Credit Union after 24 years as its chief executive.

It's a challenge Japan's largest lender must overcome as it focuses on growing its corporate banking presence in the US, said Fumitaka Nakahama, the firm's head of global corporate and investment banking. 

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

The bank is testing artificial intelligence tools that aim to detect possible signs of misconduct from the tone of traders' phone conversations.

The top three fintech investors in the ranking have 76 combined VC investments as of June 2023.

But at the same time, the publicly traded company is selling off another type of housing finance asset to some large depository institutions.

This week in global news, Ant gets bullish on AI, PayPal's stablecoin has a fan in the bitcoin world, and more.

The Biden administration tapped Adriana Kugler, executive director of the World Bank and a professor at Georgetown, to fill a seat on the Board of Governors that had been vacant since February.

At least four of CEO Jane Fraser's senior deputies got new roles in the shakeup, which will result in a number of job cuts.

A continued slowdown in refinances, though, drove overall loan-application volumes lower last week, even as the Government Index posted a small gain, according to the Mortgage Bankers Association.

A joint letter from the banking and financial trade groups is the latest effort by the industry and its representatives in Washington to push back against the Basel III capital proposals, which would raise capital significantly for the largest banks.

The bank aims to use new tech to make account-to-account transfers for merchants an easier option than credit cards.

Any comprehensive overhaul of the Federal Home Loan Bank System will have to navigate a dense thicket of countervailing regulatory and stakeholder priorities.