Banking

JPMorganChase's Alfredo Porretti has left the firm; two junior Goldman Sachs bankers took part in a controversial fashion shoot; Societe Generale appointed Selina Cheung head of equity capital markets in Asia Pacific; and more in this week's banking news roundup.

Chief economists at large and regional banks predicted ongoing inflation, in part because of the anticipated surge in oil prices as a result of the Iran war. The forecast from the American Bankers Association's Economic Advisory Committee did not account for the disappointing U.S. jobs report on Friday.

The credit union closed three of its overseas locations in response to the conflict. Military-focused financial institutions are instead offering digital banking to deployed service members.

If we allow algorithms to inherit yesterday's incentives — maximizing return, minimizing empathy — then tomorrow's system will be flawlessly efficient at reproducing inequality.

Five major U.S. banks are engaging in costly litigation rather than reimburse fraud claims of a 72-year-old dementia patient who lost $337,000 in a romance scam. The victim's lawyer says banks are not abiding by the consumer protection process.

Glen Herrick, a veteran bank director, penned a resignation letter criticizing the West Virginia company's executive-compensation policies and what he described as a failure to focus on core profitability.

With an application for a U.S. bank charter, the global super app provider aims to expand its offerings and compete with established domestic challengers.

Noelle Acheson points out that a wander through stablecoin history highlights an overlooked use case likely to be of interest to financial services providers.

The Chicago-based lender service provider, which has helped build Northeast Bank in Maine into an SBA powerhouse, has expanded its capacity with an AI-driven technology upgrade.

The House Financial Services Committee passed a legislative package heavily favored by banks in a 26-16 vote

By acquiring the ATM firm, Brink's hopes to expand in retail commerce. Plus, Revolut issues a card to compete with Amex; Standard Chartered has a new payments chief; and more in American Banker's global payments and fintech roundup.

Banco Santander's bid to buy U.S. regional bank Webster Financial could face surprise challenges following a dustup between President Trump and Spain's leaders over the war in Iran.

Banks like Grasshopper are already starting to use AI agents where in the past they would have bought software as a service.

The fresh scrutiny comes as financial firms like Goldman Sachs and Robinhood dabble with various prediction market options.

Following a major Supreme Court ruling on tariffs, which drew a quick response from President Trump, banks and their commercial clients are expecting trade issues to remain in flux for the foreseeable future.

The Office of the Comptroller of the Currency finalized rules rescinding fair housing data requirements and expanding speedy licensing for banks under $30B in assets as part of Comptroller Jonathan Gould's push for more risk-based supervision.

Key measurements of small businesses' health remained stable in 2025, according to a new study by the 12 regional Federal Reserve banks. But those firms' optimism about the future reached its lowest point since 2020.

Senate Banking Committee Chair Tim Scott, R-S.C., told reporters that community banking didn't fit into the housing package moving forward in the upper chamber, but that he's in discussions with House leaders and the White House to move a separate financial services package.

"AI may not take your job, but somebody who knows AI will," says Raymond George, CIO of Clearview Federal Credit Union.