Investments

The Pittsburgh bank says it is selling the assets to Federated Investors to focus its PNC Capital Advisors unit on providing outsourced services.

The investments that Rana Yared's team makes in startups help Goldman Sachs in two ways: Besides earning a profit, the company also uses a lot of the technology the startups develop as part of its internal digital transformation.

The venture capital firm New Enterprise Associates has led a $200 million funding round in Divvy, a business payments and expense management platform provider.

The company, which has invested $3 million in fintech in recent years, said the value of the portfolio is nearing $14 million.

Built Technologies will use the money to invest in research and development while it builds out its client base.

On Dec. 31, 2018. Dollars in thousands.

Wall Street moves to compete with the low-fee financial services giant; activist investor has an uphill climb for a seat at this week’s annual meeting.

The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter.

An industry working group might seek legislation to eliminate the need for investor consent in the shift to a new benchmark interest rate. But any legislative fix is almost certain to be challenged because choosing an alternative to Libor will inevitably favor one party in a transaction over another.

Wells Fargo is once again flirting with something that no major U.S. bank has done in a decade: have a dividend yield north of 4%. Don't expect a celebration.