Category: Finance

Dive Brief: Fidelity National Information Services, known as FIS, has cut 2,600 workers so far in its quest to slash expenses as part of a strategic review of the business, Bloomberg reported Thursday. The job cuts, which were made in recent weeks, amount to about 2% of the FIS workforce, according to Bloomberg, which cited […]

The alternative lender Upstart laid off 365 employees, roughly 20% of its workforce, on Tuesday. The San Mateo, California-based company cited the constant struggle to get enough funding from banks and other credit investors as the main reason for this reorganization plan. The January 2023 Plan, as the company named it, is designed to get […]

Small banks, credit unions and fintechs are asking the Consumer Financial Protection Bureau to ease into a proposal that would eliminate a method many data aggregators use to connect consumers’ bank accounts to financial apps, saying a sudden ban on the practice would put community banks at a disadvantage and limit consumer choice.  The request […]

First came the U.K. Now, apparently, Germany. JPMorgan Chase is planning to launch a digital bank in Germany in late 2024 or early 2025, Bloomberg reported Wednesday, citing people familiar with the plans. A JPMorgan spokesperson declined to comment to the wire service. The bank has been hiring in Berlin to support the plan, and […]

Three U.S. senators are pressing crypto-heavy Silvergate Bank about its knowledge of crypto exchange FTX’s alleged misuse of customer funds. Sens. Elizabeth Warren, D-MA, Roger Marshall, R-KS, and John Kennedy, R-LA, penned a letter Monday to Alan Lane, CEO of parent company Silvergate Capital Corp., saying they were “disappointed by [his] evasive and incomplete response” to […]

New York Community Bank is closing 69% of Flagstar’s retail home-lending offices and shifting to a branch-only model for that sector, the bank said Tuesday in a fourth-quarter earnings report. The move lends credence to reports by HousingWire and the Detroit Free Press that hundreds of Flagstar’s mortgage employees were laid off with “no warning” […]

Dive Brief: The Consumer Financial Protection Bureau said in a web post Wednesday that it has proposed an amendment to the Credit Card Accountability Responsibility and Disclosure Act (Card Act) of 2009 that would effectively cap credit card late fees at $8 per payment, and ban those fees from being over 25% of the minimum […]

Buy now, pay later provider Zip is avoiding acquisitions as it narrows its focus on certain geographies and customers to boost profitability, said CEO Larry Diamond.  Australia-based Zip had planned to purchase BNPL rival Sezzle last year, but the deal was scrapped in July. Over the past year, Zip has sharpened its focus on core markets […]

Dive Brief: Banking-as-a-service provider BM Technologies is cutting 25% of its workforce, part of an effort to lower expenses by $15 million in 2023, the company announced Monday. The fintech’s new “profit enhancement plan” also includes lowering costs associated with third-party service providers, the company said. BM Technologies’ effort to reduce expenses follows the dissolution […]

Dive Brief: Digital payments juggernaut PayPal told employees that it’s cutting 2,000 workers, or about 7% of the company’s employees, in the next few weeks. The San Jose, California-based company said that the reduction in force was necessary to adapt to changes it faces with respect to customers, competitors and the world.  “Addressing these changes […]