Category: Finance

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 […]

Citizens Bank is continuing its cutback in auto lending, CEO Bruce Van Saun told Reuters on Monday. The Providence, Rhode Island-based lender aims to scale its portfolio in that segment back to between $5 billion and $6 billion by 2024, the wire service reported. That’s down from a December 2021 high of $14.5 billion and […]

Varo Bank, the first neobank to be granted a national bank charter by the Office of the Comptroller of the Currency, has slowed its burn rate following several cost cuts it implemented over the past year, according to the bank’s latest call report. The bank reported a net loss of $84 million for 2022’s first […]

Roughly $5.4 billion in COVID-19 relief money may have been given to people with questionable Social Security numbers, the Pandemic Response Accountability Committee said Monday. The panel identified 69,323 questionable SSNs used to obtain the funds from the Small Business Administration’s Economic Injury Disaster Loan program and Paycheck Protection Program between April 2020 and October […]

Crypto bank Anchorage Digital announced eight executive moves Tuesday designed to boost the company’s compliance. The bank hired Mark duBose to serve as its chief compliance and risk officer. He previously filled similar roles at Circle and Centre, and spent two years as Santander’s Boston-based chief operational risk officer. He also worked for four years […]

Marqeta’s new CEO Simon Khalaf envisions the company that grew up focused on providing virtual cards to corporate clients now adding new embedded payments services. Khalaf, who assumed the top job Tuesday, laid out the Oakland, California-based company’s strategy in an interview last week, saying he’s moving in the same direction founder Jason Gardner set […]

Jack Henry is expected to report slower quarterly revenue growth and a lower operating profit margin during its fiscal second quarter earnings call next week, despite executives asserting demand for its services remains steady. Although rivals might be experiencing a slowdown in demand, Jack Henry CEO David Foss repeatedly said in the latter months of […]

Dive Brief: Cryptocurrency exchange Gemini has appointed Tyler Skelton as its head of finance, Bloomberg reported Friday. The appointment comes roughly two weeks after the Securities and Exchange Commission charged both Gemini and its partner for the service, Genesis, with selling unregistered securities through a cryptocurrency lending program, Gemini Earn. Genesis filed for Chapter 11 bankruptcy […]

Yanire Martes, general counsel of digital-asset banking platform Dinara, said some of the news about the cryptocurrency industry in recent months “shocks the conscience.” In one of the highest-profile examples of the troubling developments, the crypto exchange FTX filed for bankruptcy and its new CEO claimed the company suffered from a “complete failure of corporate […]

Card issuer Marqeta will acquire cloud-native credit card program management platform Power Finance in a $275 million all-cash deal expected to close in the first quarter, the company said Monday. The acquisition — Marqeta’s first — comes a day before Simon Khalaf, previously the company’s chief product officer, takes the reins as Marqeta’s CEO. The […]