Category: Finance

The six largest U.S. banks have until July 31 to submit data to the Federal Reserve, to be used in the central bank’s pilot climate scenario analysis, the Fed said Tuesday. JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley must detail the impact two natural disasters — within the span […]

Dive Brief: Banks whose size inhibits their abilities to address internal weaknesses and comply with regulations may need to be broken up, the acting head of the Office of the Comptroller of the Currency said Tuesday. The size and complexity of such “too-big-to-manage” banks can cause risk management breakdowns and negative surprises to occur too […]

Dive Brief: Lightspeed Commerce, which provides point-of-sale software services to merchants for managing payments and other functions, said in a Tuesday press release that it cut 300 jobs, or about 10% of its workforce, to streamline its operations as part of a reorganization following recent acquisitions. The Montreal-based company estimates the cost of the restructuring […]

Rapid changes in the payments space have given regulators and legislators plenty to focus on, and this year, that’s likely to include buy now, pay later, peer-to-peer payment fraud and swipe fees. “There’s just much more activity and concern about these payments issues than has been true maybe at any other time,” said Doug Kantor, […]

Su Zhu and Kyle Davies, founders of the defunct crypto hedge fund Three Arrows Capital, are trying to raise $25 million to start a new crypto exchange that would let depositors transfer claims related to the FTX collapse for an immediate credit in a token to be called USDG.  Zhu and Davies are partnering with […]

Parkland USA is in the midst of a technology overhaul, introducing self checkout stations across many of its company-owned c-stores. The pilot for the U.S. division of the international fuel and c-store company will initially cover a handful of locations. From there, it plans to expand to over a quarter of its stores in the initial […]

Over the past two years, Citi has found itself at both ends of the debate over post-COVID workplace returns. It became the first major U.S.-based Wall Street bank, in March 2021, to commit to a long-term hybrid working model. It also took a turn early last year as arguably the Wall Street lender with the […]

Dive Brief: Swiss banking software firm Temenos’ CEO, Max Chuard, is stepping down, the company said Sunday. Executive Chairman Andreas Andreades will take over as interim CEO. The company said it expects to find a successor by the end of the year, and is considering both internal and external candidates. Chuard’s departure follows a drop in fourth-quarter […]

Dive Brief: LendingClub plans to cut its workforce by 14%, or 225 employees, the company said Thursday. The fintech, which has a bank charter from its 2020 acquisition of Radius Bank, expects to incur $5.7 million in pretax charges from the move, it said. About $4.4 million of that will be included in the company’s […]

Banks have an urgent need to transform for the future — and they know it. But many are still thinking about such efforts as a means of survival, rather than an opportunity, and that’s a problem. It’s a problem because it means their desire to transform isn’t tied to a vision, it isn’t tied to […]