Category: Finance

Crypto-heavy Silvergate Capital is cutting 40% of its staff, or about 200 people, because of current “economic realities” in the crypto world, the bank announced Thursday. The collapse of crypto exchange FTX triggered a run on Silvergate, forcing the bank to sell assets at a loss to cover roughly $8.1 billion in withdrawals, The Wall Street […]

Dive Brief: Over the next decade, global card fraud losses for issuers, merchants and acquirers will total $397.40 billion, according to the December 2022 issue of industry publication the Nilson Report. That’s down from the projection last year of $408.50 billion. U.S. fraud losses are expected to amount to $165.12 billion over the next 10 […]

Dive Brief: Brussels-based global financial messaging network Swift named Stephen Grainger as its new chief executive for the Americas and the United Kingdom, according to a Tuesday press release. Before joining Swift, Grainger was the executive vice president at Mastercard, overseeing the company’s international cross-border services, banking services, digital platforms and non-bank financial institutions. In […]

Coinbase has agreed to pay $100 million to settle allegations from New York’s Department of Financial Services (NYDFS) that failures in the cryptocurrency exchange’s compliance program made it “vulnerable to serious criminal conduct, including … fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking,” the regulator announced Wednesday. Under the agreement, […]

Banking regulators issued a new warning to financial institutions Tuesday about the risks they’re exposed to when dabbling in crypto. The warning follows a year of volatility in the price of Bitcoin and other cryptocurrencies and comes less than two months after the collapse of the FTX exchange, which lost more than $8 billion of […]

Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Organizers of what was to be Connecticut’s first de novo in 12 years withdrew their application to launch the bank, according to a notice last month from the state’s Department of Banking. “While we had significant investor […]

Dive Brief: Dave Mansfield stepped down as CEO of Amesbury, Massachusetts-based BankProv on Dec. 20, a move the bank’s board and the former chief executive called a “mutual decision.” BankProv named CFO Carol Houle and Joe Reilly, the bank’s chair, as interim co-CEOs and co-presidents. Laurie Knapp, chair of the bank’s audit committee, will serve as board chair, […]

Dive Brief: Kentucky’s treasurer on Tuesday placed JPMorgan Chase, Citi, BlackRock and eight other financial institutions on a divestment list over what the state calls a “boycott” of energy companies. Kentucky is hardly the first state to make such a move. West Virginia in July said it would stop awarding new state business to JPMorgan […]

Banking regulators issued a new warning to financial institutions Tuesday about the risks they’re exposed to when dabbling in crypto. The warning follows an unstable year in the price of Bitcoin and other cryptocurrencies and comes less than two months after the astonishing collapse of the FTX exchange, which lost more than $8 billion of […]

Dive Brief: BM Technologies’ $23 million acquisition of a Seattle-based community business bank has been called off, the two firms announced in separate statements last month.  The banking-as-a-service (BaaS) provider filed an application to acquire the $150 million-asset First Sound Bank in March. The deal, which the two companies initially estimated would close in the […]