Category: Finance

Listen to the article 4 min This audio is auto-generated. Please let us know if you have feedback. Dive Brief: Banks supervised by New York’s Department of Financial Services (NYDFS) must ask for prior approval before engaging in any crypto-related activities, the regulator said in issued guidance Thursday. Companies already involved in crypto activity must […]

Reports this week that Goldman Sachs was gearing up to lay off 400 employees may have underestimated the breadth of the coming cuts. By a factor of 10. Managers across the bank have been asked to identify low performers for a cull that could cut loose as many as 4,000 employees — or up to […]

Listen to the article 2 min This audio is auto-generated. Please let us know if you have feedback. Bankrupt cryptocurrency exchange FTX is looking to sell its functioning subsidiaries, according to documents filed in bankruptcy court Friday. FTX is seeking court permission to sell its Embed, LedgerX, FTX Japan, and FTX Europe businesses, with auctions planned for […]

The security risks financial services companies face are rapidly increasing. Indeed, new research found that cyberattacks targeting web applications and application programming interfaces of North American financial services companies are up 354% over the past year. When successful, cyberattacks inflict terrible reputational and financial costs on banks. In its most recent “Cost of a Data […]

Friday’s announcement that Atlanta-based LGE Community Credit Union will purchase Rome, Georgia-based Greater Community Bank does two things. First, it means credit unions have proposed buying more banks in 2022 — 14 — than last year’s 13. And, second, geographically, it brings the year’s credit union-bank tie-ups full circle.  The first two credit union-bank deals […]

Dive Brief: Citi will wind down its consumer-banking operations in China, the bank said Thursday. The wind-down is expected to affect roughly 1,200 employees in the country — although Citi said it would “explore options” for workers wishing to stay on at the bank in China or its global network, according to a press release. […]

Dive Brief: Citi has reached a settlement with Revlon’s creditors over the $500 million portion of an errant August 2020 payment the creditors kept, according to a letter filed Friday in New York federal court. All 10 creditors have signed agreements with Citi, which, if performed as anticipated by the parties, will terminate the litigation, lawyers representing […]

Binance.US is set to buy bankrupt rival cryptocurrency exchange Voyager Digital’s assets for $1.022 billion, Voyager announced Monday. The bid is equal to the fair market value of Voyager’s crypto portfolio, plus $20 million in incremental value, Voyager said. It’s nearly $400 million less than the $1.42 billion FTX US bid in September. That deal […]

Dive Brief: BMO last month launched a returnship program in partnership with The Mom Project to help women transition back to the workforce after a career gap. The Chicago-based program aims to recruit, train and upskill women for full-time technology roles while providing support and mentorship. The returnship program supports BMO’s Zero Barriers to Inclusion corporate strategy […]

Fidelity National Information Services, the payments technology company known as FIS, said today that its current CEO, Gary Norcross, will exit Friday, sooner than previously planned, and, in another change, he won’t become executive chairman next year. FIS had said in mid-October that the company’s president, Stephanie Ferris, would become CEO at the start of […]