Capital One took $4.3B loss in connection with Discover deal
After closing its landmark acquisition of Discover in May, Capital One must reckon with the high costs of integration before it can start reaping the benefits.
PNC to offer crypto services through Coinbase partnership
The Pittsburgh bank is working with the cryptocurrency platform to let PNC customers buy, sell and hold cryptocurrencies.
JPMorgan’s challenges if it offers crypto as collateral
The bank is reportedly considering allowing bitcoin and ethereum to back loans. Volatility in digital assets would make it a difficult market, according to payment experts.
KeyCorp raises NII and loan outlook after ‘solid’ quarter
After edging past Wall Street’s estimates, the Cleveland-based bank expressed higher hopes for its loan book as well as the macro environment.
Old National plucks its new president from KeyBank
The Evansville, Indiana-based bank has hired Tim Burke to oversee commercial and community banking, along with wealth, credit and marketing.
Open AI CEO Altman warns of ‘impending fraud crisis’
Sam Altman, the founder and CEO of OpenAI, said the rapidly growing capabilities of AI are rendering many of banks’ fraud prevention measures useless and warned of an “impending fraud crisis” if banks don’t update their processes.
Synchrony wades into BNPL with Amazon
The credit card issuer renewed and extended its 15-year partnership with Amazon and touted fresh partnerships with Walmart and PayPal as wins, but lowered its full-year guidance due to lower purchase volumes and higher payment rates.
Michigan’s Mercantile strikes deal for deposit-rich seller
Eastern Financial Corp. provides a rich source of low-cost deposits that the larger Mercantile Bancorp can put to work in funding its much stronger loan growth.
Creeping controls on the movement of capital will stunt global growth
Countries around the world are retreating from the economic integration that drove growth in the post-Cold War era. The result will be an unnecessary hindrance of progress.
Wisc. bank deal is latest sign of a summer M&A surge
A July pickup in activity is just a start, experts say. The banking industry’s drive for scale and greater efficiency is expected to drive a renewed wave of consolidation, pushing the institution count lower.