OpenAI acquires personal finance startup
The deal between OpenAI and personal financial management startup Hiro Finance, the second of its kind for the AI company, will lead to the sunset of the Hiro platform next month.
Morgan Stanley reels in record firmwide quarterly revenue
The investment bank reported a surge in net revenues for the first quarter, aided by robust client activity in investment banking and wealth management.
PNC ups guidance after Colorado deal boosts revenue
The Pittsburgh-based bank expanded its geographic footprint — and grew its loans and deposits during the first quarter — with the purchase of FirstBank in Colorado. Expenses also rose as the bank paid up to begin integrating its acquisition.
Fees and equities lift Bank of America above expectations
America’s second-largest bank outdid Wall Street’s forecasts in the first quarter, thanks partly to rising fee income and equities revenue.
Mastercard’s $1.8 billion bet heralds the collapse of financial silos
The credit card giant’s BVNK acquisition wasn’t a bet on crypto hype. It was a hedge against irrelevance. It suggests that the companies that defined the last era of finance are now preparing for a very different future.
AI is the perfect excuse to reintroduce money and morality
The development of artificial intelligence could be used to embed a moral architecture in the new financial system.
Jumbo loans are creeping into non-QM, HELOC securities
Large loan balances are increasingly common in non-QM and HELOC securitizations, bringing faster prepayments and higher delinquency risks, Bank of America Securities research shows.
Kraken faces extortion threat over rogue employee breach
The crypto exchange is refusing to pay criminals who accessed internal systems through rogue employees, sparking concerns over its new Fed master account.
Judge rejects DOJ-Colony Ridge settlement
A federal judge refused to sign a settlement agreement between the Department of Justice and Houston developer Colony Ridge because it failed to provide any consumer relief. DOJ agreed to an out-of-court settlement instead.
Fed’s Barr says tariffs, geopolitics weigh on rural areas
Federal Reserve Gov. Michael Barr said in a speech Tuesday that rapidly changing trade policies and conflict in the Middle East are straining rural communities by raising business operating costs.