‘AI is our friend’: Bank CEOs play down risks from Mythos
The topic of AI implementation came up on several big banks’ first-quarter earnings calls. Morgan Stanley CEO Ted Pick said Wednesday that the firm views AI as a friend.
HSBC plots Hong Kong stablecoin, Brazil’s PIX expands with PayPal
Brazil’s real-time payment rail is adding PayPal as an option for small- to medium-size business payments; HSBC is launching a Hong Kong dollar-denominated stablecoin; Sezzle expands BNPL; and more in this week’s global payment roundup.
Better credit quality lets M&T lean into buybacks
A sharp decline in charge-offs, as well as lower volumes of criticized and nonaccrual loans, gave the Buffalo-based regional bank the confidence to operate with a smaller capital cushion.
Palo Alto Networks founder seeks to acquire Calif. bank
Nir Zuk, who founded cybersecurity firm Palo Alto Networks and retired from the firm last year, has applied to acquire voting shares in Liberty Bank, N.A.
Visa extends its on-chain ambitions
The card network expanded work with blockchain firms OwlTing and Tempo, increasing its reach into agentic commerce and stablecoins.
Trump threatens to fire Fed Chair Powell if he doesn’t resign
President Donald Trump said he would fire Federal Reserve Chair Jerome Powell if he does not resign after his term as head of the central bank ends in May. Trump made a similar threat against Fed Gov. Lisa Cook before attempting to fire her last August.
Economic turmoil opens a door for AI-powered B2B payments
Bank of America and Oracle are among those tweaking their treasury management and supply chain technology, partly to address clients that face cash management challenges from geopolitical risk.
Exclusive: Warren to probe Warsh on his role in 2008 crisis
Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is pushing the Federal Reserve for records related to Fed chair-designate Kevin Warsh’s actions as a member of the Fed board during the 2008 financial crisis.
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.