Fed may have to hike more to fight sticky inflation, Jamie Dimon says
The Federal Reserve’s rate hikes so far are just “catching up,” the JPMorgan chairman and CEO says. Dimon predicts inflation will be at 4% early next year and “won’t be coming down for a whole bunch of reasons.”
What banks need to know about Snatch ransomware
Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.
How banks are trying to get in front of new AI rules
It’s still too soon to say exactly how the use of advanced artificial intelligence will be restricted in financial services, but banks are developing strategies mindful of potential policies.
Morgan Stanley sued over Brightline deal by private equity firms
The private equity firms accused the bank of concealing key changes to a credit agreement, in part because it wanted to win future muni bond business from Brightline Holdings.
FDIC’s Hill: Pause new bank regulations amid interest rate environment
The Federal Deposit Insurance Corp. board’s vice chair Travis Hill urged his fellow regulators Thursday to delay implementing new banking regulations until interest rates stabilize, saying rushed rules amid precarious economic conditions could impact consumer lending.
Bank of America raises minimum wage to $23 on way to $25 an hour, sets new Dallas office
The bank has committed to hit a base wage of $25 an hour by 2025; officials also said it would lease space in a giant new office tower in Dallas, its second-largest hub.
Affirm is exploring subscription service to guarantee 0% APR on purchases
Affirm is considering a subscription service in a bid to create more recurring revenue beyond interest collected from its buy now/pay later plans.
Bank M&A rebounds in August, bolstered by pent-up demand
There were 18 deals announced last month involving bank targets. It was the most active month since July 2022 and marked a bounce-back from a months-long slump.
Swift adds partners to fend off fintechs in cross-border B2B payments
The messaging organization, which faces growing competition from newer tech firms, is working with Visa and Wise to ensure that its own offerings stay relevant.
Colleges should be on the hook when graduates default on student loans
Educational institutions ought to have some skin in the game when it comes to the student loan market.