Bank owned by private equity investors bets big on fund finance
Despite an industrywide rough patch, EverBank still sees promise in the niche business line. The Jacksonville, Florida, company has hired a pair of prominent industry experts to lead a new division tasked with serving investment funds.
On eve of sentencing, lawyers for ex-Wells Fargo exec seek probation
Carrie Tolstedt, scheduled to be sentenced Friday for her role in the company’s phony-accounts scandal, has already paid for her crime and should receive three years probation, her attorneys argue in a sentencing memo. Prosecutors have recommended a year in prison.
JPMorgan Chase, RBC, Citi score high on Evident’s AI maturity index
A new model rates large banks on their efforts to develop and deploy artificial intelligence technology.
Republicans hint at procedural challenge to Basel III endgame proposal
Rep. Andy Barr, R-Ky., pressed one witness to say that that bank regulators’ Basel III endgame proposal, which would raise capital significantly for the largest banks, may have violated the Administrative Procedure Act.
Laurentian Bank ends review without a sale, will go it alone
Instead, the Canadian bank will try to ramp up its current strategy, which includes growth in commercial lending and technology upgrades, as well as streamline management.
Bankers are open to generative AI but list several reservations
Executives at Citizens Financial Group and community banks such as Seattle Bank and Citizens Bank of Edmond say there are potential use cases for large language models. Yet they have concerns that impersonal service and likely errors could erode customers’ faith in their financial institutions.
Zions says job cuts will reduce headcount by 3%
Revenue challenges are driving the Utah bank’s plan to reduce expenses, according to CEO Harris Simmons. “I talk to our peers, and everybody’s looking for ways to cut costs,” he said.
Regulators are overlooking the threat shadow banks pose to the economy
The secretive world of private credit is increasingly being funded by public money, and there will be no FDIC there to bail us out when things go bad.
Goldman Sachs fires transaction banking chief Moorthy, other leaders over lapses
The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn’t comply with an internal review.
Real-time payments for rent: How an Australian bank fills a niche
Since the country’s instant-settlement network doesn’t cover everyone, ANZ is extending its excess capacity to other financial institutions. It’s a strategy that’s emerging in the U.S. and other markets.