Morgan Stanley Swiss unit fined $1.1 million in Greek bribery case
Morgan Stanley (Switzerland) GmbH failed to prevent the laundering of millions of dollars by one of its former bankers in a Greek kickback scheme tied to arms sales.
Top banks eliminate or reduce DEI talk in annual reports
Banks’ latest annual reports, filed in the early weeks of the second Trump administration, provide a window into how the industry is adjusting to a new political climate.
TD Bank’s quarterly earnings fall short of expectations
The Canadian bank’s profits were weighed down by its U.S. operations as the bank restructures its balance sheet and manages the fallout of money-laundering compliance failures.
CFPB tailspin, banks hopeful on M&A: Top news February 2025
The changing of the guard at the Consumer Financial Protection Bureau and hope among bankers for mergers and acquisitions activity are popular items this month.
How big of a problem is debanking? No one knows for sure
Lawmakers and regulators are cracking down on banks closing consumer accounts, but neither banks nor regulators have hard numbers on how big of a problem debanking really is — or why accounts are closed.
White House sets deadline for agency-downsizing plans
Federal agencies have a little more than two weeks to devise plans for achieving significant staff reductions and cost savings.
Citi hires head of North America private bank from BofA
The hiring comes roughly a month after Ida Liu resigned and the firm embarked on a regional restructuring.
American Express removes a hurdle for Chinese travel
The company’s cards will combine with the Alipay digital wallet, enabling foreign travelers to use local currency while reducing fees and processing steps. That and more in the American Banker global payments roundup.
Great wage divide: How earned wage access sparks controversy
Earned wage access is shaping up to be the most divisive financial product in decades as industry trade groups and consumer advocates spar over whether EWA should be classified as credit in order to protect consumers. Is there a middle ground?
Stablecoin regs needed for banks to adopt DeFi: S&P study
The lack of government clarity on stablecoins has prevented traditional financial institutions like large banks from entering the space.