Agentic AI will shake up banking, shrinking global profit pools
Banks need to recognize that agentic AI is almost certain to upend their traditional business models. Early adopters may be able to grab an advantage, while laggards will be fighting over diminished profits.
Euro-Zone finance chiefs agree on key step for digital currency
Euro-area finance ministers agreed on a key step in their efforts to roll out a digital currency, adding impetus to a project that’s becoming an important counterweight to US stablecoins.
The 15-year comeback of Allied Irish Banks
AIB was on the verge of collapse when it was bailed out by the Irish government in 2010. Why did its turnaround, which hit a key milestone earlier this year, take so long?
TD writes big check to a rapidly expanding CDFI
Lendistry, one of the nation’s fastest-growing SBA 7(a) lenders, is getting a $25 million infusion from TD’s community development arm.
Collections fintech Akuvo gets funding for agentic AI
The fintech, which powers debt collections for banks and credit unions, received a “strategic investment” from Vista Equity Partners to expand into agentic AI.
House Republicans call for ‘cross-Congress’ effort on financial fraud
Bankers face a “critical limitation” due to the vast number of oversight agencies and institutions, like social media companies and telecom institutions, that a fraudster might touch on their way to scam a consumer.
How Stripe’s stablecoin techs boost its power to disrupt banks
The payments company has used an acquisition of digital asset firm Bridge to gain ground, reminiscent of how fintechs have honed in on banks’ payment turf for years.
Trump asks Supreme Court to remove Fed Gov. Cook
President Donald Trump asked the Supreme Court to reverse a lower court ruling allowing Federal Reserve Gov. Lisa Cook to remain in office pending the outcome of her lawsuit challenging Trump’s move to fire her late last month.
BMO taps another ex-Fifth Third executive to serve as CFO
The Toronto-based bank named Rahul Nalgirkar as incoming finance chief. Nalgirkar, who joined BMO in 2022 from Fifth Third, will succeed the retiring Tayfun Tuzun, who came to BMO in 2020 after working at Fifth Third.
Former banker fraudulently loans $3M to lumberman
Alan Childs pleaded guilty to using straw borrowers and falsified loan records to help a timber businessman secure millions in fraudulent loans.