How banks’ “hidden” AI could cause problems
Financial institutions have trouble pinning down a common definition of AI and figuring out which of their processes incorporate the technology. That can lead to trouble with regulators.
FDIC leadership failed to implement harassment prevention measures: OIG
A report by the FDIC Office of the Inspector General found the agency failed to sustain corrective actions, leading to a persistent environment of sexual harassment, distrust of management and fear of retaliation.
Poor testing allowed CrowdStrike error to crash millions of computers
The cybersecurity company promised more rigorous tests for software updates after a widespread IT outage last month.
Bank stock rebound fuels M&A optimism
The KBW Nasdaq Bank Index was up 18% year-to-date through July, supporting expectations for more banks to use their shares as currency to take out competitors.
Mortgage rates sink as FOMC gives hope it will act soon
The 30-year fixed rate mortgage was at its lowest level since early February as the benchmark 10-year Treasury dropped under 4%.
Wells Fargo sued over drug costs in employee health plan
Former employees’ Minnesota lawsuit accuses the bank of overpaying for prescription drugs, claiming mismanagement of the bank’s health plan drove up costs for workers.
Buffett cuts BofA stake, unloading $3 billion this month
Berkshire still holds almost 962 million shares, the filing shows — worth $39.5 billion at Monday’s closing price.
U.S. banks need to start taking sustainability risk seriously
U.S. banks need to start taking sustainability risk seriously
Is there a future for community banks?
Despite the continuing trends of consolidation and limited startup activity, bankers and industry insiders say there is a path forward. But small lenders must evolve with changing technology.
20 largest US bank M&A deals of the past year
The five largest bank M&A deals had an average deal value of more than $1.2 billion.