As Treasury overhauls AML rules, banks need a new measure of success
As regulators rewrite the rules for anti-money-laundering compliance, they have an opportunity to create standards that will actually prevent financial crime rather than just documenting suspicious activity.
Crypto comes to rescue vulnerable House banking Republicans
Crypto campaign arm Fairshake is spending millions to protect lawmakers who have helped advance the industry’s agenda as political headwinds threaten several key Republican lawmakers.
BofA gets $1.21B penalty for money laundering
The Treasury Department and Office of the Comptroller of the Currency Tuesday announced that they had found the bank had processed over $5 billion in unreported suspicious transactions and committed hundreds of sanctions violations.
Citi doubles asset inflows, edging closer to profit goals
With rising assets and improved ROTCE — return on tangible common equity — Citi checks off goals for its wealth management unit.
What 2 RIAs get right about training new advisors as shortages loom
OpenArc and SageSpring have created internal pipelines of next-generation talent through mentors and team-based approaches, rather than instructing the firms’ early career advisors to “eat what you kill.”
Goldman’s Solomon wants ‘clear human accountability’ on AI
Goldman Sachs CEO David Solomon has usually been upbeat about artificial intelligence and its benefits to the U.S. economy. On Tuesday he was more focused on its dangers.
Solid consumer results at Wells Fargo propel larger profits
Though the banking giant reported more loans and deposits, along with benign credit quality, a dip in fee income dented its third-quarter results.
Stripe broadens the connection between AI shopping and payments
AI “discovery” platform Constructor has integrated with the payments company in an effort to make it easier for AI agents to find and then pay for products as consumers increasingly rely on bots for shopping and payments.
Why Citi remains cautious on key profitability metric
The megabank increased its return on tangible common equity target for 2026 by less than some analysts had hoped. The move sparked questions about whether fourth-quarter results are likely to be disappointing.
Bankers grapple with liability when AI agents mess up
Lead Bank, the tech startup Primitive and others are working to define who’s accountable in situations where AI agents make mistakes in banking and payment transactions.