To shrink the balance sheet, Fed must move past 2019 fears
Balance sheet reduction is a top priority of new Fed Chair Kevin Warsh. Achieving that goal means avoiding the kinds of disruptions that roiled the Treasury bond market in 2019, the last time the central bank embarked on quantitative tightening.
Anthropic shuts down Mythos 5, Fable 5 due to government order
The government said it was responding to a jailbreaking risk that Anthropic says is minimal.
House Republicans rally around regional Fed banks
Lawmakers from both parties defended regional Federal Reserve banks against potential consolidation, arguing local economic perspectives are essential to ensure monetary policy remains sound.
United Community to sell a high-achieving equipment-finance unit
CEO Lynn Harton said his Greenville, South Carolina-based bank struggled the past year to keep Navitas from overshooting the limit the bank set for its expanding portfolio, about 10% of total loans.
Citi’s overseas retreat advances with sale of Polish business
The megabank has completed the sale of its consumer banking business in Poland. It has now sold 10 retail-focused franchises in certain underperforming, international markets over the past five years.
Banks fight to scrap an SEC cyberattack rule
The same groups want the Securities and Exchange Commission to drop its breach-disclosure rule while asking Congress to keep a confidential threat-sharing law.
Adyen shells out $335 million on AI to bolster corporate billing
The Dutch payment processor has agreed to acquire artificial intelligence-powered fintech biller Orb, its second acquisition in three months in an effort to speed development.
City National names COO, JPMorgan sells Lego version of new HQ
City National Bank appointed longtime executive David Cameron as chief operating officer; JPMorganChase is selling a limited-edition Lego version of its new midtown Manhattan headquarters; Esquire Financial Holdings received regulatory approval to complete its acquisition of Signature Bank in Chicago; and more.
Is the agentic payments wave leaving banks behind?
Visa and Mastercard are making it easier for AI agents to make autonomous payments within large language models, while fintechs such as Robinhood and Coinbase are opening their doors to those same agents to keep customers within their ecosystem. Payment experts say that puts banks on the defensive.
PNC’s solution to rising AI costs: build its own AI
The bank has decided it doesn’t want to be at the mercy of tech companies and the price they demand for services, and is building its own “AI factory.”