Alipay opens to more tourists, Revolut gets Mexican banking license
Ant Group’s Alipay is linking to Pakistan’s NayaPay as part of a push to support tourism to China, Revolut has obtained a license from Mexico’s National Banking and Securities Commission, and more.
Bank of America hurt by rising losses in credit cards, office loans
Net charge-offs at the Charlotte-based bank increased by more than 80% from the same period a year earlier. BofA executives said that the rising losses were in line with the bank’s risk appetite.
Fed’s Powell touts benefits of international coordination
The Federal Reserve chair’s comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
New details on rush of Home Loan bank borrowings at three failed banks
The Federal Home Loan Bank System stepped up advances by 37% or more to Silicon Valley, Signature and First Republic banks ahead of their failures, the GAO says in a post-mortem on last year’s banking crisis. The findings add to the debate about whether the system should be a lender of last resort.
Amid probes, Morgan Stanley vows not to change its wealth strategy
Morgan Stanley CEO Ted Pick downplayed the importance of government investigations into potential money laundering issues involving wealth management clients. “We’ve been focused on our client on-boarding and monitoring processes for a good while,” he said.
Q&A: Andy Barr pitches an ‘America First’ meets ‘Chamber of Commerce’ HFSC
Rep. Andy Barr, R-Ky., is running to lead his caucus in the House Financial Services Committee and says he has the skills to meld traditional and insurgent wings of the party.
New Hampshire credit union hopes gift cards will give it an edge
Bellwether Community Credit Union’s partnership with the New York ad tech firm Prizeout is working to build out gift card programs and generate added sources of non-interest income.
Big U.S. banks’ surprise trading haul blunts lending income slump
In a rare sweep, fixed-income and equities traders at five of the largest U.S. banks beat estimates for the first quarter.
What will it actually take to let big banks fail?
Federal Deposit Insurance Corp. Chair Martin Gruenberg said last week that regulators have the tools they need to allow big banks to fail in an orderly fashion. But resetting public and market expectations is not so easy.
Unrelenting interest income pressure weighs down PNC’s earnings
The Pittsburgh-based regional bank also emphasized expense control for the first quarter and throughout 2024 as it manages credit quality vulnerabilities and higher charge-offs, particularly among office loans.