TD’s ‘million-dollar question’: Who will be its next CEO?
Bharat Masrani has spent a decade as the Canadian bank’s top executive and is pushing 70. But as the bank undergoes a U.S. Justice Department probe, it’s unclear when he’ll step down or who’s next in line.
Wells Fargo’s new vice chair Braunstein brings investment banking heft
CEO Charlie Scharf has added another former JPMorgan Chase colleague to his leadership team as his shake-up of Wells Fargo continues. The hire of veteran investment banker Doug Braunstein comes as Scharf makes progress on his efforts to grow Wells’ investment bank.
Why Citi is rolling out generative AI to all its developers
Helping programmers become more productive, modernizing legacy systems and conducting compliance assessments are among the hundreds of gen AI use cases in production or in the pipeline for Shadman Zafar, co-CIO for Citi and lead for the bank’s generative AI work.
Scotiabank beats estimates even as loan-loss provisions rise
Scotiabank was the only large Canadian lender to shrink its domestic mortgage book last year, and it actively sought out more core deposits to lower its cost of funding.
Chime settles charges of consumer violations
The San Francisco neobank made “occasional mistakes” regarding its responsiveness to customer complaints, according to the California Department of Financial Protection and Innovation.
BMO beats Bank of the West cost-savings goal, yet quarterly profits fall
The Toronto-based company wrung out $800 million USD in cost savings in connection with last year’s acquisition of Bank of the West, a bright spot in an otherwise tough quarter across most business segments.
Klarna in talks with banks for U.S. IPO at $20 billion value
Klarna, the Swedish fintech that was once Europe’s most valuable startup, is moving forward with plans for a potential U.S. listing that could be one of the largest listings this year, according to people familiar with the matter.
Banks need to do more to manage hedge fund risks, Fed’s Barr warns
Federal Reserve Vice Chair for Supervision Michael Barr said in a speech Tuesday that banks might need to establish margin to counteract counterparty risks presented by private funds.
Navigating the future of banking, Fintech and AI
Luis Valdich, managing director of Citi Ventures, and Alex Sion, managing partner of private equity firm Motive Partners, explain how they envision advanced AI changing work in financial services.
‘This meeting could have been an email’ is actually a valuable insight
Many banks could benefit greatly from overhauling their internal culture when it comes to meetings. Both performance and morale stand to benefit.