Barclays gives dozens of bankers nothing in grim bonus round
Barclays is planning to hand dozens of investment bankers no bonus as the slowdown in dealmaking forces it to cut payouts for a larger-than-usual group of its lowest performers.
Subprime lender, struggling with debts, gets reprieve from creditors
The consumer lender CURO Group said that its agreement with bondholders gives it a 30-day grace period, and that negotiations on a broader restructuring are continuing. The company has lost money in recent years as it shifts away from traditional payday lending to larger installment loans.
Citizens Financial hires two former JPMorgan execs to lead private bank
The Providence, Rhode Island, company has recruited a head of wealth management advisors and a head of private wealth managers as part of a new strategy to reel in high-net worth clients.
CFPB resolves foreclosure scam case with $12M settlement
The original lawsuit was one of several filed in 2014 in a coordinated effort among federal and state regulators aimed at fraudsters trying to cheat distressed mortgage borrowers.
Bankwell Bank pilots generative AI in small-business lending
It’s early days in the Connecticut bank’s testing of Cascading AI, but one clear benefit has emerged: The software can handle the many inquiries that come in on Friday nights, after loan officers have gone home.
Yellen expects bank ‘stress’ due to commercial real estate losses
Treasury Secretary Janet Yellen didn’t directly address the turmoil at New York Community Bank, and said that while some smaller institutions could be hit by a changing commercial real estate market, she doesn’t anticipate these mortgages will become a systemic risk.
Goldman is facing CFTC probe over fees charged for futures trading
The Commodity Futures Trading Commission privately authorized sending subpoenas to Goldman for information about fees charged for some futures block trades, according to people familiar with the matter.
In unusual move, law professor petitions bank regulators for rulemaking
Jeremy Kress, a law professor at the University of Michigan, filed a petition for rulemaking to two bank regulators, asking them to adopt an unaffiliated director standard for larger banks to address conflict of interest between banks and their holding companies.
Ex-CEO of failed Kansas bank charged with embezzling $47 million
Federal prosecutors allege that Shan Hanes, the former CEO of the now defunct Heartland Tri-State Bank, illegally took money from customers to fund cryptocurrency investments. He could face up to 30 years in prison if convicted.
Top AI companies join government effort to set safety standards
OpenAI, Anthropic, Microsoft, Meta Platforms, and Alphabet’s Google are among more than 200 members of a newly established AI Safety Institute Consortium under the department, the Commerce Department said.