Goldman Sachs equity-trading surge drives jump in profit
The asset and wealth division helped drive the gains, posting its highest quarterly revenue in two years on a gain tied to the sale of a financial-management business. That helped counter fixed-income trading results and investment-banking fees that fell short of expectations.
The Fed’s $4 billion gift to Silicon Valley Bank’s bondholders
The Federal Reserve’s inexplicable failure to enforce rules requiring Silicon Valley Bank Financial Group to serve as a “source of strength” for its subsidiary saddled the FDIC with billions in extra losses.
Fraud cost $500B, illicit money topped $3T in 2023: Report
Payments fraud is the most expensive kind, at $450B; anti-financial-crime execs are the most worried about real-time payments, a survey from Nasdaq and Oliver Wyman found.
How AI is changing T&E
Companies such as SeatGeek, a ticketing provider that requires its employees to do a lot of travel, find that artificial intelligence can help manage a large amount of data tied to travel and expenses.
It’s a new day for lenders serving minority and low-income communities
New federal standards for responsible lending should trigger a surge of new capital into underserved communities, as concerns about reputational risk are allayed.
Fiserv wants a special purpose bank charter. What does this mean?
The technology company’s move in Georgia could widen its processing relationships with merchants, but the company insists it won’t become a traditional financial institution.
Bank of New York Mellon sets 3-5 year targets for profit growth
The custody bank is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it’s pursuing.
CEO Fraser calls 2024 a ‘turning point’ year for Citi
Jane Fraser says this year will be “critical” for the megabank, which is engaged in a massive, multiyear restructuring that involves cutting 20,000 jobs by the end of 2026.
Industry says Basel rule violates law if it isn’t revised
A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators’ proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don’t delay and significantly amend the rule.
Wells Fargo is ‘still early in the cycle’ as soured office loans rise
The San Francisco-based bank warned for months that chargeoffs were likely to start rising as some office-related loans went bad. It began to happen in the fourth quarter, which could be an omen for regional banks that have larger concentrations in the office sector.