Bankers need to prepare themselves for a surge in AI adoption
The multiple potential applications of generative artificial intelligence to the financial services industry are a huge opportunity — for the institutions prepared to adapt.
Block to cut 10% of Tidal music service’s staff
Tidal, the music streaming service once owned by recording artist Jay-Z, laid off more than 10% of staff as part of a wider round of austerity moves announced last month by its parent company, tech billionaire Jack Dorsey’s Block.
Huntington targets Carolinas for commercial banking push
The Ohio-based regional bank has laid out an ambitious expansion blueprint, including new health care asset-based lending, a Native American financial services unit and a push into commercial banking in North Carolina and South Carolina.
Dimon says he would shut down crypto if he had government role
The remarks add to Dimon’s long history of bashing digital currencies, which he has previously called “Ponzi schemes” and a “fraud.”
Citi starts to outline the cost of its organizational overhaul
The megabank, which is in the midst of a massive restructuring, will probably book “a couple of hundred million dollars” of restructuring charges in the fourth quarter, according to its chief financial officer.
Federal judge upholds California’s small business lending disclosures
The district judge upheld the state’s regulations mandating that nonbanks disclose the annual percentage rate, finance charges and fees on financings of $500,000 or less.
Bank CEOs bring Basel III battle to Congress
The fireworks that traditionally accompany big bank CEOs’ appearances in Congress were absent Wednesday, but instead executives pushed their opposition to the Basel III capital rules and its impact on the economy.
Why Discover decided to walk away from student loans
Frustrated by its inability to overcome loan-servicing mistakes that triggered three separate regulatory consent orders, Discover Financial Services elected to sell its student loan business. “When we looked at it, we have perennial issues in our ability to service that portfolio,” a top executive said.
OCC issues guidance on managing risks of Buy Now, Pay Later
The OCC advises banks to implement robust risk management strategies for BNPL lending, emphasizing transparent loan terms, fraud mitigation, and compliance with consumer protection laws.
Canada cuts interchange, Klarna teams with Adyen
Canada’s government has finalized arrangements with Visa and Mastercard to cap credit card interchange for small businesses, Klarna is expanding its work with the Dutch payment processor Adyen, and more.