Can Citi’s instant-credit products gain ground with smaller shops?
After three decades of relying on large retailers like Macy’s to promote its private-label credit services, the bank is taking its point-of-sale financing to smaller merchants via platforms like Shopify.
Is Sam Bankman-Fried a villain or was he in over his head?
His lawyers characterize him as a math nerd and not a criminal, but the mountain of evidence presented during his trial makes it hard to see him as innocent.
PayPal rival fintech Adyen faces investor confidence test
Five years after going public, with growth slowing and the stock trounced, losing 57% in just the last three months, investors are demanding a clear blueprint for how Adyen can get its mojo back.
UBS reports $2B cost hit from Credit Suisse deal, upbeat wealth inflows
The Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly loss in almost six years, as costs to absorb Credit Suisse came in at $2 billion. However, client inflows in its wealth management business — which included $3 billion of that was at Credit Suisse’s wealth […]
Why some banks are realizing their once-unrealized losses
More banks are selling their underwater bond portfolios at a loss, crystallizing what were previously losses on paper only. Though the maneuver brings some short-term pain, the banks expect to make the money back over time.
Capital One faces lawsuit from savers left behind amid rate hikes
Longtime customers of Capital One’s online banking arm thought they were getting the best possible rate, according to a lawsuit. Little did they realize, they say, that they needed to open a new account in order to benefit from interest rate increases.
FTC’s $18-million fine for Brigit: A warning for cash-advance fintechs
The Federal Trade Commission filed a complaint against finance app Brigit for misleading customers about accessing “up to” $250 in cash advances and making it difficult to cancel their subscriptions.
CFPB report takes deep dive at state Community Reinvestment Act laws
The Consumer Financial Protection Bureau released a report last week examining state CRA laws that have a more expansive scope and are more tightly integrated in the state licensing process.
Biden administration decries GOP funding cuts to financial services
An Office of Management and Budget memo took issue with cuts to the Treasury Department and an attempt to take the Consumer Financial Protection Bureau into the Congressional appropriations process.
Goldman boosts pay incentives for rainmakers in asset management
Goldman, which oversees $267 billion in fee-earning alternative assets, is trying to bring compensation more in line with rival investment firms as it moves toward third-party capital to fund its investing activities instead of relying on its own balance sheet.