Morgan Stanley gives all three CEO contenders special bonuses of $20 million
The bonuses were paid to incoming Chief Executive Officer Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz.
Stax’s latest acquisition pits it against Stripe, Block
By purchasing merchant acquirer Atlantic-Pacific Processing Systems, the fintech has rounded out its offerings in a way that echoes the structure of larger payment companies.
FDIC sought buyers for Republic First before investor deal
The FDIC had sought bids for the bank on Oct. 23, but told potential buyers two days later that it would delay making a decision until this week, said the people, who asked to not be identified because the matter isn’t public.
20 banks and thrifts with the most assets
The top five banks and thrifts have combined total assets of nearly $13 trillion.
HSBC plans $3 billion buyback, CEO touts capital strength
The British bank, which generates most of its income in Asia, has been deploying more resources in the region to tap into faster-growing markets and saw a “good wealth performance,” particularly in Hong Kong, it said.
U.K. confirms plans to bring crypto under stricter regulation
The U.K. government confirmed plans to regulate cryptoasset activities more strictly, bringing them under the same regime as traditional financial services.
Bank executives should focus on front-line branch employee turnover
Neglect of the employees who personally interact with customers can undermine even the most carefully crafted business strategy.
Wells Fargo’s new public affairs head exits, will focus on Middle East crisis
Thomas Nides, who until recently was U.S. ambassador to Israel, is leaving his post as the megabank’s head of lobbying, communications and community relations. He said recent events in Israel and Gaza “have had a profound effect on me, in ways that I could not have imagined.”
Why Cullen/Frost remains full speed ahead on growth
The San Antonio bank reported a 14% increase in noninterest expenses and a 7% jump in loans. “We’re not trying to be successful by shrinking,” said CEO Phil Green.
Banks are excited about AI, but that doesn’t mean they’re using it
Bankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker’s innovation readiness survey.