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Category: News


News

Return-to-office delays burden regional bank real estate portfolios

April 3, 2024

Via: Banking Dive

Delays implementing return-to-office plans and questions around companies’ longer-term real estate footprints are straining the office category of regional banks’ commercial real estate portfolios, executives said last week in Philadelphia. Nearly a year after the World Health Organization declared the […]


News

Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’

April 1, 2024

Via: Banking Dive

Citi’s energy clients include companies predominantly related to oil and gas production, but also include bioenergy, carbon capture, utilization and sequestration, direct air capture hydrogen and renewable energy, according to its 2021 Task Force for Climate-related Financial Disclosures report. Its […]


News

Is a phone charging cable the new bank card?

March 29, 2024

Via: FinTech Futures

I was genuinely surprised when a friend of mine – one of the fintech OGs – recently said he had loaded a bank card onto his phone’s pay app for the first time. He was taking his first tentative steps […]


News

UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme

March 27, 2024

Via: FinTech Futures

The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce. “The decision has not been made lightly, and the bank will continue to work closely […]


News

Lloyd’s Hits 35% Female Leadership Target, Says it Has a ‘Way to Go’

March 5, 2024

Via: Insurance Journal

Lloyd’s of London has hit a short-term target of filling 35% of leadership roles with women, although less than half of firms in the commercial insurance market had hit the mark, it said on Tuesday. Lloyd’s said it needed to […]


News

Citi taps JPMorgan veteran to lead banking unit

February 26, 2024

Via: Banking Dive

Citi has appointed Viswas Raghavan as head of banking and executive vice chair, CEO Jane Fraser said in a memo Monday. Raghavan will oversee Citi’s investment, corporate and commercial banking businesses, which is one of the company’s core units. He […]


News

Fortune names U.S. Bank One of the 2024 World’s Most Admired Companies

February 15, 2024

Via: Yahoo

Fortune magazine again recognized U.S. Bank as one of the 2024 World’s Most Admired Companies, naming it No. 1 in the Superregional Banks category for the 14th consecutive year. Within the Superregional Banks industry category, U.S. Bank topped the list […]


News

US-based Primary Bank appoints Crystal Dionne as new CEO

February 13, 2024

Via: FinTech Futures

Founded in 2000, Ateo specialises in providing post-trade solutions, including post-trade allocation, clearing engine and APIs, for banks, brokers, dealers and the wider trading industry. The French company has been engaged in a partnership with Trading Technologies since November 2022, […]


News

PayPal cost-cutting likely to persist

February 8, 2024

Via: Payments Dive

PayPal’s new management isn’t finished cutting costs in its pursuit of more profitable growth, according to the digital payment company’s new chief financial officer. Chiming in for the first time Wednesday during a presentation of the San Jose-based company’s fourth-quarter […]


Activity, Investment Banking, News

Deutsche Bank to cut 3,500 roles over two years amid €2.5bn savings drive

February 5, 2024

Via: FinTech Futures

The German investment bank says the cuts will mainly apply to “non-client-facing areas” as it looks to streamline its business in Germany and lower its annual total operating cost to €20 billion by 2025. Deutsche Bank currently employs around 90,000 […]


News

Vast Bank exits cryptocurrency market, closes crypto banking mobile app

February 5, 2024

Via: FinTech Futures

Launched in 2021, the app enabled the bank’s customers to buy, sell and hold cryptocurrency through partnerships with German software firm SAP and crypto exchange Coinbase. Upon the launch, Vast Bank claimed it had become the first bank in the […]


News

Bank of America expects employee sabbaticals to pay dividends

February 2, 2024

Via: Banking Dive

“Sabbatical” is typically a word associated with tenured professors, who take time off to pursue intellectual pursuits. But what if you didn’t have to teach university courses to earn extended paid time off? Bank of America’s offering, launched in January […]


News

The banking industry outlook on 2024: The year of wait-and-see

January 30, 2024

Via: Banking Dive

2023 brought the most contentious proposed regulation in years: a revamp that would require the U.S.’s biggest banks to hold roughly 19% more capital than they do now. Lawmakers and trade groups opposed to the rule first attacked it on […]


News

Lloyds to cut 1,600 jobs across branch network amid growing customer preference for digital banking

January 29, 2024

Via: FinTech Futures

The structural overhaul comes amid the group’s claims that more than 21 million of its customers prefer to bank via online or mobile channels, with just 8% exclusively opting for branch-based banking. As a result of this growing preference for […]


News

FinTech Futures: Top five news stories of the week – 26 January 2024

January 26, 2024

Via: FinTech Futures

UK asset management firm Abrdn has announced it is implementing a new “transformation programme” in a bid to streamline its operations and bring down costs, with 500 job cuts proposed. The company says the programme “targets an annualised cost reduction […]


News

Missouri Department of Commerce and Insurance Returns Over $27M to Consumers

January 24, 2024

Via: Insurance Journal

Missouri consumers had more than $27.5 million returned from their insurance companies in 2023, the Missouri Department of Commerce and Insurance (DCI) announced. The amount returned to Missouri consumers was a result of DCI’s Insurance Consumer Affairs Division’s mediation work […]


News

Oracle strikes deal with Slovenia’s SID Bank for core banking and payments technology

January 22, 2024

Via: FinTech Futures

Established in 1992 and based in Ljubljana, SID Bank operates as a promotional development bank and export credit agency (ECA), providing insurance and financing on behalf of the Republic of Slovenia to promote internationalisation for the country’s export companies. As […]


News

Citizens trimmed 650 jobs in Q4

January 18, 2024

Via: Banking Dive

Citizens Bank reduced its headcount by about 650 positions, or 3.5%, in the fourth quarter, the Providence, Rhode Island-based lender said Wednesday in an earnings release. The trim represents a combination of layoffs and attrition, bank officials said Wednesday. “I […]


News

Top 6 banks dole out $9.4B toward FDIC special fee in Q4

January 16, 2024

Via: Banking Dive

For the quarter ending Dec. 31, the nation’s top six banks reported charges totaling $9.4 billion related to the Federal Deposit Insurance Corp.’s special assessment aimed at replenishing the agency’s deposit insurance fund after several bank failures last year. The […]


News

NY credit union eyes a bank purchase in 1st such deal of 2024

January 11, 2024

Via: Banking Dive

Poughkeepsie, New York-based Hudson Valley Credit Union has agreed to buy Catskill Hudson Bank and its parent company Hudson Bancorp, the company announced Wednesday. Stockholders of the community bank will receive $40.50 in cash for each share of Catskill Hudson […]