The Latest
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Stripe unbundles services as industry shifts
The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.
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Binance founder Changpeng Zhao gets 4 months in prison
He pleaded guilty in November to violating anti-money laundering laws. The sentence is less than the 12 to 18 months suggested by guidelines, and less than the three years the DOJ was hoping for.
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Houston area-based TDECU to buy Louisiana bank
At more than $1.2 billion in assets, Sabine is one of the largest banks to be part of an acquisition by a credit union. It's the eighth such deal this year.
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HSBC CEO to step down
“After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Noel Quinn said Tuesday. HSBC will consider internal and external candidates for the role, it said.
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Morgan Stanley’s $20M bonuses draw proxy adviser’s fire
Glass Lewis recommended shareholders reject a pay package that gave one-time $20 million awards to the bank's newly minted CEO and his two fellow candidates to succeed James Gorman.
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State Street, sculptor settle Fearless Girl lawsuit
State Street and Kristen Visbal reached a settlement over the weekend following mediation. The settlement averted a trial that was set to start between the two parties this week.
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NYCB postpones annual meeting by 2 weeks
The bank, at the time of the delay, had yet to say when it would report first-quarter results. Those are coming Wednesday.
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UMB to buy Heartland Financial for $2B
The deal will mark UMB’s largest acquisition in its 111-year history, increasing total assets by more than 40% to $64.5 billion.
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FDIC hits Alabama, Oklahoma banks with consent orders
In separate orders, the regulator said the banks must step up their anti-money laundering compliance programs and ensure their related training programs are sufficient.
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Republic First is seized, assets sold to Fulton Bank
The first bank failure of 2024 punctuates the discord that has brewed at Republic First for more than two years. Fulton, meanwhile, will double its Philadelphia presence through the deal.
Updated April 29, 2024 -
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
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Citizens Bank funds green jobs program for New York’s offshore wind sector
The bank’s philanthropic arm will commit $600,000 over two years to financially support Brooklyn-based youth in pursuing careers in the renewable energy sector.
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Deutsche Bank plans to set aside $1.4B over Postbank case
A Cologne court intends, at least partially, to favor Postbank shareholders over claims that Deutsche low-balled them in 2010 takeover offers, Deutsche disclosed Friday.
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DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
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Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
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FDIC tables asset manager proposal
The proposed measures were shelved Thursday when FDIC director and Acting Comptroller of the Currency Michael Hsu did not support either one.
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Green Dot CHRO eyes ‘engagement,’ tech hires amid BaaS buildout
The company has brought aboard a new chief product officer, tech chief and general manager for BaaS over the past six months.
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Fed seeks 8,000 financial institutions for FedNow
About 700 financial institutions have connected to the Fed’s instant payment network since last July, with at least 1,000 more in the pipeline, a FedNow official said this week.
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Russian court orders seizure of nearly $440M in JPMorgan funds
The ongoing legal battle between state-owned VTB Bank and the largest U.S. bank revolves around funds frozen in the wake of Russia’s invasion of Ukraine and subsequent sanctions.
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BofA, Goldman shareholders nix proposals to split CEO, chair roles
Roughly 33% of Goldman voters and 31% of BofA shareholders supported the measures, an uptick from last year for both banks. JPMorgan Chase shareholders will vote on a similar measure next month.
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Column
Dive Deposits: Moynihan, Pick are refashioning the buttoned-up earnings call, with words
Seven comments from executives and officials show varying degrees of unexpected boldness during banks’ most straight-laced period.
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First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
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Synapse signs deal with TabaPay, files for bankruptcy
TabaPay has set a purchase price of $9.7 million to acquire Synapse's assets — a deal that is pending court approval.
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Temenos hires VMware exec as CEO
Jean-Pierre Brulard will take the reins from Andreas Andreades, who will retire after serving as interim CEO since Max Chuard's departure in January 2023.
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Figure hires Brex, SoFi vet to succeed Cagney as CEO
Michael Tannenbaum served as Brex's chief operating officer until January. He cut his teeth as chief revenue officer at SoFi when Mike Cagney was still CEO.