TD takes $450 million provision in U.S. money-laundering probe
Toronto-Dominion Bank has taken an initial provision of $450 million in connection with U.S. investigations into its anti-money-laundering practices and said it expects additional penalties to come.
Wells Fargo CEO responds to union push at shareholder meeting
After employees at a handful of Wells Fargo branches voted to unionize, CEO Charlie Scharf said the bank is "committed to bargaining in good faith" but also believes employees are "best served by working directly" with managers.
Citi, Wells Fargo shareholders reject proposals on Indigenous rights
Resolutions calling for more details about how the two banks protect Indigenous people's rights failed to win majority approval on Tuesday. JPMorgan Chase shareholders are scheduled to vote on a similar proposal next month.
Navy Federal contract, Republic First failure: April’s top banking news
In this month's roundup of top banking news: Navy Federal Credit Union officially launches its overseas banking program, Republic First Bank in Philadelphia falls to capital troubles and investor outrage, deeper looks at talks between Discover and Capital One and
PayPal’s transformation emphasizes Venmo, cross-border opportunities
Touting strong first-quarter sales and revenue growth, CEO Alex Chriss committed to rebuilding the firm's languishing Xoom cross-border unit and driving more Pay with Venmo options.
The failure of Republic First is a blip — in a rising tide of blips
The failure of Republic First isn't a systemic threat or even a surprise. But the conditions that led to its failure are not all that unique and may foreshadow a secular rise in bank consolidation — one that policymakers can
Are recent deals a sign of bank M&A resurgence?
Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are
Rep. Hill takes aim at Biden administration’s moves on fintech
Rep. French Hill, the No. 2 Republican on the House Financial Services Committee, promised bankers Tuesday that he will continue to push back against Biden administration regulators, especially on bank-fintech partnerships and digital assets.
Discover’s AI use, Synapse’s bankruptcy: Top tech news for April 2024
In this month's roundup of top tech news: The impact of Synapse's bankruptcy on the banking-as-a-service industry, large language models best suited for banks, Discover deploys generative artificial intelligence in its contact center and more.
HSBC’s CEO is stepping down. Who’s in the running to replace him?
Noel Quinn is leaving after four years in the role. It's the third time in six years that HSBC has had to look for a new chief executive.