The Synapse bankruptcy saga continues to rock the BaaS world, marked by last week’s revelation of $85 million in missing funds. The plot thickened last week when former CEO Sankaet Pathak disclosed in bankruptcy court that funds were commingled, leaving the task of determining rightful...
Goldman Sachs reportedly wants to double its lending to its most affluent customers. This plan would play out over the next five years for clients with account sizes of more than $10 million, the bank’s private banking chief told Reuters Thursday (June 13). The goal is to...
New Zealand is reportedly examining competition in the banking sector. As Reuters reported Wednesday (June 12), the decision to investigate the industry follows a draft report earlier this year which found that New Zealand’s four main banks offered limited competition in the personal banking space. “Promoting robust...
Say goodbye to BNY Mellon and hello to BNY. The bank — America’s oldest — is updating its logo and taking BNY as its new name, it announced in a Tuesday (June 11) press release. Its legal parent name will remain The Bank of New York Mellon Corp....
The growing dependence of banks on Big Tech companies for artificial intelligence (AI) capabilities is reportedly raising concerns about new risks. This dependency of the financial industry on a limited number of tech companies is seen as one of the biggest risks for banks, European...
U.S. Bank has launched a partnership with Greenlight aimed at increasing financial education. The collaboration will give eligible U.S. bank customers complimentary access to Greenlight’s debit card and money app, designed to help families teach their children financial skills, according to a Thursday (June 6) new release. The...
United Kingdom neobank Starling reportedly does not plan to reapply for a European Union banking license. Instead, the company will try to expand internationally via its software business, incoming CEO Raman Bhatia told CNBC Wednesday (June 5). “I am very bullish about this approach around...
Card spending is volatile, and commercial real estate loans look shaky. Rules on how much capital must be held on banks’ balance sheets are under continued debate. For the largest, traditional players in financial services, some top-line momentum can be found in helping transform client...
The Federal Deposit Insurance Corp.’s (FDIC) first-quarter assessment on the banking industry takes note of several trends: Declining loan demand, delinquencies that were higher than a year ago … … and an increase in “problem” banks, even as uninsured deposits grew in the first quarter....
