Julius Baer reached a deal with the U.S. Department of Justice on Monday, following months of investigations into the private Swiss bank’s involvement in a money laundering and corruption scandal with FIFA, the world soccer governing body.
JPMorgan Chase has opened north of 120 branches this year and will continue to plow ahead with expansion while many smaller rivals opt to shutter brick-and-mortar locations amid a pandemic-accelerated shift to digital banking, an executive said.
AccessFintech, a startup that specializes in supply chain management for financial firms and is backed by several major banks, said Monday that it is teaming up with investor Goldman Sachs to offer a service meant to make the cash settlement of derivatives more convenient.
The success or failure of meeting the United Nations’ Sustainable Development Goals will ultimately fall on the financial industry, though the increasingly mainstream nature of sustainable investing has pushed the industry in the right direction, Bank of America CEO Brian Moynihan said Monday.
French investment bank Société Générale said Monday that it was embarking on “several organizational adjustment projects” that are expected to lead to the elimination of 640 positions, the latest step in its cost-reducing plan for the next two years.
Crédit Agricole’s corporate and investment bank and its wealth management unit are joining forces to create a new private investment banking division to target the ultra wealthy, France’s second-biggest bank said Monday.
Fintech Strive formally launched in the U.K. on Friday as a"challenger bank" with plans to appeal to famlies by offering products geared at children, including special debit cards and savings accounts.
A Norwegian central bank official raised alarm over the possibility of central bank digital currencies spurring possible instability in the financial system, joining a chorus of global officials urging caution on moving forward with digital currency proposals.
The U.S. Federal Reserve said Friday it may remove certain foreign banks from its list of systemically important financial institutions as part of ongoing efforts to streamline post-2008 reforms and ease some regulatory burdens.
Regions Financial is being investigated by a U.S. consumer protection watchdog, which is looking into policies that allowed the lender to take in hundreds of millions of dollars in overdraft and non-sufficient funds fees last year.
BBVA’s Turkish unit is rolling out several new mobile banking features including a gold investment function, the nation's second-largest private bank said on Friday, as customers seek to protect their savings from rising inflation.
Lenders can use any reference rate they wish to replace LIBOR as long as they provide a “robust fallback rate” in case the original is discontinued, U.S. regulators said on Friday, in a win for smaller banks that had pushed back against a mandated replacement.
ICICI Bank is looking to attract India’s huge millennial population with a set of offerings that leans toward simplicity and digital-first banking and loan products, as well as a physical location targeted at the age bracket.
The Consumer Financial Protection Bureau said Friday it had granted a no-action letter to Bank of America to enable the bank to roll out its short-term, small-dollar loan program unveiled last month.
Deutsche Bank has hired nearly 30 people away from Standard Chartered in recent months in a bid to bolster its wealth management unit in China, a spokesperson for the German bank said on Friday, making it one of several firms to focus more on the space as China opens up its financial sector.
Standard Chartered will soon provide employees in several markets with greater flexibility in working patterns and locations, the U.K.-based bank said Friday, implementing lessons learned during the coronavirus pandemic to create a hybrid workforce of remote and office-based employees.
SoFi co-founder and former CEO Mike Cagney, ousted from the fintech over a sexual harassment scandal, has applied for a national bank charter for his own blockchain lending startup.
Citigroup Treasurer Michael Verdeschi said on Friday that he doesn't think the U.S. Federal Reserve is ready to “seriously consider” negative rates as an option to further help the economy bounce back from the fallout it is experiencing due to the ongoing global pandemic.
Wealthy Chinese businessman Guo Wengui is suing Swiss investment bank UBS in London in an attempt to reclaim $500 million he lost after the bank called in a margin loan in 2015, Bloomberg reported Friday.
Goldman Sachs plans to move up to $60 billion in assets from the U.K. to its German subsidiary by 2021 as global banks scramble to anchor themselves to a new European financial hub ahead of Brexit, Bloomberg reported.