Square has been aggressively ramping up its marketing costs this year as the COVID-19 pandemic drove increased consumer adoption of new digital finance products. (Photo by Christiann Koepke on Unsplash)
Square has been aggressively ramping up its marketing costs this year as the COVID-19 pandemic drove increased consumer adoption of new digital finance products. (Photo by Christiann Koepke on Unsplash)Payment services provider Square said Monday that it will raise roughly $1 billion from new convertible notes, just days after the fintech revealed it will substantially increase spending on new hires, marketing and potential new acquisitions.

The United States flag hangs on the Federal Reserve Bank of New York, Tuesday, Aug. 4, 2020. (AP Photo/Mark Lennihan)
The United States flag hangs on the Federal Reserve Bank of New York, Tuesday, Aug. 4, 2020. (AP Photo/Mark Lennihan)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.

In this Friday, Oct. 23, 2020, photo, an employee sits at the Ant Group office in Hong Kong. (AP Photo/Kin Cheung)
In this Friday, Oct. 23, 2020, photo, an employee sits at the Ant Group office in Hong Kong. (AP Photo/Kin Cheung)China’s senior financial regulators said the country will take a more “uniform” approach to supervising fintechs, just days after the government blocked Ant Group’s record $34 billion public initial offering.

The headquarters of Franklin Templeton in San Mateo, Calif. (Coolcaesar/Creative Commons)
The headquarters of Franklin Templeton in San Mateo, Calif. (Coolcaesar/Creative Commons)Some mutual funds in India will be allowed to invest more freely in stocks of all sizes through the introduction of a new fund category by the country's securities regulator, which comes after a lobbying efforts by the investment industry to ease restrictions.

“We want to put more force behind some of the trends that we’ve seen within our space, such as artificial intelligence and also cryptocurrency, specifically Bitcoin,” Square CEO Jack Dorsey said. (Photo by Dmitry Demidko on Unsplash)
“We want to put more force behind some of the trends that we’ve seen within our space, such as artificial intelligence and also cryptocurrency, specifically Bitcoin,” Square CEO Jack Dorsey said. (Photo by Dmitry Demidko on Unsplash)Square Chairman and CEO Jack Dorsey suggested that the fintech may increase its bet on Bitcoin and other cryptocurrencies next year, after its consumer digital wallet platform booked a record $1.63 billion in third-quarter Bitcoin sales.

An HSBC branch in central London, Nov. 2, 2015. (AP Photo/Tim Ireland)
An HSBC branch in central London, Nov. 2, 2015. (AP Photo/Tim Ireland)HSBC, the world’s sixth-largest bank by assets, rolled out a new digital wallet service with foreign currency exchange functions for its U.S. bank customers, as fintechs accelerate growth in cross-border payments.

The United States Capitol in Washington, D.C. (Photo by Louis Velazquez on Unsplash)
The United States Capitol in Washington, D.C. (Photo by Louis Velazquez on Unsplash)While the U.S. presidential election remains hotly contested, experts say that the results of Tuesday’s congressional races should comfort big banks and fund managers worried about new financial regulations from a “blue wave.”

A Banco Santander branch in Barcelona, Spain, in June 2017. (AP Photo/Manu Fernandez)
A Banco Santander branch in Barcelona, Spain, in June 2017. (AP Photo/Manu Fernandez)A U.K. labor union is calling on Banco Santander to offer new postings within the company to hundreds of its local workers who may be laid off, as the Madrid-based bank plans to automate certain back office roles.

A view of Copenhagen, Denmark, where Danske Bank is based. (Photo by Nick Karvounis on Unsplash)
A view of Copenhagen, Denmark, where Danske Bank is based. (Photo by Nick Karvounis on Unsplash)Danske Bank disclosed Tuesday that it will not dispute a fine issued by Danish financial prosecutors over findings that it overcharged hundreds of retail investment clients, ending one of several scandals plaguing the Copenhagen-based bank.

Aerial view of the naval air station in Bermuda. (Doolittle, USN/Creative Commons)
Aerial view of the naval air station in Bermuda. (Doolittle, USN/Creative Commons)Arch Capital has completed its third reinsurance deal of 2020 to seek additional cover on a pool of U.S. mortgages worth over $31 billion, suggesting investors’ appetite for mortgage insurance-linked bonds remains strong in spite of growing credit risks.

There are signs that lenders around the world are increasingly seeing industrial mortgages as a safer alternative to retail and office property loans. (Photo by Sean Pollock on Unsplash)
There are signs that lenders around the world are increasingly seeing industrial mortgages as a safer alternative to retail and office property loans. (Photo by Sean Pollock on Unsplash)Commercial and multifamily property lending in the U.S. plunged 47% year-over-year in the third quarter, as lockdowns and reduced travel continued to curb hotel and retail business, according to the Mortgage Bankers Association.

German Bundesbank, right, and the new headquarters of the European Central Bank, left, are seen in Frankfurt, Germany. (AP Photo/Michael Probst)
German Bundesbank, right, and the new headquarters of the European Central Bank, left, are seen in Frankfurt, Germany. (AP Photo/Michael Probst)Global banks are flocking to Germany as the new home for their European operations with less than two months before Brexit is finalized, in a sign that Frankfurt may supplant London as the region’s financial hub, the Bundesbank said Monday.

This photo from Tuesday May 3, 2011, shows the Thurgood Marshall U.S. Courthouse in New York's lower Manhattan. (AP Photo/Mary Altaffer, File)
This photo from Tuesday May 3, 2011, shows the Thurgood Marshall U.S. Courthouse in New York's lower Manhattan. (AP Photo/Mary Altaffer, File)Several of the world's largest banks including Goldman Sachs, Bank of America and JPMorgan will have to face a lawsuits claiming they colluded for nearly a decade to manipulate pricing of certain municipal debt issuances.

A view of the Sydney Opera House in Sydney, Australia, where Australian wealth manager AMP is based. (Photo by Arvin Wiyono on Unsplash)
A view of the Sydney Opera House in Sydney, Australia, where Australian wealth manager AMP is based. (Photo by Arvin Wiyono on Unsplash)AMP disclosed Monday that Ares Management’s bid to acquire the company values it at over AUD 6.36 billion ($4.47 billion), roughly a 10% premium on its market capitalization, even as the Sydney-based wealth manager struggles with financial turmoil.

In this photo, Robinhood co-founders Vlad Tenev, left, and Baiju Bhatt pose at company headquarters in Menlo Park, Calif. Robinhood is a stock brokerage that does not charge any commissions for its more than 1 million customers to buy and sell shares.(AP Photo/Ben Margot)
In this photo, Robinhood co-founders Vlad Tenev, left, and Baiju Bhatt pose at company headquarters in Menlo Park, Calif. Robinhood is a stock brokerage that does not charge any commissions for its more than 1 million customers to buy and sell shares.(AP Photo/Ben Margot)More than 10,000 email credentials tied to Robinhood market accounts that were hijacked by hackers in recent months were advertised for sale in dark web markets, Bloomberg found, far beyond the previously reported estimate.

Societe Generale CEO Frederic Oudea presents the bank's results in Paris, Wednesday Feb. 18, 2019. (AP Photo/Thibault Camus)
Societe Generale CEO Frederic Oudea presents the bank's results in Paris, Wednesday Feb. 18, 2019. (AP Photo/Thibault Camus)Société Générale has decided to divest its Lyxor asset management division, Bloomberg reported Friday, following months of chatter about an impending sale as the Paris-based bank struggled to dig itself out of its worst-performing year since 2008.

Sydney, Australia, where QBE Insurance is headquartered. (Photo by Dan Freeman on Unsplash)
Sydney, Australia, where QBE Insurance is headquartered. (Photo by Dan Freeman on Unsplash)AMP, one of Australia’s largest retail investment managers, revealed Friday that Ares Management is making a play to acquire the Sydney-based firm, amid plans for sizable job cuts and allegations of misconduct by a former top executive.

This Aug. 13, 2020 photo shows the skyline of downtown Milwaukee, the location Northwestern Mutual's headquarters. (AP Photo/Carrie Antlfinger)
This Aug. 13, 2020 photo shows the skyline of downtown Milwaukee, the location Northwestern Mutual's headquarters. (AP Photo/Carrie Antlfinger)Northwestern Mutual, one of the largest U.S. life insurers, is slated for a record year of policyholder dividends in 2021, despite analyst concerns that increased payouts have eroded mutual insurer solvency levels.

The road is empty in front of the MetLife Building and Grand Central Terminal in New York City during the coronavirus pandemic on Tuesday, April 21, 2020. (AP Photo/Ted Shaffrey)
The road is empty in front of the MetLife Building and Grand Central Terminal in New York City during the coronavirus pandemic on Tuesday, April 21, 2020. (AP Photo/Ted Shaffrey)MetLife agreed to provide longevity reinsurance for London-based pensions insurer Rothesay, a move that broadens its presence in the booming market amid “bullish” analyst predictions for the market’s future capacity.

The town of Rothenburg ob der Tauber, in Bavaria, Germany. (Photo by Roman Kraft on Unsplash)
The town of Rothenburg ob der Tauber, in Bavaria, Germany. (Photo by Roman Kraft on Unsplash)Allianz has agreed to set up a EUR 5 billion ($5.83 billion) joint venture with one of Europe’s largest telecom companies to expand fiber-optic internet access across rural Germany, as institutional investors scramble to get a slice of the rapidly growing sector.