Financial messaging service SWIFT revealed Thursday it is launching a new service aimed at helping a wider number of small business customers facilitate cross-border payments, and that it is working with more than 20 banks, including Wells Fargo and Deutsche Bank, to develop the platform.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
A U.S. federal judge is allowing a set of Navient investors to pursue a stock inflation lawsuit as a class action against the student loan servicing company and a slew of major banks that served as underwriters for Navient’s debt offerings.
The world’s largest retail digital payments network is poised to make an unprecedented green bond offering, a Monday filing with the U.S. Securities and Exchange Commission shows.
The U.S. Federal Reserve rolled out new capital requirements for 34 of the country’s largest banks on Monday, imposing the highest requirements on Goldman Sachs and Morgan Stanley based on stress tests conducted earlier this year.
The U.S. Virgin Islands is asking six U.S. financial institutions about any accounts they handled for Jeffrey Epstein or related entities as the territory continues to seek more information about the late sex offender’s finances as part of a civil lawsuit.
The global banking sector may see structural shifts that last beyond the COVID-19 pandemic, as declining revenues and asset quality push banks toward consolidation and digitization, according to S&P Global in a mid-year report released Thursday.
Wells Fargo is requesting that a court-appointed receiver take over a distressed portfolio of 89 hotels owned by affiliates of Colony Capital, as the hotels, like much of the hospitality industry, have been hit hard by the COVID-19 economic downturn.
Deutsche Bank said Sunday that it will miss its capital targets as it escalates lending to businesses during the coronavirus pandemic, but Germany’s largest lender still sought to reassure investors ahead of its official earnings release that the dip in capital buffer would be temporary.
Ten major banks, including JPMorgan Chase & Co., Bank of America, Wells Fargo and Citigroup, were slapped with a class-action lawsuit Tuesday accusing them of costing retail investors billions by conspiring to manipulate the spreads between the buying and selling prices of U.S. corporate bonds.
The U.S. Securities and Exchange Commission has ordered Bank of America’s Merrill Lynch to repay investors for mutual fund fees that it collected without properly disclosing conflicts of interest in the final enforcement action issued under a voluntary reporting program that has seen 95 financial advisors shell out $139 million in refunded fees.