Teresa Ribera, the European Union’s antitrust leader, is calling on EU nations to support cross-border bank mergers. She said the move would help complete the single market, Reuters reported Wednesday (June 17). Her comments follow Germany’s rejection of Italian bank UniCredit’s bid to acquire German...
Revolut is preparing a full-scale launch of its global financial platform in the United Arab Emirates after completing its regulatory licensing process in the country. The firm received its Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of...
J.P. Morgan Chase is reportedly planning to expand its retail banking operations in Europe. The bank, the largest in the U.S., aims to add at least three more countries to its operations in Germany and the U.K. by the end of 2030, the Financial Times...
eToro could become the latest in a string of FinTechs entering the banking space. The trading and investment platform is considering multiple acquisitions, and also planning an expansion into traditional payment services that could involve a banking license application, CEO Yoni Assia said in an interview with the Financial Times (FT)...
As interest rate uncertainty lingers and wholesale funding becomes more expensive, digital-first financial firms are using high-yield savings accounts to address two challenges. They are trying to attract loyal customers and secure a cheaper, more durable source of capital to fund their lending businesses. The...
The Justice Department has sent subpoenas to several of America’s largest banks as part of an investigation into alleged politically motivated debanking of clients, The Wall Street Journal reported Wednesday (June 10), citing unnamed sources. Recipients of the subpoenas include Bank of America, JPMorganChase and...
Wells Fargo Chief Financial Officer Mike Santomassimo said Tuesday (June 9) that the bank’s net interest income (NII) will increase this quarter and that the bank will achieve its full-year forecast of about $50 billion in NII, Reuters reported Tuesday. “This quarter, you’re obviously going...
Chase has introduced new tools for small business in its Chase for Business mobile and online hub. The updates, announced Tuesday (June 9), include the debut of Business Credit Journey, a tool that helps owners monitor and strengthen business credit, and greater availability of Customer Insights, an analytics...
Klarna has expanded its financial services offering in the United States by adding a high-yield savings account to its app. The new-to-the-U.S. Klarna Savings accounts are FDIC insured, have no minimum deposit and no monthly fees, enable direct deposit, and currently provide interest rates above...