German embedded finance platform Solaris is cutting 20% of its workforce, about 80 roles out of 400, as it transforms itself into an “AI-native bank,” Tech.eu reported Wednesday (March 25). This restructuring follows Solaris’ previous job cuts, a write-down and a November 2024 rescue funding...
Wells Fargo said Thursday (March 26) that less than three years after it launched its artificial intelligence-powered virtual assistant Fargo, the assistant has helped customers with more than 1 billion transactions. The bank also said in a Thursday press release that its Wells Fargo Mobile...
Neobanks have spent years proving they could attract users. And now, there are indications that scale is translating into durable banking economics. Revolut’s latest results underscore that transition. As PYMNTS reported recently, the company reported roughly $2.3 billion in profit on $6 billion in revenue,...
UK-based FinTech Revolut says its subscription income helped drive record profits last year. The company released its annual report Tuesday (March 24) showing profits of $2.3 billion, with revenues of $6 billion, a 40% increase. It comes weeks after Revolut landed its long-awaited UK banking...
The Federal Reserve will have a third-party review the March 2023 collapse of Silicon Valley Bank, Federal Reserve Vice Chair for Supervision Michelle W. Bowman said Friday (March 20). During an interview on Fox Business’ “Mornings with Maria,” Bowman said there was evidence of issues...
Starling has added an agentic artificial intelligence (AI) financial assistant to its banking app in the United Kingdom. The company began rolling out the new Starling Assistant to personal account customers on Friday (March 20) and plans to extend it to business and joint accounts soon,...
UBS is set to offer a full range of banking products and services in the United States. Bank executives said this Friday (March 20) while announcing that UBS received approval to convert its U.S. bank, UBS Bank USA, to a nationally chartered bank. Previously, the bank was...
Goldman Sachs is set to begin a series of small layoffs that will continue through the summer and impact all of its business lines, Seeking Alpha reported Thursday, citing a paywalled article by Business Insider. While the bank has traditionally performed a single headcount reduction...
HSBC is reportedly considering widespread job cuts as the banking giant relies more on AI. The layoffs are expected to mostly focus on non-client facing jobs in the bank’s service centers, though the plans are still being worked out, Bloomberg News reported Thursday (March 19),...