Citigroup reportedly plans to lay off an unspecified number of employees in March after cutting about 1,000 jobs this month. The March layoffs are likely to involve managing directors and senior employees across the bank’s business lines, but the scale and location of the cuts are...
Buy now, pay later (BNPL) provider Affirm aims to establish a bank subsidiary called Affirm Bank. Affirm submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) to establish a Nevada-chartered industrial loan company, the company said in a Friday...
Revolut is shifting its U.S. playbook again. The U.K.-headquartered FinTech has dropped plans to buy an American bank and is now preparing to pursue a standalone U.S. banking license, a move that would give it a clearer path to scale lending and other core bank...
Royal Bank of Canada and some other banks reportedly launched a loan tied to the takeover of TreeHouse Foods, which supplies Walmart private-label food and beverages, by Investindustrial. The financing package is a seven-year, $1.25 billion term loan tied to the deal and includes $550 million of other secured debt, Bloomberg reported Wednesday (Jan. 21). Leveraged...
Fifth Third Bancorp’s investments in physical branches and digital tools paid off in fourth-quarter operating results that included record net interest income and 230 basis points of positive operating leverage, company executives said Tuesday (Jan. 20). These results were driven by the bank’s consistent investment...
At the World Economic Forum in Davos, global banking chiefs, FinTech leaders and regulators converged on a shared reality: AI is reshaping finance faster than institutions can adapt alone. The path forward depends on trust, collaboration and regulation that enables innovation without weakening resilience. The...
Revolut has added Peru as the next stop in its ongoing Latin American expansion effort. The U.K. FinTech announced Monday (Jan. 19) that it has applied for a full banking license in the South American country and named Julien Labrot—a veteran of the banking industry...
Mastercard and Moneythor have partnered to add personalized experiences to First Abu Dhabi Bank’s (FAB’s) digital channels. This collaboration will provide the bank with Mastercard’s payments innovation experience and Moneythor’s enrichment and personalization technology, the companies said in a Monday (Jan. 19) press release. The...
Brazil-based digital bank Inter has gotten regulatory approval to do business in the U.S. Inter has received permission from the Federal Reserve and Florida Office of Financial Regulation to establish a state‑licensed international banking branch in Florida, the company said in a news release Friday...