The Latest

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    Capital One sets out to tackle Discover compliance issues

    The bank projects it will spend $2.8 billion in integration costs, CFO Andrew Young said Tuesday. That's on top of the $500 million Discover is planning to spend on compliance this year.

  • A bicyclist rides by a Wells Fargo bank branch in San Francisco, California
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    Justin Sullivan / Staff via Getty Images
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    Wells Fargo names JPMorgan veteran as vice chair

    Doug Braunstein, who led JPMorgan’s global M&A business among other roles in a two-decade stint, will focus on expanding Wells' corporate finance and advisory operations, the bank said.

  • elizabeth warren
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    Warren calls out OCC over merger policy ahead of Capital One-Discover

    The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

  • Federal Reserve Chair Jerome Powell.
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    Scott Olson via Getty Images
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    Fed denies TNB master account after 6 years

    Giving the bank a master account would “pose undue risk to the stability of the U.S. financial system and would adversely affect the Federal Reserve’s ability to implement monetary policy,” the Fed said. TNB CEO James McAndrews disagrees.

  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Q&A

    Capital One-Discover deal may spur payments M&A

    The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Co.

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi taps JPMorgan veteran to lead banking unit

    Hiring Vis Raghavan, formerly CEO of JPMorgan’s Europe, Middle East and Africa business, gives Citi a permanent figurehead in a unit led temporarily by the retiring Peter Babej.

  • People walk in front of a JPMorgan Chase & Co. sign at its headquarters in New York City.
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    Spencer Platt via Getty Images
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    JPMorgan names Petno, Gori to oversee global banking

    Doug Petno had led JPMorgan’s commercial bank since 2012. The move combines commercial, corporate and investment banking under Petno and Filippo Gori, now the bank’s CEO of Europe, the Middle East and Africa.

  • The Salt Lake City skyline
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    Denis Tangney Jr. via Getty Images
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    Zions Bank CEO to retire April 1

    The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

  • Denver Colorado skyscrapers snowy Longs Peak Rocky Mountains summer - stock photo
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    milehightraveler/iStock/Getty Images Plus via Getty Images
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    HTLF CEO to retire at year-end

    Bruce K. Lee will stay on in his role until the Denver-based bank finds a successor and will help with the transition. The bank this month announced it would sell off its retail presence in Montana.

  • California state flag and state capitol building in Sacramento
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    DustyPixel via Getty Images
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    California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

    Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

  • jamie dimon jpmorgan ceo
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    Drew Angerer via Getty Images
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    Jamie Dimon sells roughly $150M in JPMorgan shares

    The sale comprises 821,778 shares and marks the CEO's first-ever sale of JPMorgan stock since taking the helm of the bank in 2005.

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    Andreas Rentz via Getty Images
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    Russia’s VTB Bank chief charged with US sanctions violations

    The Justice Department also charged Andrey Kostin with conspiracy to commit money laundering in alleged efforts to hide his ownership of a Colorado home. Kostin rejected the charges in comments to Russian media.

    Updated Feb. 26, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One-Discover deal carries $1.38B termination fee

    The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.

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    Dan Kitwood / Staff via Getty Images
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    Kraken wants SEC suit dismissed

    The playbook for Kraken's motion to dismiss looks a lot like those of Binance and Coinbase.

  • Goldman Sachs, lower Manhattan
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    Spencer Platt via Getty Images
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    Onetime CFO contender Hammack leaves Goldman

    Beth Hammack confirmed on LinkedIn that she's left Goldman Sachs after more than 30 years. She said she plans to “take a break” for several months.

    Updated Feb. 26, 2024
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images
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    JPMorgan Chase sued over bounced check fees

    The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.

  • Window with sticker showing logos for Visa, Mastercard and American Express.
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    Scott Olson via Getty Images
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    Mastercard to be dinged by Capital One-Discover deal

    While both Mastercard and Visa will be impacted by Discover’s plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.

  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.
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    OCC’s Hsu calls for federal payments licensing

    The acting comptroller called on Congress to replace the state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

  • score and neon money club founders jackie liao and luke bailey
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    Permission granted by Neon Money Club
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    Neon Money Club launches dating app for those with good credit

    Score, which is only available for those with a score of 675 or better, highlights the importance of discussing finances in relationships — even in new ones.

  • Navy Federal Credit Union, Douglasville Georgia location
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    Navy Federal boosts COO to top executive role

    Dietrich Kuhlmann, a 35-year Navy veteran, becomes CEO of the nation’s largest credit union March 1. He takes the helm from Mary McDuffie, under whom membership grew by 5 million and assets nearly doubled.

  • Headshot of Jane Fraser
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    Drew Angerer via Getty Images
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    Fraser’s pay is still on the bottom rung, but the floor has risen

    The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.

  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    Win McNamee via Getty Images
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    Capital One-Discover deal may spark antitrust concern

    While the $35.3 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

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    sefa ozel via Getty Images
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    AI could spark change in the SMB lending space

    Financial institutions, including fintechs, can leverage artificial intelligence technology like machine learning to automate lending decisions, a white paper commissioned by Uplinq said.

  • Truist building
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    "Truist Plaza" by Tyler Lahti is licensed under CC BY-SA 2.0
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    Truist sells rest of insurance arm valued at $15.5B to private-equity firms

    Insurance distributors like Truist Insurance Holdings have been attractive to private investors due to their cash flows and risk profile, S&P Global Market Intelligence analyst Tim Zawacki said. The deal is projected to close in the second quarter.

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    Oli Scarff via Getty Images
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    Barclays rolls out reorganization, eyes £10B in shareholder returns

    The U.K. bank launched a long-awaited three-year plan Tuesday to split itself into five divisions and cut £2 billion in costs.