Technology: Page 10
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Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
Courtesy of BNY Mellon newsroom
BNY hires BP exec as its next CIO
Leigh-Ann Russell joins the bank Sept. 15. That means Bridget Engle will leave BNY later this year “after supporting a successful transition of her responsibilities,” a spokesperson for the bank said.
By Dan Ennis • June 20, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Pablo Blazquez Dominguez via Getty Images
Santander warns US employees bank account info stolen in third-party database hack
The bank in May confirmed a major breach involving customer data in multiple countries.
By David Jones • June 20, 2024 -
Mario Tama via Getty Images
Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
Chris McGrath via Getty Images
Paxos cuts 65 employees, narrows focus to tokenization
With the layoffs, which encompass 20% of the crypto firm's headcount, Paxos will phase out its settlement services in commodities and securities, a source told Bloomberg.
By Dan Ennis • June 17, 2024 -
Denis Tangney Jr. via Getty Images
Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo fires employees over faked productivity
Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.
By Gabrielle Saulsbery • June 14, 2024 -
Just_Super via Getty Images
Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
Courtesy of FDIC
Synapse trustee McWilliams finds $85M gap in frozen funds
Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.
By Dan Ennis • June 12, 2024 -
Permission granted by WealthMeUp
Ex-Bank of America lawyer builds female-focused investment app
A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.
By Rajashree Chakravarty • June 12, 2024 -
Spencer Platt / Staff via Getty Images
Robinhood leans further into crypto with $200M Bitstamp deal
Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.
By Dan Ennis • June 12, 2024 -
Chris Hondros / Staff via Getty Images
JPMorgan names firmwide CTO
Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.
By Gabrielle Saulsbery • June 11, 2024 -
Courtesy of Morgan Stanley
Morgan Stanley CEO outlines AI benefits
Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.
By Caitlin Mullen • June 11, 2024 -
Oli Scarff / Staff via Getty Images
Citi’s new tech chief takes the helm
Tim Ryan will lead Citi's ongoing efforts to transform its technology operations, a goal the bank poured $12 billion into last year.
By Matt Ashare • June 10, 2024 -
whyframestudio via Getty Images
Rivals Adyen, Stripe partner with Capital One to combat fraud
The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.
By Patrick Cooley • June 10, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said.
By Rajashree Chakravarty • June 7, 2024 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024 -
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Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle
The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.
By Rajashree Chakravarty • June 5, 2024 -
Pgiam via Getty Images
A Dallas stock exchange? Would-be NYSE competitor raises $120M
TXSE will be fully electronic and plans to submit a registration with the SEC this year. BlackRock and Citadel Securities are among its more than two dozen investors.
By Rajashree Chakravarty • June 5, 2024 -
Courtesy of U.S. Bank
U.S. Bank taps AI to create audience models for national campaign
“The Power of Us” used Supernatural AI’s tech to create avatars of the bank’s core target groups and test the baseline idea and initial creative.
By Aaron Baar • June 5, 2024 -
Kate Tornone/Banking Dive
Citizens CEO: ‘You have to walk before you can run’ with AI
Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.
By Caitlin Mullen • June 4, 2024 -
Pablo Blazquez Dominguez via Getty Images
Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Alex Wong / Staff via Getty Images
Truist CEO on cost cuts: We needed ‘a shock to the system’
Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.
By Caitlin Mullen • May 31, 2024 -
Samuel Corum via Getty Images
Zelle faces Senate probe on fraud
“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
By James Pothen • May 31, 2024 -
SARINYAPINNGAM via Getty Images
Fintech Copper burned by Synapse collapse
The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.
By Rajashree Chakravarty • May 29, 2024
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