Banks
UniCredit’s Andrea Orcel plays a bold hand, with Commerzbank in his sights
UniCredit CEO Andrea Orcel during an interview at the World Economic Forum (WEF) in Davos, Switzerland, on Jan. 18, 2024. Bloomberg | Bloomberg | Getty Images UniCredit‘s CEO Andrea Orcel revealed his hand this week as the Italian lender built a 9% stake in Commerzbank — and a takeover bid for the German rival could […]
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Dutch neobank Bunq goes on hiring spree, targeting digital nomads, as other fintechs slash jobs
Key Points Bunq, the Dutch digital bank, told CNBC it plans to increase its global headcount by over 70% in 2024. It’s expected to help the fintech expand into new regions including the U.K. and the United States, where the company is applying for local licenses. It comes as other companies, including PayPal and Klarna, […]
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Commerzbank shares jump 17% after Unicredit buys 4.5% stake from the German government
A customer enters a Commerzbank AG bank branch in Berlin, Germany, on Tuesday, Aug. 6, 2024. Bloomberg | Bloomberg | Getty Images Commerzbank shares jumped on market open on Wednesday, after Italian bank UniCredit acquired a 4.5% stake in the Frankfurt-based lender from the German government. Commerzbank stock was up 17.4% at 8:52 a.m. London […]
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JPMorgan Chase shares drop nearly 7% after bank tempers guidance on net interest income
Key Points JPMorgan Chase shares fell 7% Tuesday after the bank’s president told analysts that expectations for net interest income were too optimistic. The current estimate for NII — one of the main ways that banks earn money — of $89.5 billion is too high given expectations for interest rates, JPMorgan president Daniel Pinto told […]
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Federal Reserve unveils toned-down banking regulations in victory for Wall Street
Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on “Recent Bank Failures and the Federal Regulatory Response” on Capitol Hill in Washington, March 28, 2023. Evelyn Hockstein | Reuters A top Federal Reserve official on Tuesday unveiled changes to a proposed set […]
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Goldman Sachs to post $400 million hit to third-quarter results as it unwinds consumer business
David Solomon, CEO of Goldman Sachs, during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” in New York on Aug. 6, 2024. Jeenah Moon | Bloomberg | Getty Images Goldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer […]
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3 ways Wall Street’s largest banks are leveraging AI to increase profitability
Big banks are jumping headfirst into the AI race. Over the past year, Wall Street’s largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. Some are striking deals and partnerships to […]
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Visa debuts a new product designed to protect consumers making bank transfers
Key Points Visa said it plans to launch a dedicated service for account-to-account (A2A) payments, skipping the traditional — and often inflexible — direct debit process. Visa said consumers will be able to monitor these payments more easily and raise any issues by clicking a button in their banking app. The product will initially launch […]
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Chase Bank says it is aware of viral ‘glitch’ inviting people to commit check fraud
In this article JPM Follow your favorite stocksCREATE FREE ACCOUNT The Chase bank logo above ATMs, taken in Manhattan. Michael Kappeler | Picture Alliance | Getty Images Chase Bank is urging its customers not to commit check fraud. The bank’s plea comes after this weekend a viral trend took over TikTok and X, with users […]
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Klarna rival Zilch posts first profit and appoints ex-Aviva CEO to board ahead of IPO
Zilch CEO Phil Belamant. Zilch British financial technology firm Zilch on Tuesday reported its first-ever month of profit, marking a key milestone for the company as it looks toward an eventual initial public offering. In a trading update, Zilch, which competes with the likes of Klarna and Block in the buy now, pay later space, […]
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