Citigroup’s multiyear modernization strategy saw progress in the second quarter as the bank’s tech investments proved more necessary after the Federal Reserve Board penalized the bank this week.   “We have made meaningful progress in executing our transformation and simplifying our multiyear undertaking,” Chief Executive Jane Fraser said during the $2.4 trillion bank’s earnings call…

I met the bank I debanked the other day. They apologised to me, as they knew I was talking about them during my presentation, and explained: “we cannot serve our customers because of the regulators”. This made me wonder, as the reason why I debanked them is their interrogations of my dealings in cryptocurrencies. It made……

Things we’re reading today include … VBS scandal: Brains behind South Africa’s $130m ‘bank heist’ jailed – BBC News Deutsche Bank settles with trader who alleged he was Libor ‘fall guy’ (ft.com) Revolut’s Rise: If Only the Fast-Growing Bank Was a Bank – Bloomberg Deutsche Bank and HSBC are winning Europe’s AI talent war |……

EverBank is selecting third-party vendors and updating manual processes throughout the bank, according to Lindsay Lawrence, executive vice president and chief operating officer.    “We’re cramming about five years of change in two years,” Lawrence told Bank Automation News.   The nearly $40 billion, Jacksonville, Fla.-based bank, formerly TIAA Bank, continuously updates its platforms and strategies…

Demand for real-time payments continues to grow globally, and the launch of the Federal Reserve’s real-time payments rail, FedNow, one year ago, offers another avenue to send and receive funds instantly.   Real-time transactions are predicted to reach 575.1 billion by 2028, with a compound annual growth rate of 16.7%, according to tech provider ACI…

Banco Santander and Google have teamed up to offer an AI course.  The on-demand course is live on the bank’s Santander Open Academy Platform and is free to anyone over 16, according to a July 9  Santander release.   “This course provides valuable tools to boost job skills and generate greater competitiveness and seamless adaptation…

I was quite amazed to see an item across my desk last week with the headline: Investors in cryptocurrency are more likely to be psychopaths Seriously? The headline is based on a report of a survey, published in the journal Plos One, who canvassed over 2,000 Americans of whom 30 per cent said they owned……

Fifth Third Bank was fined $15 million by the Consumer Financial Protection Bureau today for allegedly opening fake accounts in its customers’ names. The Cincinnati-based bank was using a cross-selling strategy to boost the number of products and services it was selling to customers and opening unauthorized accounts to meet sales quotas, according to a…

I just spotted a great article about JPMorgan’s CIO who manages a $17 billion budget (last time I looked, it was $11 billion). That sort of budget makes most fintechs look like small fry. Nevertheless, how much budget goes into innovation versus keeping the lights on? How much goes into development versus salaries? How much……

Bain Capital and Reverence Capital Partners have agreed a deal to take Envestnet Inc., a provider of wealth-management software, private.blo The buyout firms will pay $63.15 a share for Berwyn, Pennsylvania-based Envestnet, according to a statement on Thursday that confirmed an earlier Bloomberg News report. The offer values Envestnet at $3.5 billion on an equity basis…