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KeyBank prioritized its investment in technology during the fourth quarter as it looks to build the bank’s franchise to ensure competitiveness.  “Our first investments are always going to be good clients and our people. And then in this world, you’ve got to continue to invest in technology,” Chief Financial Officer Clark Khayat said during today’s…

Things we’re reading today include … You can apply to be CTO of a $25bn fintech right now (efinancialcareers.com) Deutsche Bank CEO says acquisitions not a ‘priority’ as Commerzbank rumors swirl (cnbc.com) US bank profits shrink on higher deposit costs, one-time charges | Reuters Fraud Reimbursement Costs Are Likely to Rise for UK Banks (fitchratings.com)……

There are a number of numbers being bandied around regarding the major slump in the fintech sector over the past two years. The latest one that I picked up on is from the Indian data intelligence firm Tracxn, stating that UK fintechs raised just $4.3bn in 2023, a sharp drop from $11.2bn in 2022, which……

Ally Financial today agreed to sell its point-of-sale financing business along with its loan books to Synchrony Financial for an undisclosed price.  The $196 billion Detroit-based bank is looking to simplify its organization and move away from sectors where it has no scale to grow after the banking crisis of 2023, Chief Executive Jeffrey Brown…

Fifth Third Bank expects to increase noninterest expenses slightly in 2024 as technology investment ticks up at the bank. Noninterest expenses in the fourth quarter fell 7% year over year to $1.5 million, but are expected to increase 1% overall in 2024, Bryan Preston, executive vice president and chief financial officer, said during today’s Q4…

Huntington Bancshares Chief Technology and Operations Officer Paul Heller is set to retire March 1.  Heller has built the technology operations throughout the $187 billion, Columbus, Ohio-based bank since 2012, according to a Jan. 10 bank release. As Heller retires, the bank’s executive team is getting an overhaul. On March 1, the bank will make…

This week’s main blog discussions include: We need banking that is unusual Over the week, I got an update about Revolut and their business model. It was quite interesting although a little bit macro-level. My favourite part is where the Business Model Analyst listed the competitors to Revolut: Monzo: Monzo is a UK-based digital bank that offers features……

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Things we’re reading today include … Online pastor charged for ‘worthless’ crypto scam says God made him do it (cointelegraph.com) UK banks prepare for deepfake fraud wave (ft.com) Could Metro Bank be the best value stock to buy right now? | The Motley Fool UK Barclays to shrink investment bank’s share of business, CEO says……

Seven years ago, I was citing the fact that 43% of the global financial system runs on a computer language no-one speaks anymore. Seven years later, PC Magazine (are PC’s still a thing?) picked up on this theme with the headline: The World Depends on 60-Year-Old Code No One Knows Anymore | PCMag … and sub-headline:……