#banking-industry
#banking-industry

Republic First Bank closes, sells to FultonBank

Fulton Bank is assuming deposits and assets of Republic First Bank after its collapse due to failure to raise capital and exit from mortgage lending.

The FDIC estimates the failure of Republic Bank will cost $667 million, with Fulton Bank acquiring $6 billion in assets, including an investment portfolio and loans.

Republic Bank specialized in jumbo mortgage products, but its mortgage production was significantly lower compared to Fulton Bank. [ more ]

ABC7 San Francisco

2 weeks ago

Regulators close Republic First Bank, marking first US bank failure this year

Regulators closed Republic First Bank with $6 billion assets and $4 billion deposits, impacting FDIC fund by $667 million, amidst challenges from rising interest rates and real estate devaluation. [ more ]

SFGATE

BofA's CEO says commercial real estate will be 'slow burn'

The banking industry is facing challenges with commercial real estate loans

Bank of America's CEO emphasizes the slow nature of working through commercial real estate issues [ more ]

www.cbc.ca

2 months ago

Hidden cameras capture bank employees misleading customers, pushing products that help sales targets | CBC News

Employees at major banks face immense pressure to sell products, potentially at the cost of customers' best interests.

The culture in big banks prioritizes pushing products for profit rather than serving customers' needs. [ more ]

Entrepreneur

3 months ago

Silicon Valley Bank's Downfall: A Warning for Regional Banks | Entrepreneur

Regional banks like Silicon Valley Bank and New York Community Bank are facing significant challenges and potential downfall.

Understanding the workings of the banking system and the profitability dilemma faced by banks is key to understanding these challenges. [ more ]

BBC Sport

3 weeks ago

Arsenal

Former Arsenal chairman Keswick dies aged 84

Former Arsenal chairman Sir Chips Keswick passed away at 84. [ more ]

Harvard Business Review

2 weeks ago

Case Study: How Aggressively Should a Bank Pursue AI?

Siti Rahman, CEO of NVF Bank, weighs AI innovation's impact on banking against the importance of human touch and incremental innovation. [ more ]

Axios

Big banks are in a race to get AI right

AI investment and experimentation set some banks ahead, like JPMorgan Chase, Capital One, and Royal Bank of Canada. [ more ]

eLearning Industry

2 months ago

How AI And ML Aid The Global Banking Industry

Financial crime, especially trade-based money laundering (TBML), is a significant threat to the global banking industry.

AI and ML technologies are increasingly being utilized by banks to combat the sophisticated tactics used by criminals in TBML schemes. [ more ]

MIT Technology Review

5 months ago

Finding value in generative AI for financial services

Generative AI has the potential to add significant value to the global economy, particularly in the banking industry.

Currently, the deployment of generative AI in financial services is still in the early stages, with a focus on automating repetitive tasks.

More disruptive use cases of generative AI, such as asset selection and risk assessment, are being explored, but face challenges in practical implementation. [ more ]

Exchangewire

Marketing tech

Roland Smertnig Joins Zeotap as Senior Advisor & Shareholder, Bolstering Zeotap's Market Strategy in Global Banking Sector - ExchangeWire.com

Roland Smertnig joins Zeotap as senior advisor and shareholder, bringing 33 years of financial services experience and a focus on digital transformation in banking.

Roland's appointment signifies Zeotap's commitment to enhancing CDP offerings for banks, leveraging his expertise in cloud-based solutions and IT transformations. [ more ]

TechCrunch

Startup companies

YC-backed digital bank Onyx Private tells customers it's closing their accounts TechCrunch Fintech

Onyx Private, a digital bank for Millennials and Gen Zers, is transitioning from a B2C model to a B2B platform-as-a-service for community banks and credit unions.

The company previously raised $4.1 million in funding and experienced significant growth, processing over $4 million in transaction payment value per month. [ more ]

www.standard.co.uk

3 months ago

London

Heartless' London conman who fleeced 80k from victims in telephone banking scam is jailed

Edward Trustworth, a fraudster, has been jailed for stealing £80,000 from bank customers through a telephone banking scam.

Trustworth acquired victims' personal details and impersonated them on the phone to take over their accounts. [ more ]

english.elpais.com

4 months ago