Mary de Wet has about 25 years of experience in financial journalism. Before joining American Banker, she led the Dow Jones Newswires Americas team in covering corporate disclosures and analyzing news from Canada to Brazil. Her articles have appeared in The Wall Street Journal, MarketWatch and Barron's.
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The contract gives the nation's oldest bank access to more than $3 billion in deposits a month. Comerica, the current administrator, has received a three-year extension of service to help with the transfer.
The global transfer companies made big moves this week, with Western Union buying Dash from Singtel Singapore, while former Walmart executive Anthony Soohoo will be the new boss at MoneyGram.
The bank, which is rebranding to Flagstar Financial, still expects to meet 2027 earnings goals, despite reduced profit projections for the next couple of years.
The card brands and tech giants are expanding their payments reach in one of the world's largest markets, while facing a multi-billion-dollar class action complaint by British businesses over fees. That and more in American Banker's weekly global roundup.
Provisions for credit losses rose 7% in the third quarter, which was less than other Canadian banks have reported. The Toronto-based company also benefited from the first full quarter of results from the unit it acquired from HSBC.