Merchant

The Birmingham, Alabama bank cut down its workforce across divisions as higher interest rates put pressure on its business.

Banks can choose to only receive transactions instantly, and it's the most popular choice. Simply preferring to get paid faster isn't the reason.

Experts predict the number of small businesses turning to an employee-ownership model will accelerate in the coming years. The would mean opportunities for banks that advise on such transitions.

The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.  

The Tennessee-based bank was forced to keep operating on its own after a proposed acquisition was called off. Months later, First Horizon has picked up new customers and improved its profitability, but investors remain cautious amid plans for catch-up spending on technology.

Despite a surge in quarterly expenses in the fourth quarter and a projected uptick in the first quarter, the North Carolina company is standing by its expense guidance for 2024.

After the Rhode Island-based company eliminated 650 positions, severance-related costs contributed to a 71% decline in quarterly net income.

The Federal Reserve's vice chair for supervision also said he expects cyber threats against the financial services industry to become increasingly disruptive.

The custody bank is managing expectations about its 2024 performance while assuring investors that profits will improve significantly in the medium term. AI is one path it's pursuing.

The Senate on Wednesday fell short of the two-thirds majority needed to override President Biden's veto in December of a Republican-led resolution to gut the small-business data collection rule using the Congressional Review Act.