Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal linked to the bank’s consumer-banking efforts, CNBC has learned. A three-year deal signed by Cantlay in 2020 included a minimum of $1.1 million annually, with performance bonuses for major victories and maintaining a top ranking worth potentially far more….
Mastercard collaborates with Feedzai to combat crypto fraud In a bid to prevent and detect fraud in the cryptocurrency space, Mastercard has teamed up with Feedzai, a leading regulatory technology platform. This partnership aims to utilize artificial intelligence to combat money laundering and financial scams reaching over 6,000 crypto exchanges. The collaboration involves Feedzai integrating…
The U.S. division of Chinese bank ICBC hit by cyberattack The U.S. financial services division of the Industrial & Commercial Bank of China (ICBC) was targeted in a cyberattack that reportedly disrupted the trading of Treasurys. ICBC, which is the world’s largest lender by assets, confirmed that its financial services arm experienced a ransomware attack,…
HSBC, Europe’s largest bank by total assets, has announced that it will be offering custody services for tokenized securities, becoming the latest major institution to embrace digital assets. The British bank is using technology from Swiss crypto custody firm Metaco, which was recently acquired by blockchain startup Ripple, to store bonds and other securities. According…
UBS Group AG began selling Additional Tier 1 (AT1) bonds, which were central to the controversy surrounding its emergency rescue of Credit Suisse, for the first time since completing the takeover. The Swiss banking giant is marketing two tranches of U.S. dollar AT1 bonds, including a non-call five-year offering around a 10% yield and a…
Citigroup CEO Jane Fraser is facing mounting pressure to turn around the struggling global bank. After announcing a corporate overhaul in September, Fraser warned that layoffs would be part of the restructuring. The talks of job cuts, which could amount to at least 10% of the workforce in several major businesses, have caused anxiety among…
DBS Group, the largest lender in Southeast Asia, announced a 17% increase in third-quarter profit, driven by a high-interest rate environment. The bank’s net profit for the quarter reached 2.63 billion Singaporean dollars ($1.94 billion), surpassing analysts’ estimates. Compared to the same period last year, this represents a substantial jump from SG$2.24 billion. DBS also…
Customers at several major banks, including Bank of America, Chase, Truist, U.S. Bank, and Wells Fargo, experienced direct deposit delays due to an industry-wide processing issue on Friday. The outages were reported by banking customers, although the exact nature of the complaints was not specified. However, according to Downdetector, there was a surge of reported…
The ongoing conflict between Israel and Hamas could have significant economic consequences for the euro zone, warns Goldman Sachs. In a research note, Europe Economics Analyst Katya Vashkinskaya highlighted that the hostilities could impact European economies through lower regional trade, tighter financial conditions, higher energy prices, and lower consumer confidence. Concerns are growing among economists…
German insurance technology group, Wefox, has secured $55 million in fresh funding from Deutsche Bank and UniCredit, according to anonymous sources familiar with the deal. The company, which sells insurance plans through an online platform, raised the funds in a debt financing deal from the two European lenders. The funding was structured as a convertible…
