In this month’s roundup of top tech news:
A key bank stock index ticked up after the Federal Reserve hinted that it could lower rates later this year. But there are still a number of economic uncertainties that are holding shareholders back.
At an American Bankers Association event, Sen. Jon Tester, D-Mont., who’s up for reelection this year, said that he hopes the Durbin-Marshall credit card bill won’t go anywhere and criticized the Federal Reserve’s debit interchange proposal.
The megabank, which is eliminating about 5,000 jobs in a first round of restructuring, said that it’s paused its annual review of racial and gender pay gaps. Citi will conduct a 2023 review sometime later this year, a source said.
The Cleveland-based regional bank is shedding credit risk in a partnership with the private equity giant Blackstone. It’s the latest tie-up between asset managers and regional banks that are looking to free up balance-sheet capacity.
Federal Reserve Chair Jerome Powell said at the Federal Open Market Committee press conference Wednesday that a slower pace of reduction could help the central bank avoid shrinking its holdings further without disrupting the banking system.
In a simulation exercise hosted by the Global Resilience Federation on Tuesday, banks and credit unions tested their ability to withstand an industrywide wiperware attack.
Last spring, Western Alliance CEO Ken Vecchione stared down every banker’s worst fear: the threat of a deposit run. Here’s an in-depth look at the company’s playbook.
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