Reporting by the Financial Times suggests Goldman Sachs is lagging behind its main competitor, Morgan Stanley. Shares in Goldman trade at 1.1 times book value, compared to 1.7 times for Morgan Stanley.
Read MoreShares in SoFi surged 8% on Tuesday after the personal-finance giant shared news of “durable growth and profitability.” Revenue rose from $231M to $362M, while analysts had expected $344M.
Read MoreAccording to a June 30 filing, three Black-owned US banks—Industrial Bank, First Independence Bank, and Mechanics and Farmers Bank—joined eighteen other banks, including Citigroup, in a $1.23B syndicated corporate loan. The loan was provided to Science Applications International Corp. (SAIC), which offers IT services to the US government.
Read MoreGuava, a banking platform for Black business owners, announced a $2.4M pre-seed round led by Heron Rock. Guava will officially launch in 2023.
Read MoreStarling, the UK-based challenger bank, withdrew its application for a European banking license four years after its initial application to the Irish Central Bank. The bank is now eyeing growth through its banking software subsidiary, Engine, and by expanding its lending initiatives.
Read MoreIn an interview with The Financial Revolutionist, Co-Founder and CEO of ForwardAI Nick Chandi outlines the market need ForwardAI addresses, describes the competitive dynamic between accounting platforms and banks, and envisions the future of SMB financial advisory services.
Read MoreCrypto firm Voyager Digital, which filed for bankruptcy last week, previously told customers that their deposits were FDIC insured through a partnership with Metropolitan Commercial Bank. However, customer funds are only protected if Metropolitan Bank fails, not if Voyager fails; the FDIC is now investigating Voyager’s false claims.
Read MoreBrian Brooks, former acting Comptroller of the Currency during the Trump administration, said the head of “one of the two largest banks in the United States” was considering a ban on gun purchases using the bank’s debit and credit cards. Brooks convinced the bank CEO to not go ahead with the move.
Read MoreA report by the Filene Research Institute and Ceres Accelerator for Sustainable Capital Markets suggests more than 60% of credit unions risk climate-related losses. These credit unions represent over $1.2T in assets.
Read MoreAfter a third straight quarter of losses at Credit Suisse as well as an upcoming round of layoffs, the Swiss blog Inside Paradeplatz has reported that State Street may make a bid for Credit Suisse at 9 francs per share.
Read MoreLa Banque Postale, the 16-year-old banking branch of France’s postal service, is the world’s first bank to set a hard deadline on financing for oil and gas. It will discontinue investments in those companies by 2030.
Read MoreThe Royal Bank of Canada announced that it will combat fraud by combining card and biometric authentication with a PIN authentication via mobile apps. Canadians lost more than $300M to fraud in 2021, as compared to $80M in 2020.
Read MoreThe international payments network, in partnership with Capgemini, a French IT services company, is testing how to interlink domestic Central Bank Digital Currencies (CBDCs) for international payments.
Read MoreIn an interview with The Financial Revolutionist, Danielle Kane, Director of Small Business Banking at Grasshopper Bank, explains the bank’s lean partnership model, describes how small businesses can operate like consumers, and hints at the bank’s long-term goals.
Read MorePlaid announced that it’s launching products that offer identity verification, which hopes to make account linking and identity verification a simultaneous process. The company is also moving into ACH payments.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
