Bank of America has hired an army of external contractors to help patch software vulnerabilities exposed by advanced artificial intelligence models, including Anthropic’s powerful Mythos system, the bank’s Chief Executive Officer Brian Moynihan revealed during a recent interview. Speaking with CNBC’s Leslie Picker following the release of the bank’s third-quarter earnings report, Moynihan detailed how […]
Bank of America on Wednesday posted a sharp profit decline for the third quarter after being hit with a massive $1.2 billion penalty by U.S. regulators. The steep regulatory fine, combined with trading operations that generated about $750 million less than expected, weighed heavily on the financial institution’s quarterly performance and disappointed Wall Street expectations. […]
The Swiss Bank Employees Association has issued a stark warning to lawmakers, cautioning that the implementation of stricter capital rules could ultimately put the future of UBS in Switzerland in serious doubt. According to a formal letter sent to members of parliament and recently highlighted by the Swiss newspaper NZZ, any potential move of the […]
The Central Bank of Ireland has imposed a substantial financial penalty of €3,252,618 on Coinbase Ireland Limited, citing serious breaches of regulatory duties concerning safeguarding and outsourcing controls. The regulatory action marks a significant milestone in the oversight of digital asset and electronic money institutions operating within the European regulatory perimeter, highlighting the strict compliance […]
Banking technology major Temenos has announced that Kingdom Bank, a specialized United Kingdom-based lender catering to churches, charities, and individuals, has successfully gone live on its Software-as-a-Service (SaaS) platform running on Microsoft Azure. The major technological transition represents a significant milestone for the niche financial institution as it looks to upgrade its digital infrastructure, phase […]
WASHINGTON — In a significant regulatory development for the Midwest banking sector, the Federal Reserve Board announced on Friday the complete termination of all active enforcement actions against Gardner Bancshares, Inc. and its subsidiary, Small Business Bank, both headquartered in Lenexa, Kansas. The announcement, released at 11:00 a.m. EDT on October 16, 2026, marks a […]