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Swiss banking giant UBS reportedly plans to begin offering cryptocurrency trading in response to growing demand from wealthy clients.
UBS has been considering partners for this push into crypto for months but has not yet made a decision, Bloomberg reported Friday (Jan. 23), citing unnamed sources.
The crypto offering would begin with select clients of UBS’s private bank in Switzerland...
The cryptocurrency industry is changing its tack. Stakeholders across the digital asset ecosystem are no longer arguing that the old financial system should be replaced. Instead, they are trying, more pragmatically, to plug into the machinery that already exists.
The clearest signals of the sector’s maturation came not from a startup demo day, but from the World Economic Forum in Davos...
TikTok will continue to operate in the United States as a new, majority American-owned joint venture called TikTok USDS Joint Venture LLC.
The joint venture has three managing investors—Silver Lake, Oracle and MGX—each of which holds 15%, it said in a Thursday (Jan. 22) press release. Its China-based former owner ByteDance retains 19.9% of the joint venture, with the remainder of the...
Citigroup reportedly plans to lay off an unspecified number of employees in March after cutting about 1,000 jobs this month.
The March layoffs are likely to involve managing directors and senior employees across the bank’s business lines, but the scale and location of the cuts are not yet known, Reuters reported Friday (Jan. 23), citing unnamed sources.
Citigroup told Reuters, per the...
Capital One’s acquisition of Brex, announced Thursday (Jan. 22), signals that the economics and mechanics of commercial card issuance are changing.
As commercial cards move beyond travel and entertainment into core payables, procurement and supplier payments, the burden of running modern card programs for smaller issuers has grown heavier.
In essence, Capital One is buying a fast-...
Buy now, pay later (BNPL) provider Affirm aims to establish a bank subsidiary called Affirm Bank.
Affirm submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) to establish a Nevada-chartered industrial loan company, the company said in a Friday (Jan. 23) press release.
The proposed bank subsidiary would enable Affirm...
Hackers only need to get it right once to wreak havoc.
This week, a congressional committee hearing, “Oversight of the Department of Homeland Security: CISA, TSA, S...
The Justice Department is reportedly investigating allegations that human resources company Deel recruited a spy inside rival firm Rippling.
The U.S. attorney for the Northern District of California sent out grand jury subpoenas seeking information about the alleged plot, The Wall Street Journal reported Friday (Jan. 23), citing unsealed court documents.
A spokeswoman for Deel told the...
Revolut is shifting its U.S. playbook again. The U.K.-headquartered FinTech has dropped plans to buy an American bank and is now preparing to pursue a standalone U.S. banking license, a move that would give it a clearer path to scale lending and other core bank services in the world’s largest retail finance market.
According to the Financial Times, Revolut has been in discussions with...
Gen Xers’ new round of penny-pinching could be bad news for consumer spending and the economy.
Comprised of around 65 million individuals now age about 46-61, most in their prime earning years, the generational cohort spends more than any other age group. The typical Gen X American spent $96,941 in 2024, $18,000 more than the average consumer, U.S. Bureau of Labor Statistics data shows...