Ex-comptroller Dugan to be new Citi chairman
John Dugan in January will succeed Mike O’Neill, who recently turned 72 and under Citigroup rules may not seek re-election to the board. Source: American Banker
Entries by Lindsay
GreenSky spooks investors with sharply reduced earnings guidance
The Atlanta-based consumer lender, which partners with both retailers and banks, cited a higher-than-expected cost of funds as one reason for its less rosy forecast. Source: American Banker
Fighting financial crime without excluding the underbanked
Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers. Source: American Banker
HSBC suffers data breach on small number of online accounts
The breach may have occurred through a technique called “credential stuffing,” in which hackers who have stolen passwords for other websites try them out on an online banking site. Source: American Banker
Window may be closing for small banks to compete for small business
Big banks and fintechs are aggressively adding digital capabilities to process applications quickly, creating a sense of urgency for community banks. Source: American Banker
OnDeck plots expansion for 2019 after 3Q profit
The New York-based online lender plans to spend an additional $15 million next year, largely on bank partnerships and international expansion. Source: American Banker
Boston Private lines up next CEO
Anthony DeChellis will succeed Clayton Deutsch at the end of this month. Source: American Banker
Banking groups to regulators: Codify policy on supervisory guidance
The federal agencies said in a recent statement that “guidance does not have the force and effect of law,” but two trade groups say that standard should be more binding. Source: American Banker
Financial technology needs rules of engagement
Policymakers and industry officials should join forces in creating regulations and standards for cryptocurrencies, artificial intelligence and other innovations before they become more widespread. Source: American Banker
Goldman opens up; how strong are banks?
Bank discloses the possible repercussions from its alleged involvement in Malaysian fraud; are banks too blase about “systemic riskiness”? Source: American Banker