A trial that could get in the way of the BMO-Bank of the West deal, JPMorgan’s new diversity chief, and how TransUnion South Africa was hacked
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Here’s a tip: if your password is “password,” please go change it right now. Seriously. If not, your institution could end up in the news answering for an embarrassing hack. Today we’re looking at TransUnion South Africa, where hackers are claiming they compromised a server by using the password “password.”
More news of the day in banking, fintech and payments:
The lawsuit, which grew out of a long-defunct Ponzi scheme, was filed a decade ago, but last summer BMO started making public disclosures about the possibility of a large financial liability. The plaintiff is seeking $1.9 billion in compensatory damages, plus interest, punitive damages and attorneys’ fees, BMO stated in a March 1 report to its shareholders.
David Miree will become the megabank’s new global head of diversity, equity and inclusion, joining the firm in May. Miree, who was most recently the head of consumer and small-business diverse customer segments at Wells Fargo, succeeds Brian Lamb, who was hired in April 2020.
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The Columbus, Ohio-based retail credit specialist’s rebrand underscores the extent of the BNPL industry’s explosive growth in recent years.
The Federal Reserve has approved Citizens Financial Group’s $3.5 billion acquisition of Investors Bancorp in Short Hills, New Jersey. The Fed’s board of governors approved the deal by a 4-0 vote, but said that Citizens will have to take part in 2023 stress tests in order to recalculate its stress capital buffer.
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