Today's Banking Pulse
Mortgage refinance demand plunges 18% as rates climb to 6.65%
Refinance applications fell 18% week‑over‑week, dropping to 38% of total mortgage filings—the lowest share since June 2025. The average 30‑year fixed rate rose to 6.65%, while purchase‑loan volume edged down 0.4% and the average loan size hit $473,600.
Also developing:
By the numbers: OakNorth acquires Monite to boost business banking
DailyPay Pushes Back Against NY AG
DailyPay is fighting a New York Attorney General lawsuit that accuses it of violating state usury laws by offering high‑interest earned‑wage‑access loans. The company argues it is merely an adjunct to employer payroll systems, providing on‑demand pay that already belongs to workers, and cites a CFPB advisory that employer‑partnered EWA programs do not constitute credit. The AG’s suit, filed alongside a similar case against MoneyLion, claims false advertising and deceptive practices. DailyPay has asked the court to dismiss the case and move it to a plenary action with a jury trial.
HSBC Inks Dubai Partnership to Boost Capital Inflows as Bond Banker Jumps to BofA
HSBC Bank Middle East Limited signed a strategic agreement with Dubai's Department of Economy and Tourism to accelerate investment and capital inflows, part of Dubai's D33 agenda to double its economy by 2033. Within days, the bank lost Khaled Darwish,...
JPMorgan Tops Estimates on Wall Street Results, Dimon Flags 'Increasingly Complex' Economic Risks
JPMorgan Chase reported first‑quarter earnings of $5.94 per share, beating analysts’ forecasts as revenue rose 10% to $50.54 billion. Fixed‑income trading surged 21% to $7.08 billion and investment‑banking fees jumped 28% to $2.88 billion, driving the beat. The bank trimmed its full‑year 2026...
Goldman Sachs Posts Record Q1 Profit as CFO Coleman Outlines Capital Strategy
Goldman Sachs posted a record $5.6 bn net profit and $17.2 bn revenue in Q1 2026, while CFO Denis Coleman detailed a capital‑allocation plan that balances strong shareholder returns with a cautious approach to its under‑performing FICC franchise. The results underscore the...
Dimon: Private Credit Mostly Stable, Winners Will Vary
Jamie Dimon on private credit: "The actual credit hasn't gotten that much worse. There are pockets where it has. And, you know, the credit spreads themselves haven't gotten much worse in general... "I just don't expect every player to be the...
The Joint Bank Reporting Committee Launches Call to Join the Reporting Contact Group
The Joint Bank Reporting Committee (JBRC), a joint initiative of the European Banking Authority and the European Central Bank, has opened a public call for expressions of interest to join its Reporting Contact Group (RCG). The invitation is extended to...
SpotOn’s Rapid Fund Debuts and Other Digital Transactions News Briefs From 4/14/26
SpotOn Transact rolled out Rapid Fund, a service that makes card deposits available within 30 minutes and teamed with Parafin to launch SpotOn Capital, giving restaurants faster cash‑flow tools. BlueSnap completed a deep integration with SAP Cloud ERP and S/4HANA,...
Beyond the Click: How Agentic Payments Are Redefining Global Financial Flow
Agentic payments—AI‑driven, intent‑centric transactions—are poised to reshape global commerce. Analysts forecast the U.S. market could hit $300‑$500 billion and the worldwide market $3‑$5 trillion by 2030. Visa and Mastercard are building trust layers, Stripe partners with OpenAI on an Agentic Commerce Protocol,...
Citigroup Reports $22 Billion of Private-Credit Exposure
Citigroup disclosed that its exposure to private‑credit lenders reached $22 billion in the first quarter, and the bank reported zero losses on those positions. The private‑credit exposure is part of a broader $118 billion portfolio of loans to non‑bank financial firms as...
PSU Banks vs Private Banks: What Should Investors Pick This Earnings Season
Public sector banks (PSUs) have outperformed private lenders, with the Nifty PSU Bank index gaining 41% over the past year versus a 5% rise for private banks. Analysts note that PSU valuations are now around 1.3 times forward book value,...
Barclays, FIS Sign Multi-Year Extension of Their Core Banking Agreement
Barclays US Consumer Bank announced a multi‑year extension of its core‑banking partnership with FIS, deploying the cloud‑ready FIS Profile platform. The solution will manage deposits, accounts and balances while delivering real‑time, multi‑currency processing, supporting Barclays’ ambition to grow its retail...
Saxo Bank Sees 2% Revenue Decline, Posts Loss in H2 2025
Copenhagen‑based Saxo Bank reported a 2% dip in H2 2025 revenue to DKK 2.456 billion ($388 million) and posted a modest net loss of DKK 9 million ($1 million), a reversal from the $87 million profit recorded in the first half. Despite the slowdown, full‑year 2025 revenue...
Regulators Flag AI as Emerging Financial Stability Threat
Regulators are starting to take AI risks seriously. U.S. officials have warned banks about the cybersecurity threats posed by increasingly powerful AI systems, signaling concern at the highest levels. This is a shift. AI is no longer just a tech issue, it...
Walmart Begins Accepting CareCredit Cards for Health and Wellness Purchases
Walmart and Synchrony announced that CareCredit cards will now be accepted for a broader range of health and wellness products both online and in all U.S. Walmart and Sam’s Club stores. The expanded list includes medical supplies, fitness equipment, sleep...
Commercial Banks Boost Lending Amid Shadow Banking Strains
"While there are cracks in the 'shadow' banking system, commercial banks are actually increasing their lending. There's no sign of a credit crunch in the Fed's weekly bank loan data." -Yardeni
How Wise Is Betting on Infrastructure and Brand
Wise is challenging the legacy correspondent‑bank model by building its own global payments infrastructure. The company’s Wise Platform provides APIs that let banks, fintechs and enterprises embed low‑cost international transfers directly into their products. By early 2026, Wise has launched...
Wells Fargo’s $36.2 B Private‑Credit Loan Portfolio Unveiled
Wells Fargo in its 1Q presentation, detailed more granularity of its private-credit exposure this morning: ➡️$36.2B of loans to private credit funds (out of $1T of loans) ➡️ 98% senior first lien loans ➡️23% to BDCs (private and public) ➡️17% software, 19%...
Expats Returning From Middle East Face Mortgages Hurdles in the UK
Returning expatriates from the Middle East are encountering significant obstacles when applying for UK mortgages. Lenders view the lack of recent UK credit history and foreign‑currency income as high‑risk, often steering borrowers toward specialist expat mortgage products. These niche loans...
Canada’s Scotiabank Preps for Its AI Future
Scotiabank has unveiled Scotia Intelligence, an AI framework that consolidates data platforms, governance, and software tools into a single environment. The employee‑focused component, Scotia Navigator, lets staff create and deploy AI assistants while staying within strict security and regulatory rules....
NAREB Urges FHA to Drop Spousal Debt Rule
The National Association of Real Estate Brokers (NAREB) is urging the Federal Housing Administration to eliminate a rule that forces lenders to count a non‑borrowing spouse’s debts in community‑property states while ignoring that spouse’s income. The policy inflates debt‑to‑income ratios...
New AMF AI Guidelines Set Rules for Financial Firms
AMF's #AI guideline is now official: What #financial institutions need to know https://t.co/J8nrpirrln #ArtificialIntelligence #Data
FNB Launches Digital Enablement Program to Accelerate SME Digital Transformation in SA
FNB has unveiled an 18‑month Digital Enablement Programme (DEP) to help South African SMEs accelerate digital transformation. The initiative, built on insights from over 1.2 million SME clients, offers tailored support in digital skills, market access, and funding. Partnering with implementation...
Goldman Sachs Is "Accelerating" Cloud Investment for Better AI, CFO Says
Goldman Sachs announced an accelerated push to migrate its systems to the cloud, aiming to improve data quality and unlock AI‑driven productivity. CFO Denis Coleman said early results from the One Goldman Sachs 3.0 overhaul confirmed the need for stronger...
Financial Services Regulatory ESG Updater
From March 3 to April 3 2026 regulators across the UK, EU, Germany, the Netherlands, Australia and others issued a wave of ESG‑related updates. Key developments include the FCA’s new non‑financial misconduct rule slated for September 1 2026, the European Commission’s call for feedback on...
Strong Earnings and Balance Sheet Growth Signal Afreximbank's Rising Momentum
African Export-Import Bank reported a robust FY2025, with total assets climbing 21% to $48.5 billion and net loans rising 16% to $33.5 billion. The bank posted a 19% jump in net income to $1.2 billion, while maintaining a stable 2.43% non‑performing loan ratio...
Ecobank's Pan-African Model Drives Profit Surge and Strong 2025 Performance
Ecobank Group posted a robust 2025 financial year, with profit before tax climbing 21% to US$801 million and net revenues up 17% to US$2.45 billion. Corporate and Investment Banking delivered a 40% surge in profit, while Consumer and Commercial Banking saw a...
Goldman Sachs Posts Record Q1 Profit as Equities Surge, Wealth Management Inflows Hit $62B
Goldman Sachs delivered $5.6 billion in net earnings for Q1 2026, driven by a record $5.3 billion equities segment and $62 billion of net inflows into its Asset & Wealth Management business. The surge in equities revenue helped offset a $4 billion FICC shortfall, underscoring...
Banks Return to CRE Lending, Boosting $15 Billion Debt Market
Regional banks are back in the commercial‑real‑estate (CRE) lending arena, widening financing options and sharpening competition. CBRE’s debt team, managing a $15 billion book and $5 billion in annual transactions, says the market is now more competitive than in recent years, reshaping...
Citi Launches AI‑Infrastructure Financing Unit, Targeting $3 Trillion Data‑center Boom
Citi has rolled out an AI Infrastructure financing group to capture a projected $3 trillion data‑center investment wave through 2030. The unit, led by former JPMorgan banker Achintya Mangla, aims to bundle debt, mezzanine and equity solutions for AI‑driven projects, positioning...
Back to Basics in a Deepfake World with Jean Chung
In this episode of Risky Women Radio, Jean Chung, Managing Director and Chief Compliance Officer for Hong Kong, Greater China and North Asia at Standard Chartered, discusses how global commonalities outweigh regulatory differences, the emerging role of AI in AML...
Goldman Sachs Posts Record Q1 Revenue and Earnings, Shares Edge Higher
Goldman Sachs posted $17.2 billion in net revenue and $5.6 billion in net earnings for Q1 2026, the second‑highest figures in its history. The bank’s advisory revenue surged 89% year‑over‑year, and it returned $6.4 billion to shareholders, while its stock ticked up about 1.8%...
HSBC CEO Georges Elhedery Says Middle‑East War Is Eroding Global Client Confidence
HSBC chief executive Georges Elhedery told Bloomberg that the ongoing Middle‑East conflict is denting client confidence across markets. The warning came as HSBC’s London‑listed shares fell 1.1% amid broader risk‑off trading, highlighting the immediate impact on the bank’s valuation.
The Challenges Facing the New Head of the Federal Reserve
Kevin Warsh is set to replace Jerome Powell as Federal Reserve Chair pending Senate confirmation, inheriting a mixed economic backdrop. Initial jobless claims sit at a historic low of 202,000 and unemployment is 4.3%, yet total employment fell 0.4% year‑over‑year...
Responsible Fintech Institute Adds Two Executive Fellows to Shape Global Digital Finance Policy
The Responsible Fintech Institute (RFI) announced the appointment of Distinguished Professor Patrick H. M. Loh and Professor Tek Yew Chia as executive fellows. Their mandate is to steer policy coordination as stablecoin volumes soar while real‑world payment use remains around...
Worldline in Talks to Sell NZ Payments Unit for €17 Million ($18.5 M)
Worldline SA announced exclusive negotiations with Australian‑based Cuscal Ltd. to sell its New Zealand payments operations for €17 million (about $18.5 million). The deal, slated to close in Q2 2026, is part of Worldline’s broader strategy to concentrate on its European core and streamline...
Hong Kong Issues First Stablecoin Licences, Targeting HKD Digital Payments
The Hong Kong Monetary Authority approved its first stablecoin issuer licences, naming HSBC and a Standard Chartered‑led consortium as early participants. The move aims to bring regulated, USD‑linked stablecoins to the Hong Kong dollar ecosystem and could reshape cross‑border payments...
FHLB Council Maps Out Mortgage Credit Expansion Plan
President Trump’s executive order on mortgage credit gives the Federal Home Loan Bank (FHLB) system a new legal footing to expand funding options. The Council of Federal Home Loan Banks, led by Ryan Donovan, outlined a roadmap that includes a letter‑of‑credit...
Goldman Sachs ‘Hyperaware’ of AI Risks; Working with Anthropic on Mythos
Goldman Sachs warned that Anthropic’s new AI model, Mythos, can autonomously discover and exploit software vulnerabilities, raising serious cyber‑risk concerns for the financial sector. The bank’s CEO David Solomon said Goldman is "hyperaware" of these threats and is working with...
Barclays and Deutsche Most at Risk to Private Credit ‘Profit Blow’
Barclays and Deutsche Bank are among the European banks most exposed to the private‑credit market, with roughly £20bn (~$25bn) and €25.9bn (~$28bn) of loans tied to the sector, representing 4.4% and just over 5% of their total loan books respectively....
Chatham Financial: Iran Conflict Drives Rise in Lender Caution
Chatham Financial reports that, despite stable profit margins in the first quarter, lenders are growing increasingly cautious about extending credit amid the escalating Iran conflict. The firm notes a noticeable rise in risk aversion, leading to tighter loan terms and...
The Final Hurdle to Overcome in Achieving Payments Modernisation
Swift is rolling out ISO 20022‑enabled Case Management to automate the still‑manual exception and investigation (E&I) process that currently takes five to ten days and costs the industry about $1.6 billion annually. The new framework replaces unstructured MT messages with structured ISO 20022...
ECB Backs EU Tokenized Markets Under Strict Regulations
JUST IN: The ECB is supporting tokenized capital markets in the EU with stringent regulations in place.
ECB Governing Council Urges Single Market Boost to Strengthen Bank Competitiveness
The European Central Bank’s Governing Council released a set of proposals aimed at creating a truly single banking market across the euro area. The plan calls for shifting banking rules from directives to directly applicable regulations, merging macro‑prudential buffers, and...
FCA Sets Out Open Finance Vision to Boost Consumer Choice
Britain’s Financial Conduct Authority has unveiled a comprehensive open‑finance roadmap aimed at giving consumers and businesses greater control over their financial data across mortgages, investments, savings and pensions. The regulator will initially focus on using data sharing to improve credit...
Canada’s Energy Advantage Masks Widening Credit Divide
Canada’s status as a net energy exporter masks a growing credit split between resource producers and downstream users. While mining, oil and gas firms saw stable or slightly improved default probabilities, sectors such as auto, retail and construction posted 8‑13%...
The Hidden Risk in South Africa’s Payment Infrastructure
South Africa faces a looming risk of being excluded from the global SWIFT network because its payment data does not meet the ISO 20022 standard slated for November 2026. The new format replaces legacy MT messages with structured XML, demanding precise address...
AI Will Transform Payments, Payments Will Shape AI
Thinking about what AI will do for payments (and what payments will do for AI) https://t.co/Jb8eYuz2hs https://t.co/S513uVHayQ
MPs Demand FCA Inquiry over Hidden Credit Liabilities Claims
British MPs are urging a judge‑led, statutory inquiry into the Financial Conduct Authority’s handling of alleged hidden credit‑line liabilities tied to complex derivative products sold to small‑and‑medium enterprises. The All‑Party Parliamentary Group claims thousands of SMEs were mis‑sold interest‑rate swaps...
Is Everyone Scared of the AI Threat? If Not, You Should Be
U.S. regulators convened the CEOs of the nation’s biggest banks after Anthropic unveiled Claude Mythos, an AI model that can autonomously locate and chain together decades‑old software vulnerabilities. The model’s ability to turn hidden flaws into exploitable attacks prompted an...
Five Smart Questions to Optimise Your Business Payments Setup
Payments are a core business function but often go unchecked after initial setup. The article outlines five questions merchants should ask their banks or payment service providers, covering fee structures, Merchant Choice Routing, system resilience, alignment with Australian consumer habits,...